美國證券交易委員會（SEC）正在從前主席加里·蓋斯勒（Gary Gensler）下進行的大部分重大加密訴訟進行全面撤退

至少有四項針對加密貨幣公司的訴訟 - Ripple，Kraken，Cumberland DRW和Pulsechain-仍在進行中，並探究另外三家公司 - Unicoin，crypto.com和Insbiquable

The U.S. Securities and Exchange Commission (SEC) is undertaking a full-scale retreat from much of the major crypto litigation started under former Chair Gary Gensler, but not everyone is off the hook yet.

美國證券交易委員會（SEC）正在從前主席加里·金斯勒（Gary Gensler）的帶領下進行全面的重大加密訴訟，但並非所有人都陷入困境。

At least four lawsuits against crypto companies — Ripple, Kraken, DRW's Cumberland and Pulsechain — remain ongoing, and probes into another three firms — Unicoin, Crypto.com and Immutable — have not yet been closed.

至少有四項針對加密貨幣公司的訴訟 - Ripple，Kraken，DRW的Cumberland和Pulsechain-仍在進行中，並探究了另外三家公司 - Unicoin，Crypto.com和Incriptable - 尚未關閉。

Coinbase Chief Legal Officer Paul Grewal said in an interview with CoinDesk that the unprecedented activity level at the SEC as it backs away from crypto actions illustrates "just how beyond the pale the last four years were."

Coinbase首席法律官Paul Grewal在接受Coindesk採訪時說，SEC的前所未有的活動水平遠離加密貨幣行動，這說明了“過去四年的蒼白是如何超越蒼白的。”

"It is definitely something we've never seen before, but I think it's well warranted," Grewal said.

格雷瓦爾說：“這絕對是我們從未見過的東西，但我認為這是很保證的。”

Over the past two weeks, a number of companies who previously received Wells notices — essentially a heads-up from the regulator that it intends to file enforcement charges — got word from the SEC that the investigations into them had been closed, and no further action was pending. That list includes Robinhood Crypto, decentralized protocol Uniswap, non-fungible token (NFT) marketplace OpenSea and crypto exchange Gemini.

在過去的兩個星期中，許多以前收到Wells通知的公司（本質上是從監管機構開始提起執法指控的監管機構的頭號），從SEC宣布，對他們的調查已經關閉，沒有進一步的行動，也沒有採取進一步的行動。該列表包括Robinhood Crypto，分散協議UNISWAP，不可殺死的令牌（NFT）市場Opensea和加密交易所Gemini。

The Open Suits

開套裝

The SEC has agreed to drop its case against Coinbase, which accused the firm of operating as an unregistered securities broker and exchange. But similar charges against Kraken have not yet been dropped. The SEC sued Kraken in November 2023, accusing the firm of commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency and dealer. A representative for Kraken did not respond to CoinDesk's request for comment.

SEC已同意對Coinbase撤銷其案件，該公司指責該公司作為未註冊的證券經紀人和交易所經營。但是對克雷肯的類似指控尚未被刪除。 SEC於2023年11月起訴Kraken，指責該公司在作為未註冊的證券經紀人，清算代理機構和經銷商處運營時，在公司中造成客戶和企業資金。 Kraken代表沒有回應Coindesk的置評請求。

Similarly, the SEC sued Cumberland DRW — the crypto trading arm of Chicago-based trading firm DRW — last year for allegedly operating as an unregistered securities dealer. Don Wilson, the founder of DRW, pledged to fight the suit at the time. A representative for DRW declined to comment, telling CoinDesk that the firm currently has no updates to share.

同樣，SEC起訴坎伯蘭DRW（總部位於芝加哥的貿易公司DRW的加密貨幣貿易部門）去年因涉嫌作為未註冊的證券經銷商而進行的。 DRW的創始人唐·威爾遜（Don Wilson）當時承諾打架。 DRW的代表拒絕發表評論，告訴Coindesk，該公司目前沒有更新可共享。

The SEC sued Ripple in 2020 and largely lost in 2023, when a New York judge ruled that XRP, when sold to retail investors, wasn’t a security. The SEC subsequently appealed that ruling. Though both Ripple executives and outside experts have speculated that the agency will drop the appeal, the agency has not yet made any public statement about the case. A representative for told CoinDesk that the company currently has no updates to share.

