加里·蓋斯勒（Gary Gensler）以世界末日的預測退出SEC：即將發生加密貨幣

在他的正式退出之前的幾天，Gensler以大膽而清醒的預測進行了權衡：不僅可能發生加密貨幣，而且即將發生加密貨幣撞車事故

The crypto market may face volatile seas–at least that was the clear conviction of Gary Gensler, now exiting head of the U.S. Securities and Exchange Commission (SEC). Days before his official exit, Gensler weighed in with a bold and sobering prediction: that not only is a crypto crash likely, but a crypto crash is imminent for the large majority of tokens currently in the market.

加密貨幣市場可能面臨著波動的海洋 - 至少這是對現已退出美國證券交易委員會（SEC）負責人加里·金斯勒（Gary Gensler）的明確定罪。在他的正式退出之前的幾天，Gensler進行了大膽而醒目的預測：這不僅是加密貨幣撞車事故，而且加密貨幣撞車事故對於目前市場上的大多數代幣而言都是即將出現的。

His warning wasn’t just a passing comment. It was a clear and pointed message to investors, regulators, and the broader financial world. According to Gensler, while Bitcoin (BTC) may have carved out a relatively stable position as a form of “digital gold,” most other crypto tokens are walking a tightrope, and many are about to fall. With Paul Atkins preparing to step in as the new SEC chair, the timing of this message couldn’t be more significant.

他的警告不僅僅是通過評論。這是向投資者，監管機構和更廣泛的金融界傳達的明確信息。根據Gensler的說法，雖然比特幣（BTC）可能以“數字黃金”的形式推出了相對穩定的位置，但大多數其他加密代幣都在行走繩索，許多代幣將掉落。隨著保羅·阿特金斯（Paul Atkins）準備介入新的SEC主席，此信息的時機並不重要。

Why Is Gensler Predicting a Crypto Collapse?

為什麼Gensler預測加密貨幣崩潰？

In an interview with CNBC, Gensler didn’t mince his words. He asserted that most digital tokens have “no value intrinsically” and that they exist only on hype, speculation, and sentiment. Gensler estimated there were 10,000-15,000 cryptocurrencies and that the majority serve as little more than speculative assets with little or no utility in the real world.

在接受CNBC的採訪中，Gensler並沒有削弱他的話。他斷言，大多數數字代幣“本質上沒有價值”，並且僅存在於炒作，投機和情感上。 Gensler估計有10,000-15,000個加密貨幣，大多數人只能投機資產，而在現實世界中幾乎沒有公用事業。

“This sector is based almost entirely upon situational sentiment, having very little fundamental value,” he said. He described that sentiment-filled market structure as dangerously flimsy and a contributor to what could very well be a cryptocurrency crash.

他說：“這個部門幾乎完全基於情境情緒，幾乎沒有基本價值。”他將充滿情感的市場結構描述為危險的脆弱，也是對加密貨幣崩潰的貢獻。

What Makes Bitcoin Different According to Gensler?

根據Gensler的說法，比特幣與眾不同？

While the outgoing SEC chief had largely upbeat commentary on the crypto market in recent months, he did make a distinction between Bitcoin and altcoins. He saw potential for BTC to become a store of value similar to gold, mostly because it has a global identity and is more established than many of its rivals. Bitcoin also has some serious staying power, and to date, there is no real competitor, as its first-mover advantage and a decentralized model make it so.

雖然即將離任的SEC負責人最近幾個月對加密貨幣市場進行了很大的樂觀評論，但他確實區分了比特幣和Altcoins。他認為，BTC成為類似於黃金的價值的潛力，主要是因為它具有全球身份，並且比許多競爭對手都更加建立。比特幣還具有一些嚴重的持久力，迄今為止，沒有真正的競爭對手，因為它的第一步優勢和分散的模型使它成為現實。

However, this phrase was still measured. Gensler noted that even if Bitcoin survives the storm, it does not mean the market will survive. The main concern remains too much speculation and not enough for all but a few tokens.

