加里·貢斯勒（Gary Gensler）打破了兩個月的公眾沉默，外觀可燃

Gary Gensler在CNBC的Squawk Box上露面了兩個月的公眾沉默，自從辭去美國證券交易委員會主席（SEC）以來就獲得了他的第一次採訪。

Former U.S. Securities and Exchange Commission (SEC) chair Gary Gensler has broken two months of public silence with a combustible appearance on CNBC’s Squawk Box.

前美國證券交易委員會（SEC）主席加里·蓋斯勒（Gary Gensler）打破了兩個月的公眾沉默，並在CNBC的Squawk盒子上露面。

Granting his first interview since stepping down on 20 January, Gensler dove into the nature of crypto tokens in a 17-minute exchange with Andrew Ross Sorkin.

自從1月20日辭職以來，Gensler在與Andrew Ross Sorkin進行了17分鐘的交流中，就對加密代幣的本質進行了第一次採訪。

The former regulator applauded Bitcoin’s staying power while likening most non-Bitcoin tokens to “sentiment-driven memes.” Gensler also said that crypto has “no fundamentals.”

這位前監管機構對比特幣的持久力表示讚賞，同時將大多數非比特幣代幣與“情緒驅動的模因”相結合。 Gensler還說，加密貨幣“沒有基本面”。

“I’m going to step back a little bit from any individual cases and just say this again to your viewing public. This is a very small part of the financial markets. But if you were interested in this, think about every financial asset sort of trades on a bit of fundamentals and sentiment. But this field is almost 99 percent – or maybe one might say 100 percent – sentiment and very little on fundamentals,” Gensler said, gesturing toward the market outside Bitcoin.

“I'm going to step back a little bit from any individual cases and just say this again to your viewing public. This is a very small part of the financial markets. But if you were interested in this, think about every financial asset sort of trades on a bit of fundamentals and sentiment. But this field is almost 99 percent – or maybe one might say 100 percent – sentiment and very little on fundamentals,” Gensler said, gesturing toward the market outside Bitcoin.

“And while something like Bitcoin may persist for a long time because there’s seven billion people around the globe, a real keen interest in it, there’s ten- or fifteen-thousand others of these tokens… and if this is just about sentiment, then generally those don’t end up well and most then go down,” he added.

“雖然像比特幣這樣的事情可能會持續很長時間，因為全球有70億人，對它的真正興趣，但其中有十五或15000個這些代幣……而且，如果這只是情感，那麼通常那些人最終就不好，而大多數人都會下降，”他補充說。

Pressed by co-host Joe Kernen on whether Bitcoin should be treated differently, Gensler conceded a precious-metal analogy he had long resisted while in office: “I think the distinction is similar to in metals, there’s only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold. I don’t think we humans will have a fascination with ten- or fifteen-thousand meme or sentiment tokens trading over the years.”

Pressed by co-host Joe Kernen on whether Bitcoin should be treated differently, Gensler conceded a precious-metal analogy he had long resisted while in office: “I think the distinction is similar to in metals, there's only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold. I don't think we humans will have a fascination with ten- or fifteen-thousand meme or sentiment tokens trading這些年來。”

The interview lands amid an unprecedented retreat by the Commission from litigation that Gensler himself had authorized.

委員會從訴訟中進行了前所未有的撤退，而Gensler本人已授權。

On 27 February the SEC filed a joint stipulation dismissing its civil action against Coinbase (NASDAQ:COIN), permanently ending the 20-month fight over the exchange’s alleged unregistered-broker activities.

2月27日，美國證券交易委員會（SEC）提出了一項聯合規定，駁回了針對Coinbase（NASDAQ：COIN）的民事訴訟，永久性地結束了20個月對交易所所謂的未註冊經紀人活動的20個月鬥爭。

Just five weeks later, staff attorneys told Kraken that the agency would abandon its 2023 securities-exchange complaint “with prejudice,” sparing the exchange both penalties and operational concessions.

僅五個星期後，工作人員律師告訴克雷肯，該機構將“有偏見”放棄其2023年證券交換投訴，這使罰款和運營優惠均避免了交易所。

The most consequential reversal involves Ripple Labs. On 19 March, CEO Brad Garlinghouse declared victory after learning that the SEC would withdraw its planned appeal of last year’s mixed ruling on XRP sales. A joint motion filed on 11 April asks the Second Circuit to hold all appeals “in abeyance,” effectively closing a four-year battle that once threatened to define the security status of crypto assets in U.S. law.

最結果的逆轉涉及波紋實驗室。 3月19日，首席執行官布拉德·加林豪斯（Brad Garlinghouse）在得知SEC將撤回其計劃對XRP銷售的混合裁決的計劃上訴後宣布獲勝。 4月11日提起的聯合動議要求第二巡迴法院“處於暫停”中，有效地結束了一場四年的戰鬥，該戰鬥曾經威脅要確定美國法律中加密貨幣資產的安全狀況。

During his tenure, Gensler’s enforcement bureau opened or expanded more than 150 crypto cases, arguing that nearly every token except Bitcoin qualified as an unregistered security. His post-departure rhetoric sharpens that line rather than softening it.

在任職期間，Gensler的執法局開設了或擴大了150多個加密訴訟，認為除了比特幣以外的幾乎所有令牌都沒有註冊的安全性。他的發作後修辭使這條線削減了，而不是軟化。

By praising Bitcoin’s resilience while dismissing other tokens as speculative “sentiment,” he echoed the Bitcoin-maximalist thesis that only the original cryptocurrency can function as non-sovereign money.

通過稱讚比特幣的韌性，同時將其他代幣視為投機性的“情感”，他回應了比特幣 - 最大主義論點，即只有原始的加密貨幣才能充當非主管資金。