Gensler 下台，加密產業著眼於塑造監管

時間是2024年；比特幣正在創下歷史新高，而川普對加密貨幣友善的政府甚至還沒有恢復執政。

The year is 2024. Bitcoin is setting new all-time highs, and Trump’s crypto-friendly administration has not even resumed office yet. Gary Gensler, who suffocated crypto firms like Binance and besieged tokens like XRP, has shared his plans to step down.

今年是 2024 年。加里·詹斯勒 (Gary Gensler) 曾壓制過幣安 (Binance) 等加密貨幣公司，並圍困瑞波幣 (XRP) 等代幣，他分享了他的辭職計劃。

Throughout its tenure, Gensler’s SEC faced criticism for stifling innovation, not providing clear regulatory frameworks, and regulating by enforcement. And in Gensler fashion, he announced that he would step down on the same day the former president returned to office.

在其任職期間，Gensler 領導的 SEC 因扼殺創新、未提供明確的監管框架以及透過執法進行監管而受到批評。他以詹斯勒的方式宣布，他將在前總統重返辦公室的同一天辭職。

The markets reacted positively to Gensler’s resignation from SEC leadership, especially tokens like XRP, which have been hit with different waves of SEC regulatory pressure.

市場對 Gensler 辭去 SEC 領導職務做出了積極反應，尤其是像 XRP 這樣的代幣，這些代幣受到了 SEC 多輪監管壓力的打擊。

***Ripple (XRP) became premier target of Gensler’s regulation campaign***

***瑞波幣（XRP）成為 Gensler 監管活動的首要目標***

The SEC’s case against Ripple is one of the most contentious legal battles that marked Gensler’s time in the SEC. The agency alleged that Ripple raised $1.3 billion via the unregistered sale of XRP, which it considered a security.

SEC 針對 Ripple 的案件是 Gensler 在 SEC 任職期間最具爭議的法律訴訟之一。該機構聲稱，Ripple 透過未註冊的 XRP 銷售籌集了 13 億美元，該機構認為 XRP 是一種證券。

Ripple fought back, and in July 2023, a court awarded Ripple partial victory when it ruled that XRP is not a security when sold on exchanges but may be in institutional sales. The case is still ongoing, with a pretrial conference scheduled for December 19, 2024, and jury selection set for January 21, 2025.

Ripple 進行了反擊，2023 年 7 月，一家法院裁定 Ripple 部分勝訴，裁定 XRP 在交易所出售時不是證券，但可以在機構銷售中使用。該案仍在進行中，預審會議定於 2024 年 12 月 19 日舉行，陪審團選舉定於 2025 年 1 月 21 日進行。

Nothing is certain yet, but the XRP token has responded very positively to current market conditions. It has surged past the $1 mark after being stuck at sub-zero ranges for a long time. It is now the 6th most valuable token on CoinMarketCap with a market cap of $83.13b.

目前還沒有什麼是確定的，但 XRP 代幣對當前的市場狀況做出了非常積極的反應。在長期停留在低於零的區間後，它已飆升至 1 美元大關。它現在是 CoinMarketCap 上第六大最有價值的代幣，市值為 83.13b 美元。

Every small Ripple victory was heralded as a big for the crypto industry. Now, Ripple can focus on its 2025 vision to “position itself as a leading digital asset provider for financial institutions globally.”

瑞波幣的每一次小勝利都被視為加密產業的一大勝利。現在，Ripple 可以專注於其 2025 年願景，「將自己定位為全球金融機構領先的數位資產提供者」。

***Coinbase and other SEC survivors***

***Coinbase 和其他 SEC 倖存者***

The SEC targeted Coinbase with a lawsuit in June 2023. It accused the exchange of operating an unregistered securities exchange and offering certain tokens considered securities including Solana (SOL), Cardano (ADA), and Polygon (MATIC).

美國證券交易委員會(SEC) 於2023 年6 月對Coinbase 提起訴訟。 ADA) 和Polygon (MATIC)。

The Securities and Exchange Commission landed a major win in its lawsuit against Coinbase in March of this year when a judge ruled that the SEC’s claim that the cryptocurrency exchange participated in unregistered sales of securities could be heard by a jury at trial.

今年 3 月，美國證券交易委員會在針對 Coinbase 的訴訟中取得了重大勝利，當時一名法官裁定，陪審團可以在審判中聽取 SEC 關於該加密貨幣交易所參與未經註冊的證券銷售的指控。

The case continues to drag on as Coinbase maintains that it complied with laws while calling for more concise crypto regulations.

