美國證券交易委員會新任主席保羅·阿特金斯可能會重新定義美國加密貨幣監管的未來

這個選擇絕非微不足道，它是在該行業面臨日益增加的不確定性和被視為敵對政策的關鍵時刻做出的。

The appointment of Paul Atkins to lead the Securities and Exchange Commission (SEC), as announced by Donald Trump, could redefine the future of crypto regulation in the United States. This choice, far from being trivial, comes at a critical juncture as the sector faces increasing uncertainties and policies perceived as hostile.

唐納德·川普宣布任命保羅·阿特金斯領導證券交易委員會（SEC），這可能會重新定義美國加密貨幣監管的未來。這個選擇絕非微不足道，它是在該行業面臨日益增加的不確定性和被視為敵對政策的關鍵時刻做出的。

Under the previous administration, the SEC’s management sparked sharp criticism due to an approach посчитавшийся overly restrictive towards these assets. By choosing a candidate known for his pro-innovation positions and expertise in crypto, Trump appears to send a clear signal in favor of a change of direction.

在上屆政府領導下，美國證券交易委員會的管理層因對這些資產過於嚴格的限製而引發了尖銳的批評。透過選擇一位以支持創新立場和加密貨幣專業知識而聞名的候選人，川普似乎發出了支持改變方向的明確信號。

Paul Atkins, between speculation and confirmation

保羅‧阿特金斯，介於猜測與證實之間

Before the official announcement of his appointment, Paul Atkins was already among the most mentioned names to take the helm of the Securities and Exchange Commission (SEC). In early December, the platform Kalshi estimated his chances of being appointed at 93 %, a prediction based on strategic exchanges between Atkins and Donald Trump’s transition team. This context highlighted a marked interest in a pro-business candidate at a time when Gary Gensler’s management, criticized for its excessive rigor towards the crypto industry, had triggered growing dissatisfaction.

在正式宣布任命之前，保羅阿特金斯已經是最受關注的美國證券交易委員會 (SEC) 掌舵人之一。 12月初，Kalshi平台估計他被任命的幾率為93%，這項預測是基於阿特金斯和唐納德·川普過渡團隊之間的策略交流。這種背景突顯了人們對親商業候選人的濃厚興趣，當時加里·詹斯勒 (Gary Gensler) 的管理層因對加密行業過於嚴格而受到批評，引發了越來越多的不滿。

Donald Trump’s announcement confirmed these speculations. In a message published on his social network Truth Social, the president-elect hailed Paul Atkins as “a proven leader for sensible regulations.” This statement fits into a clear political strategy aimed at reformulating the SEC’s approach to the challenges of technological innovation. Drawing on his experience as a SEC commissioner from 2002 to 2008 and his role as co-chair of the Token Alliance, Atkins represents a break from the policies perceived as restrictive of the previous administration.

唐納德·特朗普的聲明證實了這些猜測。在他的社交網路「Truth Social」上發布的消息中，候任總統稱讚保羅·阿特金斯是「一位公認的明智監管領導者」。這項聲明符合旨在重新制定 SEC 應對技術創新挑戰的方法的明確政治策略。阿特金斯憑藉 2002 年至 2008 年擔任 SEC 委員的經驗以及擔任代幣聯盟聯合主席的經歷，代表了對前政府視為限制性政策的突破。

This choice comes at a critical moment for the crypto sector, which calls for clear and balanced regulations. Through the appointment of a strong advocate for transparency and investor protection, Donald Trump seems not only to fulfill his campaign commitments but also to indirectly address a critique of the Biden administration. This transition reflects a desire to reposition the United States as a leader in innovation in blockchain and to respond to the growing demand for regulatory stability.

這個選擇是在加密產業的關鍵時刻做出的，加密產業需要明確且平衡的監管。透過任命一位透明度和投資者保護的強大倡導者，唐納德·川普似乎不僅履行了他的競選承諾，而且還間接回應了對拜登政府的批評。這一轉變反映了將美國重新定位為區塊鏈創新領導者並滿足日益增長的監管穩定性需求的願望。

An expected break with the Gensler era

與 Gensler 時代的預期決裂

The presidency of Gary Gensler at the helm of the SEC left a controversial mark on the crypto industry. Between 2021 and 2023, the agency initiated more than 104 lawsuits against companies in the sector, with legal fees estimated at 426 million dollars. This strategy, described as a “legal war” by the Blockchain Association, has been widely criticized for its lack of clarity and its impact on innovation. Many sector players have denounced the absence of a coherent regulatory framework, which exacerbates the perception of a hostile environment for crypto businesses.