但是，該短語仍被測量。 Gensler指出，即使比特幣倖存下來，也不意味著市場將生存。主要問題仍然太多的猜測，除了少數幾個令牌外，還不夠。

SEC and Crypto Regulation: A New Chapter Begins

SEC和加密法規：新篇章開始

With Gensler stepping aside, the SEC now finds itself at a crossroads. The incoming chair, Paul Atkins, will inherit a financial landscape in which crypto has become too large and influential to ignore but also too volatile to leave unchecked. How he chooses to regulate this industry will be a defining aspect of his leadership.

隨著Gensler踩到一邊，SEC現在發現自己處於十字路口。即將到來的主席保羅·阿特金斯（Paul Atkins）將繼承一種金融景觀，在這種情況下，加密貨幣變得太大而有影響力，無法忽視，但也太波動了，無法保持不受組織。他選擇如何規範這個行業將是他領導的決定性方面。

Digital asset regulation has long been a subject of heated debate, and Gensler’s comments may be seen as an indirect challenge to the incoming chair to act decisively and quickly. Without stronger oversight, Gensler suggests, the next crypto crash may be closer than anyone realizes.

長期以來，數字資產法規一直是激烈辯論的主題，而Gensler的評論可能被視為對即將到來的主席果斷地行事的間接挑戰。 Gensler建議，沒有更強有力的監督，下一次加密貨幣可能比任何人意識到的要近。

This statement also comes amid increasing pressure from both lawmakers and the public to bring clarity to crypto laws. Several bills are currently being discussed in Congress, aiming to set up a comprehensive regulatory framework for digital assets, covering everything from exchange oversight to stablecoin regulation.

這一聲明也出現在立法者和公眾對加密法律清晰的壓力上增加的壓力。目前正在國會討論幾項法案，旨在為數字資產建立全面的監管框架，涵蓋從交易所監督到Stablecoin法規的所有內容。

Should Investors Be Worried?

投資者應該擔心嗎？

Gensler’s warning isn’t just a regulatory statement; it’s a signal to everyday investors as well. The message is clear: proceed with caution. While digital assets have made millionaires overnight, they’ve also wiped out portfolios just as fast. Investors need to understand this as a critical sign to reassess their strategies.

Gensler的警告不僅是監管聲明；這也是日常投資者的信號。消息很明確：謹慎行事。儘管數字資產在一夜之間成為了百萬富翁，但他們也消除了投資組合的速度。投資者需要將其視為重新評估其策略的關鍵信號。

“Speculative assets like these can end badly,” Gensler said, reminding everyone that hype-driven markets rarely hold up in the long term. It’s a lesson echoed through past market bubbles, from the dot-com crash to the housing market collapse. History doesn’t always repeat itself, but it often rhymes.

Gensler說：“像這樣的投機資產可能會嚴重結束。”他提醒所有人，從長遠來看，炒作驅動的市場很少能力。從互聯網崩潰到住房市場崩潰，這是一個過去的市場泡沫回應的一堂課。歷史並不總是重演，但經常押韻。

A Turning Point for The Crypto Market

加密市場的轉折點

The cryptocurrency market is standing at a pivotal moment. The tide of optimism that swept through the industry in recent years may be turning, signaled by Gensler’s stark message. Whether or not his prediction of a crypto crash in the near future comes true, it’s clear that the industry is due for a major reckoning.

加密貨幣市場正處於關鍵時刻。近年來，席捲整個行業的樂觀潮可能正在轉向，這是Gensler的鮮明信息。無論他在不久的將來對加密貨幣崩潰的預測是否成真，很明顯，該行業是要進行的。

With Paul handling the transition into the SEC’s top role, the pressure to bring regulation, transparency, and legitimacy to digital assets has never been higher. Will he push for tighter controls, or will he adopt a lighter touch? Either way, the choices made in the coming months will shape the future of crypto for years to come.

保羅將過渡到SEC的首要角色時，將法規，透明度和合法性帶到數字資產的壓力從未有所更高。他會推動更嚴格的控制權，還是會採用更輕鬆的觸摸？無論哪種方式，未來幾個月的選擇都將影響未來幾年的加密貨幣未來。

For now, Gensler’s final statement lingers like a storm cloud over the market: “Most tokens don’t have fundamentals, and sentiment alone won’t save them.”

目前，Gensler的最終聲明像Storm Cloud一樣在市場上流連忘返：“大多數令牌沒有基本面，僅憑情感就不會拯救它們。”