由於加密貨幣部門的眼睛吸引了白宮和國會的政策煙火

一次行動，銀行和證券監管機構的替補負責人正在削減政策和重要的執法工作

While the crypto sector's eyes are drawn to the policy fireworks in the White House and Congress, the financial agencies have been busy taking consequential bites out of the Biden Administration's digital assets stance.

雖然加密貨幣部門的眼睛吸引了白宮和國會的政策煙花，但金融機構一直在忙於從拜登政府的數字資產立場中挑剔。

One move at a time, the stand-in chiefs of the banking and securities regulators are cutting away policies and significant enforcement work that had previously been used to hem in the digital assets industry. And a U.S. Securities and Exchange Commission roundtable on Friday will further illuminate the delicate legal approach to defining crypto securities, potentially signaling a path forward.

一次舉動，銀行業和證券監管機構的替補負責人正在削減以前用於在數字資產行業下擺的政策和重要的執法工作。週五，美國證券交易委員會圓桌會議將進一步闡明定義加密貨幣證券的微妙法律方法，並有可能向前進的道路發出信號。

Despite permanent leaders still awaiting Senate confirmation to take over the SEC, Commodity Futures Trading Commission and the banking agencies, each of the agencies has taken active policy steps that have effectively been clearing the decks to start over on crypto. While that's taking place, greater attention has been devoted to President Donald Trump's effort toward a U.S. bitcoin (BTC) reserve (which doesn't yet come with a plan for acquiring new bitcoin) and Congress' longstanding work toward fully realized U.S. crypto laws (which are seeing strong progress but may take a while to complete).

儘管永久的領導人仍在等待參議院確認接管SEC，商品期貨貿易委員會和銀行機構，但每個機構都採取了積極的政策步驟，這些步驟實際上已經清除了甲板以重新開始加密貨幣。儘管發生了這種情況，但已將更大的關注投入了唐納德·特朗普（Donald Trump）總統對美國比特幣（BTC）儲備金（尚未尚未計劃獲取新比特幣的計劃）和國會長期以來一直努力實現的美國加密貨幣法（這已經有了很強的進步，但可能需要一段時間才能完成）。

Adam Pollet, a securities lawyer at Eversheds Sutherland who advises on digital assets projects, called this moment a reset.

Eversheds Sutherland的證券律師Adam Pollet為數字資產項目提供建議，稱這一刻為重置。

"They wanted to sort of clean the slate," he said in an interview, interpreting the SEC's outlook this way: "We're sending you the signal that we want you to go forth and try things, and we won't stand in the way."

他在接受采訪時說：“他們想清理板岩。”他以這種方式解釋了SEC的看法：“我們向您發送了我們希望您去嘗試事物的信號，我們不會阻礙。”

At the SEC, several actions have dialed the regulator back to an era sometime before the end of President Donald Trump's first term, when his SEC chief at the time, Jay Clayton, led an enforcement charge against Ripple as an illegal exchange. CEO Brad Garlinghouse said on Wednesday that the agency is dropping that accusation — the latest among several high-profile crypto cases abandoned by the regulator. The SEC is no longer arguing that most crypto tokens are unregistered securities.

在SEC中，幾項行動將監管機構撥回了唐納德·特朗普（Donald Trump）第一個任期結束之前的某個時候，當時他當時的SEC負責人傑伊·克萊頓（Jay Clayton）領導了對Ripple的執法指控，作為非法交流。首席執行官布拉德·加林豪斯（Brad Garlinghouse）週三表示，該機構正在撤銷該指控，這是監管機構放棄的幾起備受矚目的加密案件中的最新指控。 SEC不再認為大多數加密代幣都是未註冊的證券。

But the SEC scrapping its previous enforcement stance doesn't necessarily establish a new policy. It's instead more of a policy vacuum in which the regulator has retreated from the field while it awaits legal reinforcements.

但是，SEC取消了以前的執法立場，並不一定會制定新的政策。相反，更多的是監管機構在等待法律增援的同時從該領域撤退的政策真空。

SEC backtracks

SEC回溯

The same could be said for the agency's withdrawal of its controversial crypto accounting standard known as Staff Accounting Bulletin No. 121, or SAB 121, or the recent decision to toss out a crypto rulemaking proposal that former Chair Gary Gensler pushed that would have cemented certain digital assets platforms as needing to register with the SEC for handling securities transactions.

