模因硬幣不是美國證券交易委員會宣布的證券

2025年2月27日，美國證券交易委員會宣布，模因硬幣，受互聯網模因，笑話和趨勢啟發的加密貨幣不被視為證券。

The U.S. Securities and Exchange Commission (SEC) has announced that meme coins, cryptocurrencies inspired by internet memes, jokes, and trends, are not considered securities.

美國證券交易委員會（SEC）宣布，模因硬幣，受互聯網模因，笑話和趨勢啟發的加密貨幣不被視為證券。

This statement, made on February 27, 2025, follows a series of dismissed cases brought by the SEC against crypto companies, which has sparked ongoing debate about the role of meme coins in the broader crypto ecosystem.

該聲明於2025年2月27日發表，遵循SEC針對加密貨幣公司提出的一系列駁回案件，該案件引發了有關模因硬幣在更廣泛的加密生態系統中的作用的持續辯論。

While this decision provides much-needed clarity, it may also be emboldening a growing trend that threatens the legitimacy and future of cryptocurrency.

儘管這一決定提供了急需的清晰度，但它也可能令人振奮，這種趨勢威脅著加密貨幣的合法性和未來。

From Dogecoin to Trump Coins: The Rise of Meme Coins

從Dogecoin到特朗普硬幣：模因硬幣的興起

The journey of meme coins began with the launch of Dogecoin in 2013. It was initially intended as a playful jab at the burgeoning cryptocurrency scene, aiming to mock the influx of coins with no apparent purpose.

Meme硬幣的旅程始於2013年的Dogecoin。最初是在新興的加密貨幣場景中作為一種嬉戲的戳刺，目的是嘲笑沒有明顯目的的硬幣的湧入。

However, the coin quickly gained unexpected attention and quickly evolved into a phenomenon that spawned countless other coins with minimal value propositions other than memes or cultural references.

但是，硬幣迅速引起了意外的關注，並迅速發展為一種現象，該現象催生了無數的硬幣，其價值命題除了模因或文化參考以外。

The problem with meme coins is evident: they lack any inherent utility and function primarily as speculative gambling vehicles.

模因硬幣的問題很明顯：它們缺乏任何固有的效用，主要是作為投機性賭博車輛的功能。

Essentially, these coins are nothing more than pump-and-dump schemes, with their value inflated by hype and media buzz before inevitably crashing, leaving investors with worthless assets.

從本質上講，這些硬幣不過是泵送和降低的計劃，其價值因炒作和媒體嗡嗡聲而不可避免地崩潰，使投資者擁有毫無價值的資產。

The recent launch of Donald Trump’s self-proclaimed $TRUMP meme coin, which appeared to be an attempt to capitalize on his second inauguration, further highlighted the absurdity of this trend. The $MELANIA coin followed closely behind, and eventually even a meme coin inspired by Binance's former CEO, CZ’s dog, "Broccoli," emerged.

唐納德·特朗普（Donald Trump）最近推出的自稱為$特朗普的模因硬幣，這似乎是為了利用他的第二次就職典禮，進一步強調了這一趨勢的荒謬性。 $ Melania硬幣緊隨其後，甚至最終受到了Binance前首席執行官CZ的狗“ Broccoli”的啟發的模因硬幣。

The last few months have seen a surge in similar projects, most of them created with little to no foundational purpose, showcasing the troubling direction the meme coin "industry" is headed.

在過去的幾個月中，類似項目的激增，其中大多數幾乎沒有基本目的創造，展示了模因硬幣“行業”的令人不安的方向。

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SEC Ignores Meme Coins Despite Acknowledging Risks

儘管承認風險，但SEC忽略了模因硬幣

Among the world’s most diligent regulatory bodies, the SEC appears to be turning a blind eye to this trend.

在世界上最勤奮的監管機構中，SEC似乎對這一趨勢視而不見。

Hester Peirce, a prominent SEC commissioner and head of the crypto task force, touched upon the issue of meme coins and explained why they do not fall under the commission’s umbrella.

SEC專員兼加密工作組負責人Hester Peirce談到了Meme Coins的問題，並解釋了為什麼他們不屬於委員會的傘。

According to Peirce, meme coins do not meet the criteria for a security as they lack any real business purpose or investment promise. As a result, transactions involving these tokens do not require SEC registration. Despite acknowledging that these coins lack intrinsic value and are often subject to fraudulent practices, Peirce clarified that the commission does not consider them securities due to their fundamentally speculative nature.