該案繼續拖延，Coinbase 堅稱自己遵守了法律，同時呼籲制定更簡潔的加密貨幣法規。

Coinbase may finally be able to put this lawsuit behind it and focus on reclaiming its dominance in the North American market.

Coinbase 或許最終能夠將這場訴訟拋諸腦後，專注於重新奪回其在北美市場的主導地位。

Another exchange that went through the SEC wringer was Binance and its CEO, Changpeng Zhao. CZ was investigated on allegations of mishandling customer funds, misleading investors, and operating unregistered securities exchanges.

另一家受到 SEC 嚴厲審查的交易所是幣安及其首席執行官趙長鵬。 CZ因涉嫌不當處理客戶資金、誤導投資者以及經營未經註冊的證券交易所而受到調查。

CZ went to jail, Binance will wind down its BUSD stablecoin by the end of the year, and the exchange has a lot of catching up to do in the United States.

CZ 入獄，幣安將在今年年底前停止其 BUSD 穩定幣，而該交易所在美國還有很多工作要做。

Both Binance and the SEC have a rare opportunity to start over under new administrations.

幣安和 SEC 都有難得的機會在新政府的領導下重新開始。

The SEC was also reportedly looking into the Ethereum Foundation’s involvement in Ethereum staking and token sales as it considers whether ETH should be classified as a security. Under new leadership, this line of action may be discontinued but only time will tell.

據報道，美國證券交易委員會也正在調查以太坊基金會參與以太坊質押和代幣銷售的情況，因為它正在考慮 ETH 是否應該被歸類為證券。在新的領導下，這項行動可能會停止，但只有時間才能證明一切。

Robinhood was served a Wells Notice earlier this year for listing tokens like Solana (SOL), which the SEC considers securities.

Robinhood 今年稍早因上市 S​​olana (SOL) 等代幣而收到了 Wells 通知，SEC 將其視為證券。

Fast forward to the end of November, and Robinhood’s chief legal officer Dan Gallagher is in a position to remove himself from consideration to lead SEC.

快進到 11 月底，Robinhood 的首席法律長 Dan Gallagher 已經不再考慮領導 SEC。

***What comes next?***

***接下來會發生什麼事？

Now that the SEC is expected to come under more crypto-friendly leadership, the crypto industry has quickly set its sights on shaping regulation.

現在，美國證券交易委員會預計將受到對加密貨幣更加友好的領導，加密貨幣行業已迅速將目光轉向制定監管。

Crypto companies like Ripple, Circle, and Kraken are currently lobbying for a seat at Trump’s promised cryptocurrency advisory council, which he said will be a part of his new administration.

Ripple、Circle 和 Kraken 等加密貨幣公司目前正在遊說川普承諾的加密貨幣諮詢委員會的席位，他表示該委員會將成為他新政府的一部分。

“It’s being fleshed out, but I anticipate the leading executives from America’s bitcoin and crypto firms to be represented,” said David Bailey, CEO of Bitcoin Magazine, who has spoken with the President-elect about Bitcoin policy.

比特幣雜誌執行長戴維貝利(David Bailey) 曾與候任總統討論過比特幣政策，他表示：「它正在充實，但我預計美國比特幣和加密貨幣公司的主要高管將出席。

Coinbase CEO Brian Armstrong met Trump behind closed doors to express interest in being on the council. Others, like Circle CEO Jeremy Allaire, outrightly told the New York Times he wanted to be on the council, according to a company spokesperson.

Coinbase 執行長 Brian Armstrong 與川普進行了閉門會面，表達了加入該委員會的興趣。據該公司發言人稱，其他人，例如 Circle 首席執行官傑里米·阿萊爾 (Jeremy Allaire)，直截了當地告訴《紐約時報》，他想加入該委員會。

The crypto council is likely to fall under the White House’s National Economic Council, which coordinates and implements the President’s economic policies, or a separate White House apparatus, sources have said.

消息人士稱，加密貨幣委員會可能隸屬於負責協調和實施總統經濟政策的白宮國家經濟委員會，或是單獨的白宮機構。

The council will advise the POTUS on digital asset policy, work with Congress on crypto legislation, create Trump’s promised Bitcoin reserve, and coordinate between agencies, including the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Treasury.

該委員會將就數位資產政策向美國總統提供建議，與國會合作制定加密立法，創建川普承諾的比特幣儲備，並在包括證券交易委員會、商品期貨交易委員會和財政部在內的機構之間進行協調。

Commissioner Hester Peirce or Mark Uyeda

海絲特‧皮爾斯 (Hester Peirce) 專員或馬克‧烏耶達 (Mark Uyeda)