概述法規，如何受到監管，關鍵挑戰以及法律專業人士的更多資源

比特幣和以太坊等虛擬貨幣的擴展使我們陷入了鼓勵創新和保護投資者之間的困境。

The expansion of virtual currencies like Bitcoin and Ethereum has put U.S. regulators in a dilemma between encouraging innovation and safeguarding investors.

比特幣和以太坊等虛擬貨幣的擴展使我們陷入了鼓勵創新和保護投資者之間的困境。

This interest in cryptocurrency stems from the rise in technology worldwide, pushing financial boundaries and leaving open the possibility that cryptocurrencies may become the central element of the global economy.

對加密貨幣的這種興趣源於全球技術的增長，推動財務界限，並打開了加密貨幣可能成為全球經濟的核心因素的可能性。

The same impact and importance of the use of cryptocurrency in the U.S. has brought about the need to regulate it, yet there is a challenge in establishing a clear policy framework.

在美國使用加密貨幣的相同影響和重要性帶來了調節它的需求，但是建立明確的政策框架面臨挑戰。

With the digital revolution taking place through cryptocurrency, the state and federal governments are trying to determine how to define their role in regulating this new asset class in the best way possible.

隨著數字革命通過加密貨幣進行，州和聯邦政府試圖以最佳方式確定其在規範這一新資產類別中的作用。

What is cryptocurrency?

什麼是加密貨幣？

Cryptocurrency is a type of digital money that is a decentralized digital asset designed as a medium of exchange, utilizing cryptographic protocols to regulate the creation of new units. It exists only online and is not controlled by any government, central bank, or authority.

加密貨幣是一種數字貨幣，是一種分散的數字資產，設計為交換媒介，利用加密協議來規範新單元的創建。它僅在線存在，不受任何政府，中央銀行或權威的控制。

It uses a secure technology called cryptography to keep transactions safe and verify fund transfers to prevent fraud. It operates on a decentralized system and transactions are recorded on a public ledger called blockchain.

它使用一種稱為密碼學的安全技術來確保交易安全並驗證基金轉移以防止欺詐。它在分散系統上運行，並在稱為區塊鏈的公共分類帳中記錄交易。

The regulatory treatment of cryptocurrency varies across jurisdictions, with legal considerations encompassing anti-money laundering compliance, securities laws, taxation, and consumer protection frameworks.

對加密貨幣的監管處理各不相同，法律考慮包括反貨幣洗錢合規性，證券法，稅收和消費者保護框架。

What is cryptocurrency regulation?

什麼是加密貨幣法規？

Crypto regulations are the legal rules and guidelines that are present and issued by governments to shape how digital assets such as virtual currency operate. These laws have varied approaches across nations.

加密法規是政府出現和發布的法律規則和準則，以塑造虛擬貨幣等數字資產的運作方式。這些法律在各個國家都採用了各種各樣的方法。

In the U.S., there are various states wherein some are friendly towards market participants who are handling crypto with clear regulations, while others ban it entirely.

在美國，在各種州，有些人對正在處理明確法規的加密貨幣的市場參與者友好，而另一些則完全禁止。

Around 60 percent of U.S. citizens lack confidence in cryptocurrency trading or investment, considering the existing systems to be unreliable or unsafe. One primary reason for this distrust may be the absence of a single, consistent set of laws to regulate cryptocurrencies.

考慮到現有系統是不可靠或不安全的，大約有60％的美國公民對加密貨幣交易或投資缺乏信心。這種不信任的主要原因可能是沒有一套一致的法律來調節加密貨幣。

The regulations vary and cover everything about how cryptocurrencies are to be created and traded, and how they interact with traditional financial systems. Well-defined rules can help the crypto market in the following ways:

該法規各不相同，並涵蓋了有關如何創建和交易加密貨幣的所有內容，以及它們與傳統金融系統的互動方式。定義明確的規則可以通過以下方式幫助加密市場：

How is cryptocurrency regulated in the U.S.?

在美國，加密貨幣如何調節？

As of 2025, there is no defined regulation used to regulate cryptocurrency in the U.S. However, a major crypto legislation was introduced in 2024, i.e. the Financial Innovation and Technology for the 21st Century Act (or FIT21), that has been passed by the U.S. House of Representatives but has not yet been enforced. The legislation is aimed at emphasizing the role of the Commodity Futures Trading Commission (CFTC) as a lead crypto regulator in the U.S.

