特朗普返回後，美國SEC撤回針對Coinbase的訴訟，停止調查Robinhood的加密單位

編譯者：菲利克斯，潘努斯

output: After U.S. President Trump’s return, the U.S. Securities and Exchange Commission (SEC) withdrew the lawsuit it filed against Coinbase in 2023 and shut down its probe into crypto unit of the brokerage firm, Robinhood.

輸出：在美國總統返回美國總統後，美國證券交易委員會（SEC）撤回了2023年對Coinbase提起的訴訟，並將其調查關閉到經紀公司Robinhood的加密貨幣部門。

Afterward, on February 25, the U.S. SEC also closed its federal investigation into Uniswap Labs. But then, Coinbase (NASDAQ:COIN) and the Bitcoin (CRYPTO:BTC) market went down, with Bitcoin falling from a high of $109,114 to $87,000, a decline of 20%.

之後，2月25日，美國SEC還關閉了聯邦對Uniswap Labs的調查。但是隨後，Coinbase（NASDAQ：COIN）和比特幣（Crypto：BTC）市場下跌，比特幣從109,114美元的高點下降到87,000美元，下降了20％。

Although there is no obvious reason for the decline, the overall logic of investors’ reactions is clear: they don’t like unpredictability and are generally more concerned about the market than specific companies.

儘管沒有明顯的原因下降，但投資者反應的總體邏輯很明確：他們不喜歡不可預測性，並且通常比特定公司更關心市場。

The reasons why the SEC dropped these cases are not important, what matters is the attitude toward Trump’s presidency and cryptocurrencies. It is worth mentioning that Coinbase and RH have donated to Trump, and Uniswap is also involved in the $116 million cryptocurrency political action committee (PAC) Fairshake.

SEC刪除這些案件的原因並不重要，重要的是對特朗普總統任期和加密貨幣的態度。值得一提的是，Coinbase和RH已向特朗普捐款，Uniswap也參與了1.16億美元的加密貨幣政治行動委員會（PAC）Fairshake。

Does this send a signal to investors that the donations were accepted? Or is it just a coincidence? Does this mean that Washington is welcoming cryptocurrencies? Fortunately, there are ways to determine the stance of Trump’s presidency on cryptocurrencies.

這是否向投資者發出信號，表明這些捐贈被接受？還是只是巧合？ Does this mean that Washington is welcoming cryptocurrencies?幸運的是，有一些方法可以確定特朗普在加密貨幣上的總統職位的立場。

If the Trump administration takes the following three actions, it may be evidence that they value cryptocurrencies and care about the market.

如果特朗普政府採取以下三項行動，則可以證明他們重視加密貨幣並關心市場。

Regulators may shift stance on token securities, CFTC or SEC

監管機構可能會改變令牌證券，CFTC或SEC的立場

The SEC’s stance on token securities is critical, and the SEC, under previous leadership, intended to designate most tokens as securities. This designation means you could be at risk: even if you don’t issue tokens directly yourself, developing technical solutions that interact with or trade tokens could expose you to legal risk associated with potential involvement in unregistered securities. This remains a significant hurdle for the crypto industry.

SEC對代幣證券的立場至關重要，在先前的領導下，SEC旨在將大多數令牌指定為證券。該指定意味著您可能會面臨風險：即使您不直接發行代幣，開發與與潛在參與未註冊證券有關的法律風險的技術解決方案也可能使您面臨您的法律風險。對於加密行業來說，這仍然是一個重大障礙。

The Commodity Futures Trading Commission (CFTC) could also change its stance on cryptocurrencies. Historically, the success of a company has been a significant factor in the price of a token, and classifying a token as a security is not really in the hands of the company. But if the CFTC lessens regulations, it could have a major impact on U.S. companies that are more likely to get involved in cryptocurrencies.

商品期貨貿易委員會（CFTC）也可以改變其對加密貨幣的立場。從歷史上看，公司的成功一直是代幣價格的重要因素，並且將令牌歸類為安全性並不是真正掌握在公司手中。但是，如果CFTC減少了法規，它可能會對更有可能參與加密貨幣的美國公司產生重大影響。

Currently, the CFTC does not regulate cryptocurrencies and has no authority to do so. Transferring jurisdiction over cryptocurrencies to the CFTC is a strong indication of the new administration’s broadly supportive stance toward cryptocurrencies. As a smaller, less aggressive regulator, the CFTC is less likely to enforce regulation through law enforcement and may therefore take a more cooperative stance toward the crypto industry. Either of these two things would eliminate a significant risk for U.S. crypto companies, opening the door for innovative crypto businesses to enter the U.S. market.

