圍繞加密貨幣的投資者訴訟不會僅僅因為美國證券交易委員會一直在撤銷拜登政府執法行動。

在該行業的競選支持的鼓舞下，唐納德·特朗普（Donald Trump）總統返回辦公室，承諾使美國“成為世界的加密貨幣之都，”發出一項行政命令，制定了戰略性比特幣儲備，並放棄了先前的政府努力，以通過執法行政部門進行維修，儘管他們是傳統的證券。

Investor litigation around cryptocurrency won’t disappear just because the US Securities and Exchange Commission has been dropping Biden administration enforcement actions.

圍繞加密貨幣的投資者訴訟不會僅僅因為美國證券交易委員會一直在撤銷拜登政府執法行動。

Buoyed by campaign support from the industry, President Donald Trump returned to office this week pledging to make the US “the crypto capital of the world,” issuing an executive order creating a strategic bitcoin reserve and abandoning the prior administration’s efforts to regulate by enforcement the virtual currencies as though they were traditional securities.

在該行業的競選支持的鼓舞下，唐納德·特朗普（Donald Trump）總統本週返回任職，承諾使美國成為“世界的加密之都”，發出了一項行政命令，制定了戰略性比特幣儲備，並放棄了先前政府通過執行虛擬貨幣來規範的努力，好像他們是傳統證券一樣。

He also pardoned Ross Ulbricht, founder of the drug-trafficking site known as Silk Road, where virtual currency was the coin of the realm. He had been serving a life sentence following his 2015 conviction for trafficking and other crimes.

他還赦免了販毒地點的創始人羅斯·烏爾布里希特（Ross Ulbricht），稱為絲綢之路，虛擬貨幣是該領域的硬幣。在2015年因販運和其他犯罪定罪之後，他一直被判無期徒刑。

But even as Trump’s SEC ends suits against Coinbase Global Inc, Binance Holdings Ltd, Ripple Labs Inc—in which a court had ruled its token was a security when sold to institutional investors, but not to the general public, and others, privately-filed lawsuits against them have continued.

但是，即使特朗普的SEC結束了針對Coinbase Global Inc的訴訟，Binance Holdings Ltd，Ripple Labs Inc.在法院裁定其代幣時，當該公司出售給機構投資者時，這是安全的，但不向公眾和其他人出售給其他人，私人訴訟的訴訟仍在繼續。

And suits against promoters of other digital assets, such as the “Hawk Tuah” and “Peanut the Squirrel” memecoins, are ongoing despite a signal that the SEC won’t consider most securities.

以及針對其他數字資產的推動者（例如“ Hawk tuah”和“松鼠花生”紀念物的訴訟，儘管SEC都不會考慮大多數證券，但仍在進行中。

Private plaintiffs and state attorneys general can and likely will still pursue claims—perhaps even more so if the SEC backs off enforcement entirely and bad actors emerge, lawyers said.

律師說，私人原告和州檢察長可以而且可能仍會提起索賠 - 如果SEC完全退縮執法並出現了不良行為者，也許更是如此。

Nothing’s changed legally in determining what is a security—it’s still the Howey test outlined by the US Supreme Court in 1946, said Sean Masson, a partner at Scott+Scott Attorneys at Law LLP. Even if the federal securities route for crypto accountability gets nixed, there are other ways, such as state securities laws, consumer laws, or just plain fraud, he said.

Scott+Scott律師LLP的合夥人Sean Masson說，1946年美國最高法院在1946年概述了什麼是安全性的情況，這是美國最高法院在1946年概述的Howey測試。他說，即使聯邦證券責任途徑被削弱了，還有其他方法，例如州證券法，消費者法或只是欺詐。

“There’s still a lot of arrows left in the plaintiffs bar’s quiver,” Masson said. Much of the litigation surrounding crypto was pretty far along when the administration changed, he said. The number of new cases arising depends on the number of new digital asset projects, he said, while the SEC’s task force explores a “regulatory framework” for crypto.

馬森說：“原告酒吧的箭袋裡還有很多箭頭。”他說，當政府發生變化時，圍繞加密貨幣的大部分訴訟都非常遙遠。他說，新案件的數量取決於新的數字資產項目的數量，而SEC工作隊探索了加密貨幣的“監管框架”。

The SEC will still pursue securities fraud claims, said Davis Polk & Wardwell LLP partner Rob Cohen among multiple attorneys Bloomberg Law spoke to. The idea that federal officers aren’t going to recommend regulating crypto is false—the query is by how much and whom, said Masson.

