Gensler 退出 SEC，留下了改革和加密貨幣打擊的混合遺產

隨著他的退出與即將到來的唐納德·特朗普政府的總統過渡相一致，金斯勒坦誠地談到了他的領導所面臨的挑戰，特別是在加密貨幣監管、公司治理和國債市場改革方面。

In an interview ahead of his departure from the Securities and Exchange Commission (SEC), Gary Gensler reflected on his tenure and discussed key aspects of the Commission's work, including crypto regulation, corporate governance, and treasury market reforms.

在離開美國證券交易委員會(SEC) 之前的一次採訪中，加里·詹斯勒(Gary Gensler) 回顧了他的任期，並討論了該委員會工作的關鍵方面，包括加密貨幣監管、公司治理和國債市場改革。

Gensler highlighted the SEC's efforts to protect investors and address industry missteps, citing an example where Robinhood agreed to pay $45 million to settle SEC charges related to violations of over 10 securities laws. These enforcement actions, he said, demonstrate the SEC's focus on ensuring investor protection.

Gensler 強調了 SEC 為保護投資者和解決行業失誤所做的努力，並舉了 Robinhood 同意支付 4500 萬美元來和解 SEC 與違反 10 多項證券法相關的指控的例子。他說，這些執法行動顯示美國證券交易委員會致力於確保投資者保護。

Regarding cryptocurrency, Gensler reiterated his view that Bitcoin is not a security, distinguishing it from other tokens that have faced regulatory scrutiny. He pointed out a history of noncompliance within the crypto industry, particularly concerning anti-money laundering laws and sanctions violations.

關於加密貨幣，Gensler 重申了他的觀點，即比特幣不是證券，這將其與其他面臨監管審查的代幣區分開來。他指出了加密產業內不合規的歷史，特別是在反洗錢法和違反制裁方面。

“Bitcoin’s not a security, but these 10,000 or 15,000 other tokens—the investing public has been hurt over the many years,” Gensler said.

「比特幣不是一種證券，而是這 10,000 或 15,000 種其他代幣——投資者多年來一直受到傷害，」Gensler 說。

Highlighting other areas of the SEC's work, Gensler noted progress in shortening settlement cycles, improving U.S. Treasury market stability, and tightening corporate governance. He mentioned a three-month waiting period between filing and executing trades mandated by insider trading rules, which he described as critical for ensuring fairness in markets.

Gensler 強調了 SEC 工作的其他領域，指出在縮短結算週期、改善美國國債市場穩定性和加強公司治理方面取得的進展。他提到內線交易規則規定的提交和執行交易之間有三個月的等待期，他認為這對於確保市場公平至關重要。

The $28 trillion Treasury market, a linchpin of U.S. financial stability, received particular attention during Gensler's tenure at the SEC. He collaborated with Treasury Secretary Janet Yellen and Federal Reserve Chair Jay Powell on market reforms to sustain resilience as the market is projected to grow to $36 trillion in the next four years.

28 兆美元的國債市場是美國金融穩定的關鍵，在 Gensler 擔任 SEC 期間受到特別關注。他與財政部長珍妮特耶倫和聯準會主席傑伊鮑威爾合作進行市場改革，以保持彈性，因為市場預計在未來四年內將增長至 36 兆美元。

“The $28 trillion Treasury market is predicted by the Congressional Budget Office to grow to about 35 or 36 trillion in four years. It’s going to grow 25%,” Gensler said.

「國會預算辦公室預測 28 兆美元的國債市場將在四年內增長到約 35 或 36 兆美元。它將增長 25%，」Gensler 說。

Despite these achievements, Gensler faced criticism for what some viewed as an overly litigious approach to regulation. He addressed this concern by emphasizing the SEC's role as a “law enforcement agency” tasked with ensuring transparency and fairness in capital markets.

儘管取得了這些成就，詹斯勒仍面臨批評，認為其監管方式過於訴訟。他透過強調美國證券交易委員會作為「執法機構」的角色來解決這個問題，其任務是確保資本市場的透明度和公平性。

“We have laws. Congress has passed those laws. Of course, they can change that,” he said, expressing his belief in the existing regulatory framework.

“我們有法律。國會已經通過了這些法律。當然，他們可以改變這一點，」他表示，表達了他對現有監管框架的信心。

Gensler’s Crypto Policies and Investor Protection

Gensler 的加密貨幣政策與投資者保護

The future of the crypto industry featured prominently in Gensler's exit interview. While critics argued his policies stifled innovation, Gensler maintained a cautious stance, highlighting the importance of investor protection.