SEC在2020年起訴了Ripple，並在2023年大部分損失了，當時紐約法官裁定XRP賣給了零售投資者，這不是安全。 SEC隨後對該裁決提出上訴。儘管波紋高管和外部專家都推測該機構將放棄上訴，但該機構尚未就此案發表任何公開聲明。一位代表告訴Coindesk，該公司目前沒有更新可共享的更新。

Dallas-based partner at law firm Vinson & Elkins and former SEC enforcement attorney Rebecca Fike said she expects the SEC to drop any of its pending cases that are based on using the Howey test to charge a firm with offering unregistered securities, especially where there are no findings of fraud or other investor-protection related issues.

達拉斯律師事務所Vinson＆Elkins的合夥人以及前SEC執法律師麗貝卡·菲克（Rebecca Fike）表示，她希望SEC放棄基於使用Howey測試的任何待處理案件，以向公司收取未註冊的證券，尤其是在沒有發現欺詐或其他投資者保護與其他相關問題的情況下。

"As for why some have been dropped before others, it could be internal or court based timelines that are setting priorities," Fike said. "There is also a chance that some crypto-related cases that seem to fit the Howey framework AND that the SE determines are based squarely in fraud — ie, a promoter or CEO saying one thing but doing another with investor funds — could continue under a traditional fraud framework."

Fike說：“至於為什麼有些人在其他人面前刪除，可能是內部或法院的時間表。” “還有一些與加密相關的案件似乎符合Howey框架，而SE決定的決定是基於欺詐行為的，即推動者或首席執行官說一件事，但要用投資者資金來做另一件事 - 可以在傳統的欺詐框架下繼續進行。”

The SEC brought fraud and registration allegations against Richard Schueler, better known as Richard Heart, Pulsechain, PulseX and Hex in July 2023. There was a hearing on the defendants' motion to dismiss last October, and the judge overseeing the case dismissed it last Friday, although she gave the SEC 20 days to amend it.

SEC在2023年7月提出了針對理查德·舒勒（Richard Heart），Pulsechain，Pulsx和Hex的理查德·舒勒（Richard Schueler）的欺詐和註冊指控。在去年10月被告駁回動議的聽證會上，該案件於上週五駁回了該案，儘管她駁回了該案，儘管她給了SEC 20天進行修改。

The Open Probes

開放探針

Several of the SEC's probes — investigations that have not yet led to filed charges — into crypto companies also remain open.

SEC的幾項調查（尚未導致尚未提出指控的調查）也保持開放。

Crypto.com sued the SEC last October after it received a Wells notice. The firm voluntarily dropped its suit two months later, shortly after CEO Kris Marzalek met with then-President Elect Donald Trump.

Crypto.com在收到Wells通知後於去年10月起訴SEC。該公司在兩個月後自願撤銷訴訟，不久之後，首席執行官克里斯·馬扎萊克（Kris Marzalek）會見了當時的總統唐納德·特朗普（Donald Trump）。

Australian blockchain gaming and NFT company Immutable also received a Wells notice last year connected to the sale of its IMX token in 2021, and pledged to fight any ensuing enforcement charges. Neither the company nor the SEC has made any statement about the status of the probe.

去年，澳大利亞區塊鏈遊戲和NFT公司不變了，該通知與2021年出售其IMX代幣有關，並承諾與隨後的任何執法指控作鬥爭。公司和SEC都沒有就調查狀態發表任何陳述。

Unicoin also received a Wells notice last year informing the firm that the SEC planned to bring charges alleging violations related to fraud, deceptive practices and the offer and sale of unregistered securities.

Unicoin去年還收到了Wells通知，告知公司SEC計劃提出指控，指控違反與欺詐，欺騙性實踐以及未註冊證券的報價和銷售。

Looking forward

期待

The SEC's retreat, as well as the slashing of its crypto enforcement team, according to Fike, is an indication that the agency is moving away from the so-called "regulation by enforcement" approach to the crypto industry undertaken by former Chair Gensler.

根據Fike的說法，SEC的撤退以及對加密執法團隊的削減表明該機構正在遠離前主席Gensler所承擔的加密行業所謂的“執法法規”方法。

"I think the SEC is signaling through staffing that it means what it is now saying: that crypto regulation will come through statements and potential future rulemaking, not case-by-case enforcement actions," Fike said. "Their hope, and mine, is that a backing away from calling all crypto securities and assessing the crypto industry as a whole under

Fike說：“我認為SEC通過人員配備發出信號，這意味著它現在所說的：加密法規將通過陳述和潛在的未來規則制定，而不是逐案的執法行動來實現。” “他們的希望，我的希望是，呼籲所有加密證券並評估整個加密貨幣行業的支持