在過去的幾周中，美國證券交易委員會一直在忙碌，這暗示了加密貨幣公司的未來。

在唐納德·特朗普（Donald Trump）擔任美國總統的第二任期的第一個月（和一周）中，加密貨幣行業取得了許多早期勝利。

The U.S. Securities and Exchange Commission has been busy over the past few weeks, hinting at a brighter future for crypto companies.

在過去的幾周中，美國證券交易委員會一直在忙碌，這暗示了加密貨幣公司的未來。

PS: I'll be in San Francisco next week for the American Banker Payment Forum. Say hello.

PS：下週我將在舊金山參加美國銀行家支付論壇。問好。

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

您正在閱讀加密貨幣狀態，這是一本關注加密貨幣與政府交叉點的通訊。單擊此處註冊以後的版本。

New era

新時代

The narrative

敘述

The crypto industry racked up a number of early wins in the first month (and week) of Donald Trump's second term as U.S. president. The U.S. Securities and Exchange Commission announced it would drop or close half a dozen open investigations and ongoing cases, and asked courts to pause two more.

在唐納德·特朗普（Donald Trump）擔任美國總統的第二任期的第一個月（和一周）中，加密貨幣行業取得了許多早期勝利。美國證券交易委員會宣布將撤銷或關閉六次公開調查和正在進行的案件，並要求法院再停頓兩次。

Why it matters

為什麼重要

The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air.

加密業顯然在2024年大選期間贏得了巨大的獎金，這只是開始看到這意味著什麼。現在，關於它應該如何或不應受到監管的問題現在已經存在。

Breaking it down

分解

Over the last week and change, the SEC filed to withdraw its case against crypto exchange Coinbase, pause its cases against Binance and Tron and informed ConsenSys, OpenSea, Robinhood, Uniswap and Gemini it would close its cases or investigations into those platforms.

在上周和變更中，SEC提出了針對加密貨幣交易所Coinbase的案件，暫停其針對Binance和Tron的案件，並告知共識，Opensea，Robinhood，Uniswap和Gemini，它將關閉其對這些平台的案件或調查。

These announcements come on the heels of SEC Commissioner Hester Peirce announcing she would head up a new crypto task force at the regulatory agency and publishing a number of open questions to the general public about how securities law might apply to different types of cryptocurrencies and defining how the SEC would oversee this industry. The SEC also withdrew staff accounting bulletin 121, an accounting standard much of the industry hated.

這些公告緊隨SEC專員Hester Peirce宣布，她將領導監管機構的新加密特別工作組，並向公眾發布許多關於證券法可能如何應用於不同類型的加密貨幣並定義SEC如何監督該行業的公開問題。 SEC還撤回了員工會計公告121，這是一個會計標準，大多數行業都討厭。

While there are a number of investigations or cases still outstanding, it's clear the SEC has taken a sharply diverging tack under Acting Chair Mark Uyeda from when former Chair Gary Gensler helmed the agency.

儘管仍有許多調查或案件仍未償還，但很明顯，SEC在代理主席馬克·烏耶達（Mark Uyeda）的領導下與前主席加里·蓋斯勒（Gary Gensler）主持了該機構的統治。

Commissioner Hester Peirce said the SEC was now working to develop more policy that would guide the Division of Enforcement's future actions, rather than have these enforcement actions "write regulatory policy."

赫斯特·皮爾斯（Hester Peirce）專員說，SEC現在正在努力製定更多的政策，以指導執法部門的未來行動，而不是採取這些執法行動“制定監管政策”。

"We're really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance [and] interpretations," she told CoinDesk in an interview. "And then enforcement has a role after that, of course, to enforce the rules that are on the books. But this has just been an area where we've kind of gone about it backwards, and we're trying to right the ship here."

她在接受采訪時告訴Coindesk：“我們確實要為其預期的目的回到使用我們的執法部門，並讓監管部門努力工作，以弄清楚如何制定規則，指導和解釋。” “然後執法在此之後發揮了作用，當然，執行書籍上的規則。但是，這只是我們向後倒退的領域，我們試圖在這裡糾正這艘船。”

The industry has been taking a victory lap with the withdrawals and dropped cases (and to be clear, it's not just the SEC withdrawing enforcement actions and investigations).