目前，CFTC不規範加密貨幣，也無權這樣做。將加密貨幣的管轄權轉移到CFTC上是新政府對加密貨幣的廣泛支持立場的有力跡象。作為一個較小，較侵略性的監管機構，CFTC不太可能通過執法執行監管，因此可能對加密行業採取更加合作的立場。這兩件事中的任何一個都將消除美國加密公司的重大風險，為創新的加密貨幣企業進入美國市場打開了大門。

Adopting Stablecoins

採用穩定的

The adoption of stablecoins is also expected to drive the growth of crypto payments, benefiting small and medium-sized enterprises (SMEs). SMEs that begin using crypto payments often turn to stablecoins first, so these businesses must clearly understand the legal provisions regarding stablecoins. It is not enough to simply use vague regulations that do not apply to stablecoins. They need a well-defined framework to clarify regulation.

預計採用穩定幣將推動加密支付的增長，從而使中小型企業（SME）受益。開始使用加密付款的中小型企業通常首先轉向穩定幣，因此這些業務必須清楚地了解有關穩定的法律規定。僅使用不適用於穩定的法規的模糊法規還不夠。他們需要一個定義明確的框架來闡明法規。

What would a better regulatory approach lead to? More confidence. Companies would enjoy greater certainty in the transition from stablecoins to cryptocurrencies. And crucially, as more businesses integrate crypto payments, more opportunities would emerge for U.S. crypto companies. To facilitate this virtuous cycle, dedicated legislation is needed to recognize stablecoins as a legitimate means of payment. Direct regulatory oversight, ensuring trust in reserves, and managing risks for stablecoin issuers would also increase confidence.

更好的監管方法會導致什麼？更有信心。公司將在從Stablecoins到加密貨幣的過渡中享有更大的確定性。至關重要的是，隨著越來越多的企業整合加密貨幣的付款，美國加密公司將出現更多的機會。為了促進這一良性週期，需要專門的立法來承認穩定幣是合法的付款方式。直接的監管監督，確保對儲備金的信任以及管理Stablecoin發行人的風險也將增加信心。

FinCEN plays a role

Fincen扮演角色

Another sticking point is the problem crypto businesses face in opening bank accounts. Even if they manage these accounts, they face high service costs and fees because banks consider the crypto industry to be a significant money laundering risk. This reluctance to serve crypto is ironic: the crypto industry aims to establish an alternative payment system but still relies on traditional banking.

另一個引人注目的是加密貨幣業務在開設銀行帳戶中面臨的問題。即使他們管理這些帳戶，他們也會面臨高昂的服務成本和費用，因為銀行認為加密貨幣行業是一種重要的洗錢風險。這種不願為加密貨幣服務具有諷刺意味的是：加密貨幣行業旨在建立替代支付系統，但仍然依賴傳統的銀行業務。

In order for the crypto ecosystem to grow, financial institutions must provide services to crypto-related entities. It is also clear that without the participation of traditional banks, the crypto ecosystem will remain limited. The key to change may lie with the Financial Crimes Enforcement Network (FinCEN). If the bureau takes steps to revise its risk assessment of crypto businesses, banks will adjust their assessments accordingly. Financial institutions will be more willing to work with crypto companies.

In order for the crypto ecosystem to grow, financial institutions must provide services to crypto-related entities.同樣很明顯，如果沒有傳統銀行的參與，加密生態系統將保持限制。變革的關鍵可能在於金融犯罪執法網絡（FINCEN）。如果該局採取措施修改其對加密貨幣業務的風險評估，銀行將相應地調整其評估。金融機構將更願意與加密貨幣公司合作。

The future of cryptocurrency

加密貨幣的未來

The future of cryptocurrencies in the United States is unclear: The Trump administration has accepted some crypto donations, but there is still uncertainty in the market. It may be helpful to understand the current administration’s attitude towards the industry by paying attention to the activities of the CFTC and FinCEN and the positive shifts in cryptocurrency regulation. These three areas are

美國加密貨幣的未來尚不清楚：特朗普政府接受了一些加密貨幣捐贈，但市場上仍然存在不確定性。通過關注CFTC和Fincen的活動以及加密貨幣調節的積極轉變，了解當前政府對行業的態度可能會有所幫助。這三個領域是