戴維斯·波爾克（Davis Polk＆Wardwell）有限責任公司合夥人羅伯·科恩（Rob Cohen）在彭博·勞（Bloomberg Law）交談中說，SEC仍將提出證券欺詐索賠。馬森說，聯邦官員不會建議監管加密貨幣的想法是錯誤的 - 查詢是由多少人和誰來的。

And, acting SEC Chairman Mark Uyeda has said it’s possible some digital assets will be defined as securities. The SEC, in an email, declined to comment for this story.

而且，代理SEC主席Mark Uyeda表示，有可能將一些數字資產定義為證券。 SEC在一封電子郵件中拒絕對此故事發表評論。

Trump’s pick to lead the agency, Paul Atkins, said in a public Senate committee hearing on March 27 that providing a “firm regulatory foundation” for crypto assets would be a “top priority.” Atkins himself reported having up to $5 million in crypto-related investments in ethics disclosures publicized days earlier.

特朗普在3月27日舉行的公開參議院委員會聽證會上說，領導該機構的選秀權說，為加密資產提供“確保監管基金會”將是“重中之重”。阿特金斯本人報告說，幾天前公開的關於道德披露的與加密貨幣相關的投資最高為500萬美元。

There’s such a wide range of digital assets, attorneys said—from stablecoins, whose values are pegged to other currencies, to memecoins, digital tokens depicted with an animated character or animal, that can quickly gain value—that might draw different regulation or recommendations.

律師說，從穩定的數字資產中，其價值與其他貨幣掛鉤，到具有動畫角色或動物的數字令牌，可以迅速獲得價值的數字令牌 - 可能會提取不同的調節或建議。

One of those lawyers, Stubbs Alderton & Markiles LLP partner Neil Elan, said “even if a ‘Hawk Tuah’ coin or the newest ‘Libra’ coin or the ‘Melania’ coin or the ‘Trump’ coin is not deemed a security, it does not mean that the operators or offerors are free to commit fraud, make materially false statements, or otherwise act improperly.” The prospect of liability remains, he said.

其中一位律師，Stubbs Alderton＆Markiles LLP合夥人Neil Elan說：“即使'Hawk tuah'硬幣或最新的“天秤座硬幣”或“ Melania”硬幣或“ Melania” Coin或“ Trump” Coin並不被視為安全性，也不意味著操作員或供應者可以免費欺詐，或者是造成欺詐行為，否則會造成造成的虛假陳述，否則會犯下Imporements comport''''''他說，責任的前景仍然存在。

Consumer protection is a wide body of law, said Max Burwick, founder and senior managing partner at Burwick Law. His firm leads a series of suits involving the Hawk Tuah, Libra, and other memecoins.

Burwick Law的創始人兼高級管理合夥人Max Burwick說，消費者保護是一項廣泛的法律。他的公司領導了一系列涉及霍克·圖阿（Hawk Tuah），天秤座和其他因素的西裝。

“Although there is a supposed lack of regulatory clarity, an active plaintiff’s bar stands as a check on bad actors, and can positively impact the market,” he said.

他說：“儘管據說缺乏監管性的清晰度，但活躍的原告的酒吧是對不良演員的檢查，並且可以對市場產生積極影響。”

Just as plaintiffs’ attorneys remain a resource for aggrieved investors, state attorneys general haven’t paused as state officials of the opposing party of the administration typically tend to increase activity during the president’s term.

正如原告的律師仍然是受屈投資者的資源一樣，州檢察長並沒有因為政府反對黨的州官員而停下來，通常在總統任期期間傾向於增加活動。

There may be “an increase in state regulatory activity in the space, which has been more active in the last few years (both in enforcement activity as well as digital asset legislation),” said, Mitzi Chang, co-chair of Goodwin Procter LLP’s FinTech and Digital Currency & Blockchain practices. The office of California Attorney General Rob Bonta this month said it would continue protecting consumers from “crypto confidence scams.” California’s Department of Justice shuttered 42 crypto scam sites that drew at least $6.5 million from individuals in 2024.

在過去幾年中，該領域的州監管活動可能會增加（包括執法活動和數字資產立法），” Goodwin Procter LLP的Fintech和數字貨幣和區塊鏈實踐的聯合主席Mitzi Chang說。加利福尼亞州總檢察長羅布·邦塔（Rob Bonta）本月表示，將繼續保護消費者免受“加密信心騙局的侵害”。加利福尼亞州的司法部關閉了42個加密騙局網站，這些網站在2024年從個人那裡汲取了至少650萬美元。

Illinois’ too said it would continue. “As we review the SEC’s decisions and their impact on the marketplace, we urge consumers to be cautious when purchasing or using cryptocurrencies,” a spokesperson for Attorney General Kwame Raoul’s office

伊利諾伊州也表示將繼續。 “當我們審查SEC的決定及其對市場的影響時，我們敦促消費者在購買或使用加密貨幣時保持謹慎，”總檢察長Kwame Raoul辦公室發言人