該行業一直在撤軍並撤銷案件的情況下取得了勝利（明確的是，這不僅是SEC撤回執法行動和調查）。

Amanda Tuminelli, the chief legal officer at DeFi Education Fund, a decentralized finance-focused lobbying group, said any groups in the crypto sector should be more confident they would not be sued "for a mere registration violation."

一個分散的以財務為中心的遊說小組Defi教育基金會首席法律官Amanda Tuminelli表示，加密貨幣部門的任何組織都應該更有信心“僅僅是因為違反註冊為違反註冊”。

"I don't think that we've won. I won't think that we have won until there are clear final rules on the books that make it clear, that are durable wins that make it clear that the industry is going to be able to innovate and exist for years in the future," she said in an interview.

她在接受采訪時說：“我認為我們沒有贏。

On the other side of this argument, the SEC — and Congress — are "actively welcoming" chaos from the crypto sector to the broader financial system, said Corey Frayer, the director of Investor Protection for the Consumer Federation of America and a former SEC senior adviser to Gensler.

在這一論點的另一方面，美國證券交易委員會（SEC）和國會（SEC）和國會（SEC）“積極歡迎”從加密貨幣部門到更廣泛的金融體系，美國消費者聯合會投資者兼前美國證券交易委員會（SEC）高級顧問Corey Frayer說。

"The SEC is not just abandoning enforcement actions, it's actively building an unregulated market for crypto assets," he said in an interview.

他在接受采訪時說：“ SEC不僅放棄執法行動，而且正在積極建立一個不受監管的加密資產市場。”

This could create risk for contagion, he said, referencing FTX and Silicon Valley Bank's collapses. FTX had an issue with leverage (and the various FTX-affiliated tokens, which were used as collateral but lost their value following the exchange's collapse).

他說，這可能會造成傳染的風險，指的是FTX和矽谷銀行的崩潰。 FTX存在槓桿率（以及各種FTX附屬令牌，它們被用作抵押品，但在交易所崩潰後失去了價值）。

"As we’ve learned from prior financial crises, ramping up leverage risks that any single bad bet or any significant move in the value of one asset or intermediary will crash the entire crypto sector," Frayer said.

弗雷耶說：“正如我們從先前的金融危機中學到的那樣，提高利用風險的風險是，任何一個不好的賭注或一個資產或中介的任何重大舉動都會崩潰整個加密貨幣部門。”

Congress's efforts may take some time. Earlier this week, lawmakers with the Senate Banking Committee's new digital assets subcommittee convened its first hearing focused on future legislation.

國會的努力可能需要一些時間。本週早些時候，參議院銀行委員會的新數字資產小組委員會的立法者召集了首次關注未來立法的聽證會。

Lewis Cohen, an attorney who's long been active in the crypto sector and a witness at the hearing, said developers had "raced ahead of the legal and policy frameworks designed decades ago."

劉易斯·科恩（Lewis Cohen）是一名長期以來一直活躍於加密貨幣部門的律師，也是聽證會的證人，他說，開發商“在數十年前設計的法律和政策框架之前進行了比賽。”

"Perhaps most critically, this uncertain regulatory environment has left consumers and users of digital assets at risk," he said. "A clear, practical and flexible federal statutory regime is urgently needed to address activity involving digital assets in both the primary and the secondary markets."

他說：“也許最關鍵的是，這種不確定的監管環境使消費者和數字資產的用戶處於危險之中。” “迫切需要一個明確，實用和靈活的聯邦法定制度來解決涉及主要市場和二級市場的數字資產的活動。”

Former Commodity Futures Trading Commission Chair Timothy Massad suggested Congress should focus on stablecoins and hold off on any kind of market structure legislation, at least until his former agency and the SEC have had a chance to

前商品期貨貿易委員會主席蒂莫西·馬薩德（Timothy Massad）建議國會應專注於穩定幣，並堅持任何類型的市場結構立法，至少在他的前機構和SEC有機會之前