加密貨幣行業的未來在 Gensler 的離職採訪中佔據了顯著位置。儘管批評者認為他的政策扼殺了創新，但金斯勒保持了謹慎的立場，強調了保護投資者的重要性。

“The crypto field trades mostly on sentiment and much less on fundamentals,” he said, underscoring the need for greater transparency in token projects.

他表示：「加密貨幣領域的交易主要取決於情緒，而不是基本面。」他強調了代幣項目需要提高透明度。

Bitcoin, however, stood apart in Gensler's analysis. He reiterated the SEC's stance that Bitcoin is not a security but remained reserved about its long-term value. “It’s hard to predict… 7 billion people want to trade it, just like we do have gold for 10,000 years,” he said, adding that other crypto projects must demonstrate real-world use cases to ensure their survival.

然而，比特幣在 Gensler 的分析中脫穎而出。他重申了美國證券交易委員會的立場，即比特幣不是證券，但對其長期價值持保留態度。他說：「很難預測…有 70 億人想要交易它，就像我們擁有一萬年的黃金一樣。」他補充說，其他加密項目必須展示現實世界的用例，以確保它們的生存。

Critics also pressed him on whether the SEC, under his leadership, had unintentionally hindered Bitcoin's progress. Gensler pointed to the introduction of Bitcoin exchange-traded funds based on futures contracts, which he framed as a step forward for the institutional adoption of digital assets.

批評者也向他追問，美國證券交易委員會在他的領導下是否無意中阻礙了比特幣的進步。 Gensler 指出，基於期貨合約的比特幣交易所交易基金的推出，他認為這是機構採用數位資產的一步。

Gensler also acknowledged the evolving landscape of corporate priorities, including the rollback of diversity and climate initiatives by some Fortune 500 companies.

Gensler 也承認企業優先事項不斷變化，包括一些財富 500 強公司取消多元化和氣候倡議。

“Markets will figure out whether the climate disclosure is relevant and material to their investment decisions,” he said.

「市場將弄清楚氣候資訊揭露是否對其投資決策相關且重要，」他表示。

As he prepares to leave public office, Gensler expressed pride in the SEC's achievements, from implementing structural market reforms to navigating the complexities of a $120 trillion capital market. He summarized the SEC's broader mission as ensuring that capital markets are “competitive, deep, and… lots have access.”

在準備卸任公職時，Gensler 對 SEC 所取得的成就（從實施結構性市場改革到駕馭 120 兆美元的資本市場的複雜性）表示自豪。他總結了 SEC 更廣泛的使命，即確保資本市場「具有競爭力、有深度，並且…很多人都有機會進入」。

While his tenure has been polarizing, Gensler emphasized the importance of disclosure and fairness across industries. “It’s a great privilege to serve,” he said, adding that he remains optimistic about the SEC's ability to adapt to future challenges, including the rise of artificial intelligence and other transformative technologies.

儘管詹斯勒的任期一直兩極分化，但他強調了跨行業披露和公平的重要性。他說：「能夠任職是我的榮幸。」他補充說，他對 SEC 適應未來挑戰的能力仍然持樂觀態度，這些挑戰包括人工智慧和其他變革性技術的崛起。

Gensler will be succeeded by Paul Atkins, who is expected to bring a different approach to crypto regulation. Atkins, an SEC commissioner from 2002 to 2008 during President George W. Bush's administration, is known for his pro-deregulation stance and support for financial innovation, including digital assets.

Gensler 將由 Paul Atkins 接任，預計他將為加密貨幣監管帶來不同的方法。阿特金斯於 2002 年至 2008 年在喬治·W·布希總統執政期間擔任 SEC 委員，以其支持放鬆管制的立場和對包括數位資產在內的金融創新的支持而聞名。

In announcing the nomination, Trump praised Atkins as a “proven leader for common-sense regulations” and highlighted his commitment to “robust, innovative capital markets” designed to meet investor needs and strengthen the U.S. economy. He also noted Atkins' recognition of the role digital assets and other innovations play in advancing America's economic leadership.

在宣布提名時，川普稱讚阿特金斯是“公認的常識性監管領導者”，並強調他對“穩健、創新的資本市場”的承諾，旨在滿足投資者需求並增強美國經濟。他也指出阿特金斯認識到數位資產和其他創新在提升美國經濟領導地位方面所扮演的角色。