根據皮爾斯（Peirce）的說法，模因硬幣不符合安全標準，因為它們缺乏真正的商業目的或投資承諾。結果，涉及這些令牌的交易不需要SEC註冊。儘管承認這些硬幣缺乏內在的價值，並且經常受到欺詐性實踐的影響，但皮爾斯澄清說，由於其從根本上投機性的性質，委員會不認為它們是證券。

This noteworthy clarification provides an official stance on meme coins, asserting that these tokens function more like collectibles than investment instruments.

這種值得注意的澄清提供了對模因硬幣的正式立場，斷言這些令牌功能更像收藏品，而不是投資工具。

The Division of Corporation Finance further elaborated, stating that the value of meme coins is largely driven by market demand, social media hype, and speculation. This highlights that meme coins do not exhibit the characteristics of traditional securities such as stocks or bonds, which generate income or represent ownership in a company.

公司財務部門進一步闡述，指出模因硬幣的價值在很大程度上是由市場需求，社交媒體炒作和投機所驅動的。這強調了模因硬幣沒有表現出傳統證券（例如股票或債券）的特徵，這些證券（股票或債券）在公司中產生收入或代表所有權。

However, the statement also acknowledged the possibility of fraudulent activities within the meme coin space and noted that such actions could be addressed under other laws.

但是，該聲明還承認在模因硬幣空間內進行欺詐活動的可能性，並指出可以根據其他法律解決此類行動。

While this clarification may offer temporary relief to the crypto market, it raises several crucial questions about the long-term implications of meme coins on the industry.

儘管這種澄清可能會暫時緩解加密貨幣市場，但它提出了有關模因硬幣對行業的長期影響的幾個關鍵問題。

Meme Coins Threaten Crypto’s Integrity

模因硬幣威脅加密的完整性

Meme coins embody the antithesis of what cryptocurrencies were originally intended to be. They were designed as decentralized assets with real-world use cases, offering value through their utility and serving a specific purpose.

模因硬幣體現了最初旨在的加密貨幣的對立面。它們被設計為具有現實世界中用例的分散資產，通過其效用並提供特定目的的價值。

In contrast, buyers investing in meme coins are typically enticed by the promise of massive short-term gains through hype and FOMO (fear of missing out). They are ultimately left holding the bag when the hype fizzles out, and the coins return to their inherent worthless state.

相比之下，投資於模因硬幣的買家通常會因大肆宣傳和FOMO的大量短期收益的承諾所吸引（擔心錯過）。當炒作消失時，他們最終將拿著袋子拿著，而硬幣又回到了固有的毫無價值的狀態。

Furthermore, many meme coin creators engage in dangerous tactics such as "rug pulls," where they siphon off the liquidity from the coin, leaving investors with a valueless token and the creators absconding with the funds.

此外，許多模因硬幣創建者從事危險的策略，例如“地毯拉力”，在這裡他們從硬幣中汲取了流動性，使投資者擁有毫無價值的代幣，而創作者則與資金潛逃。

Even projects that begin with seemingly legitimate intentions are often subject to rapid burnout, leading to abandonment or manipulation to benefit early investors.

即使是以合法意圖開頭的項目，也經常會遭受迅速的倦怠，從而遺棄或操縱以使早期投資者受益。

This culture of hype, manipulation, and fraud not only harms investors but also threatens the credibility of the cryptocurrency ecosystem as a whole.

這種炒作，操縱和欺詐文化不僅會損害投資者，而且威脅著整個加密貨幣生態系統的信譽。

The Meme Coin Risk

模因硬幣風險

As meme coins become increasingly prevalent and widely accepted, they threaten to transform cryptocurrency into a sideshow, diverting attention away from more serious and stable projects.

隨著模因硬幣變得越來越普遍並被廣泛接受，它們威脅要將加密貨幣轉變為側面，將注意力轉移到更嚴肅和穩定的項目上。

It is an industry-wide problem that the SEC’s decision may inadvertently fuel, perpetuating a cycle of speculation that could ultimately result in significant financial losses for uninformed investors.

SEC的決定可能會無意間加油，這是一個範圍內的猜測，這是一個整個行業的問題，最終可能會給未知的投資者帶來巨大的財務損失。

While the ruling aimed to provide clarity on regulatory guidelines, it does little to address the fundamental issue at hand, which is the proliferation of assets that are essentially a form of digital gambling.

儘管該裁決旨在清楚監管指南，但它並沒有解決當前的基本問題，這是資產的擴散，這些資產本質上是一種數字賭博的一種形式。