對於該機構撤回其有爭議的加密會計標準，稱為員工會計公告，第121號（SAB 121），或者最近決定拋出一項加密統治的提案，前主席加里·蓋斯勒（Gary Gensler）推動了一定的數字資產平台，因為需要在SEC進行操作方案的經濟系統中註冊某些數字資產平台。

Read More: U.S. SEC's Acting Chair Walking Back Agency Proposal on Crypto Trading Platforms

閱讀更多：美國SEC的代理椅，在加密貨幣交易平台上回去代理商提案

Still, both initiatives were seen by crypto platforms and projects as a potential threat to how they do business, and their speedy removals are re-opening doors for the industry.

儘管如此，加密平台和項目都將這兩種舉措都視為對他們開展業務的潛在威脅，而他們的快速移動正在為該行業重新開放。

"I certainly can't recall a time when something was undone as quickly," Pollet observed of the agency's tempo.

Pollet觀察到了該機構的節奏，“我當然不記得有一段時間被撤消了。”

The SEC and CFTC have also taken other actions that could be viewed as more forward-moving. The SEC issued a statement on memecoins, warning investors that they won't be protected if they decide to throw money into those unregulated corners of crypto, explaining that the coins aren't securities and offering thinking to back that assertion. Though it's not a formal regulation, the policy position at least gives the industry a further insight into how the agency's new leadership is evaluating crypto assets, which can be leaned on as companies take on new projects.

SEC和CFTC還採取了其他行動，可以被視為更具前瞻性。 SEC發表了有關Memecoins的聲明，警告投資者，如果他們決定將資金扔給那些不受管制的加密角落，他們將不會受到保護，並解釋說，硬幣不是證券並提供思考來支持這一主張。儘管這不是正式的法規，但政策立場至少使該行業進一步了解該機構的新領導如何評估加密資產，隨著公司從事新項目，該資產可以依靠。

"It gives folks more confidence in any decision making," Pollet said. The Republican commissioners seem to suggest, he said, that "they are going to take a more permissive, open-minded approach when it comes to all things crypto."

Pollet說：“這使人們對任何決策都有更有信心。”他說，共和黨委員們似乎暗示：“在所有事情上，他們將採取更加寬鬆，開放的方法。”

And at its cousin agency, the derivatives watchdog CFTC, Acting Chair Caroline Pham is trying to build a pilot program on stablecoin-backed tokenization — a long-awaited sandbox approach that lets companies try things without anxiety over regulatory crackdown.

代理董事Caroline Pham在其堂兄機構的派生機構CFTC上，正試圖建立一項針對Stablecoin支持的令牌化的試點計劃，這是一種期待已久的沙盒方法，使公司使公司在不焦慮的是監管鎮壓的情況下嘗試事物。

The agency awaits the chairmanship confirmation of former Commissioner Brian Quintenz, who worked as the chief of policy for a16z, a leading digital assets investment firm. Before he'd left the agency in 2021, Quintenz was known for his crypto advocacy.

該機構等待著前專員布萊恩·昆滕茲（Brian Quintenz）的主席確認，他是領先的數字資產投資公司A16Z的政策總監。在2021年離開該機構之前，Quintenz以他的加密宣傳而聞名。

Bank regulators relax

銀行監管機構放鬆

Meanwhile, banking regulators such as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., which had been accused of improperly trying to keep banks from handling crypto clients, have thrown out previous industry guidance. Earlier this month, the OCC rescinded its policy that told banks that they had to get written approval by federal supervisors before they could get into crypto activities. As a result, banks in the U.S. can feel more free to engage in digital assets, including issuing stablecoins — a new openness already studied carefully by the law firms who advise on such business, such as Debevoise & Plimpton.

同時，銀行監管機構（例如貨幣審計長辦公室和聯邦存款保險公司辦公室）被指控不當試圖阻止銀行處理加密客戶的不當行業。本月初，OCC撤銷了其政策，該政策告訴銀行，他們必須獲得聯邦主管的書面批准，然後才能參加加密活動。結果，美國的銀行可以更自由地從事數字資產，包括發行Stablecoins，這是由律師事務所認真研究的新開放性，這些公司為此類業務提供了建議，例如Debevoise＆Plimpton。

At the FDIC, the interim leadership is also "actively

在FDIC，臨時領導也是“積極的