SEC 主席加里·詹斯勒 (Gary Gensler) 的任期給加密貨幣行業留下了爭議性的印記。 2021年至2023年間，該機構針對該行業的公司發起了超過104起訴訟，法律費用估計達4.26億美元。這項策略被區塊鏈協會稱為“法律戰”，因其​​缺乏明確性及其對創新的影響而受到廣泛批評。許多行業參與者譴責缺乏連貫的監管框架，這加劇了人們對加密貨幣業務不利環境的看法。

The arrival of Paul Atkins at the head of the SEC could mark a major turnaround. Some experts foresee a easing of regulatory pressures, especially regarding approval requests for financial products related to crypto, such as ETFs based on assets like Solana. Such an appointment also sparks hopes for a more balanced approach that combines support for innovation and protection for investors. Given his experience and pro-business positions, Atkins seems capable of bringing a different perspective that is more favorable to the emergence of innovative solutions.

保羅·阿特金斯 (Paul Atkins) 出任 SEC 主席可能標誌著一個重大轉變。一些專家預計監管壓力將會緩解，尤其是與加密貨幣相關的金融產品（例如基於 Solana 等資產的 ETF）的批准請求。這樣的任命也引發了​​人們對採取更平衡的方法的希望，將支持創新和保護投資者結合起來。鑑於他的經驗和支持商業的立場，阿特金斯似乎能夠帶來更有利於創新解決方案出現的不同觀點。

The consequences of this transition could extend well beyond American borders. A more open policy towards cryptos would enhance the attractiveness of the United States for companies in the sector, which could then establish their operations there instead of seeking refuge in more permissive jurisdictions. This dynamic could reposition the United States as a global leader in the blockchain ecosystem and would provide a regulatory framework that is both clear and competitive. However, uncertainties remain regarding how Atkins will realize this vision. The challenges related to implementing fair regulation, without forgetting the excesses of the past, remain significant and will require pragmatic solutions.

這一轉變的後果可能遠遠超出美國國界。對加密貨幣採取更開放的政策將增強美國對該行業公司的吸引力，這些公司可以在那裡開展業務，而不是在更寬鬆的司法管轄區尋求庇護。這種動態可以將美國重新定位為區塊鏈生態系統的全球領導者，並將提供一個既明確又具競爭力的監管框架。然而，阿特金斯將如何實現這一願景仍存在不確定性。在不忘記過去的過度行為的情況下，與實施公平監管相關的挑戰仍然嚴峻，需要務實的解決方案。

The appointment of Paul Atkins to the head of the SEC paves the way for a potential reshaping of relations between the crypto industry and regulators. This decision, seen as a signal of appeasement, raises both hopes and questions. For many industry players, it embodies the opportunity to move out of an era marked by tensions and legal conflicts. However, expectations remain cautious, as the issues related to balanced regulation are vast and complex.

保羅·阿特金斯 (Paul Atkins) 被任命為 SEC 主席，為加密貨幣行業與監管機構之間關係的潛在重塑鋪平了道路。這項決定被視為綏靖訊號，同時引發了希望和疑問。對許多行業參與者來說，它意味著走出一個充滿緊張和法律衝突的時代的機會。然而，由於與平衡監管相關的問題廣泛而複雜，預期仍保持謹慎。

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A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019.

我畢業於圖盧茲政治學院，並持有 Alyra 的區塊鏈顧問認證，於 2019 年加入了 Cointribune 冒險之旅。

Convinced of blockchain’s potential to transform numerous sectors of the economy, I undertook the mission of raising awareness and informing the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations and put the economic and societal stakes of this unfolding revolution into perspective.

我堅信區塊鏈具有改變眾多經濟部門的潛力，因此我承擔了提高公眾意識並讓公眾了解這個不斷發展的生態系統的使命。我的目標是讓每個人都能更了解區塊鏈並抓住它所提供的機會。我每天都努力對新聞進行客觀分析，解讀市場趨勢，傳播最新的技術創新，並正確看待這場正在展開的革命的經濟和社會利益。