截至2025年，沒有用於規范美國加密貨幣的明確法規，但是，2024年提出了一項重大的加密立法，即21世紀法案（或FIT21）的金融創新和技術，美國眾議院已通過，但尚未強制執行。該立法旨在強調商品期貨交易委員會（CFTC）作為美國的主要加密監管機構的作用

In the absence of one framework for cryptocurrency, the authorities try to regulate and enforce the already existing laws both at the federal and state levels, which are as follows.

在沒有一個加密貨幣框架的情況下，當局試圖在聯邦和州一級規範和執行已經存在的法律，如下所示。

Federal regulations

聯邦法規

At the Federal level, regulations have predominantly dealt with various administrative agencies and bureaus.

在聯邦一級，法規主要涉及各種行政機構和局。

The Securities and Exchange Commission (SEC)

證券交易委員會（SEC）

The SEC mainly deals with securities such as convertible notes, stocks, debentures, etc. They aim to protect investors through mandatory registration of the securities that qualify for it.

SEC主要處理諸如可轉換票據，股票，債券等的證券。它們旨在通過強制註冊有資格的證券來保護投資者。

The SEC brought lawsuits against major platforms such as Coinbase, Binance, Kraken, etc, for violation of regulations.

SEC提起了針對Coinbase，Binance，Kraken等主要平台的訴訟，以違反法規。

Due to the difference between the cryptocurrency and securities, a judicial split emerged in 2023, with Southern District of New York (SDNY) Judge Torres ruling in SEC v. Ripple Labs that only the institutional sales of XRP were securities, while Judge Rakoff in SEC v. Terraform Labs held that Terraform’s UST stablecoin was a security.

由於加密貨幣和證券之間的差異，司法分配發生在2023年，紐約南部地區（SDNY）法官托雷斯法官在Secv。RippleLabs中的裁決，只有XRP的機構銷售才是證券，而Rakoff是Securakoff，而Rakoff是Secv。Terraform在Terraform實驗室中持有Terraform Labs in Terraform的Ust ust ust stanbabein的安全性。

Courts remain divided on this issue at the time of this writing.

在撰寫本文時，法院在這個問題上仍然存在分歧。

Commodity Futures Trading Commission (CFTC)

商品期貨貿易委員會（CFTC）

CFTC is a federal agency that is tasked with regulating U.S. commodities and derivative markets.

CFTC是一家聯邦機構，負責監管美國商品和衍生品市場。

The CFTC regulates cryptocurrencies as commodities under the Commodity Exchange Act and has developed jurisdiction in derivative markets, all of which are set forth in decisions such as CFTC v. McDonnell (2018) and CFTC v. My Big Coin Pay (2018), etc.

CFTC根據《商品交易法》規定加密貨幣為商品，並在衍生市場中開發了管轄權，所有這些都在CFTC訴McDonnell（2018）和CFTC訴My Big Coin Pay（2018）等決策中提出了所有這些規定。

In 2017, the CFTC introduced a self-certification process for bitcoin futures which allowed exchanges to launch crypto derivatives. For enforcement measures, the CFTC has engaged in high-profile enforcement matters against Uniswap, Binance, Celsius, Ooki DAO, and secured an order against defaulted FTX to pay a penalty of $12.7 billion.

2017年，CFTC引入了比特幣期貨的自我認證過程，該過程允許交易所推出加密衍生產品。為了採取執法措施，CFTC已針對UNISWAP，BINANCE，CELSIUS，OOKI DAO提出了引人注目的執法事項，並獲得了針對違約FTX的命令，以支付127億美元的罰款。

Internal Revenue Service (IRS)

國稅局（IRS）

Since 2014, the IRS has treated cryptocurrency as a digital representation of value which is different from a representation of the U.S. dollar or any other real currency. It functions as a unit of account, a store of value, and a medium of exchange.

自2014年以來，美國國稅局（IRS）將加密貨幣視為價值的數字表示，與美元或其他任何真實貨幣的代表不同。它充當帳戶單位，價值存儲和交換媒介。

Being categorized as property makes each sale, trade, or buying of cryptocurrency taxable under capital gains taxes like stocks or property. Regardless of whether one incurs profit or loss, the

被歸類為財產，每次出售，交易或購買加密貨幣在股票或財產等資本利得稅內應徵稅。無論是造成利潤還是損失，