數字貨幣行業的這4大勝利顯示，SEC正在撤銷訴訟和調查

本週，數字貨幣行業可以說是四項重大勝利，因為證券交易委員會（SEC）放棄了對主要參與者的訴訟和調查

This week, the U.S. Securities and Exchange Commission (SEC) dropped lawsuits and investigations into major digital currency companies, including Coinbase (NASDAQ:COIN), Robinhood Crypto (NASDAQ:HOOD), Uniswap Labs, and the non-fungible token (NFT) marketplace OpenSea.

本週，美國證券交易委員會（SEC）對包括Coinbase（NASDAQ：COIN），Robinhood Crypto（NASDAQ：HOOD），UNISWAP LABS和NONISWAP LABS和NOT-FORIBLIBLIBLIBLIBLE（NFT令牌（NFT）Marketea Opensea在內的主要數字貨幣公司的訴訟和調查。

The SEC sued Coinbase in June 2023, alleging that it had been operating as an unregistered broker, exchange, and clearing agency since 2019. The commission claimed that the company violated federal securities laws by facilitating unregistered securities trading. After over a year of legal battles, the SEC dismissed the case on February 21.

SEC於2023年6月起訴Coinbase，聲稱自2019年以來一直是一家未註冊的經紀人，交換和清算機構的經營。該委員會聲稱，該公司通過促進未註冊的證券交易違反了聯邦證券法。經過一年多的法律鬥爭，SEC於2月21日駁回了該案。

Coinbase was one of the companies that tried to push back and asked the SEC for clearer regulatory guidelines. However, the agency refused to provide them, which led a federal court to criticize the SEC’s actions, calling their refusal “arbitrary and capricious.” Afterward, the court ordered the SEC to provide a more detailed explanation for its refusal to offer guidance—an order the agency never fulfilled because before it had a chance to do so, there was a change in SEC leadership.

Coinbase是試圖向後推遲並要求SEC的公司的公司之一。但是，該機構拒絕向他們提供，這導致聯邦法院批評SEC的行動，稱他們的拒絕“任意和反复無常”。之後，法院命令SEC為其拒絕提供指導提供更詳細的解釋 - 該機構從未實現的命令，因為在有機會這樣做之前，SEC領導層發生了變化。

After former SEC Chair Gary Gensler departed, the agency has been winding down its probes into major digital asset firms.

前美國證券交易委員會（Gary Gensler）離開前SEC主席後，該機構一直將其調查納入主要的數字資產公司。

In May 2024, the SEC threatened to sue Robinhood over its crypto operations, notifying the company of a pending lawsuit with a Wells Notice. However, the SEC abruptly closed it’s investigation into the company’s crypto activities on February 24.

2024年5月，美國證券交易委員會（SEC）威脅要對其加密貨幣運營起訴羅賓（Robinhood），並通知公司待定的訴訟，並通知了威爾斯（Wells）的通知。但是，SEC突然關閉了它對2月24日對公司的加密活動的調查。

The regulator also closed its probe into Uniswap Labs. The crypto exchange received a Wells Notice in April 2024, during which it was threatened with an investigation into whether it was operating as an unregistered securities broker and exchange.

調節器還將其探針關閉到Uniswap實驗室中。加密貨幣交易所在2024年4月收到了Wells通知，在此期間，它對它是否作為未註冊的證券經紀人和交易所進行了調查。

Finally, OpenSea was notified in August 2024 that the SEC was investigating whether certain NFTs on it’s platform should be classified as securities, but the SEC discontinued the investigation on February 21.

最後，Opensea於2024年8月收到通知，SEC正在調查其平台上的某些NFT是否應歸類為證券，但SEC在2月21日中止了調查。

Each of these companies spent years and millions of dollars in legal fees battling the SEC. Now, seemingly overnight, the regulatory threats they faced have vanished. So, what changed?

這些公司中的每一個都花費了數年和數百萬美元的法律費用與SEC作戰。現在，似乎一夜之間，他們面臨的監管威脅消失了。那麼，發生了什麼變化？

There’s been a major shift in the SEC’s approach to crypto regulation, and while this might seem like a win for digital asset companies, the reality is much more complex.

SEC的加密監管方法發生了重大轉變，儘管這似乎是數字資產公司的勝利，但現實卻更加複雜。

The SEC’s crypto policy shift

SEC的加密政策轉變

Under former SEC Chair Gary Gensler, the agency took an aggressive stance against crypto. Gensler repeatedly stated that existing securities laws already covered most crypto assets and that many industry players failed to comply. His approach emphasized enforcement over guidance, leading to a wave of lawsuits and investigations that put major crypto firms in hot water.

在前SEC主席Gary Gensler的領導下，該機構對加密貨幣採取了積極的立場。 Gensler一再表示，現有證券法已經涵蓋了大多數加密資產，許多行業參與者未能遵守。他的方法強調執法而不是指導，導致一波訴訟和調查，使主要加密貨幣公司陷入熱水中。

One of these firms was Coinbase, which tried to push back and asked the SEC for clearer regulatory guidelines. However, the agency refused to provide them, which led a federal court to criticize the SEC’s actions, calling their actions “arbitrary and capricious.” Afterward, the court ordered the SEC to provide a more detailed explanation for its refusal to offer guidance—an order the agency never fulfilled because before it had a chance to do so, there was a change in SEC leadership.

這些公司之一是Coinbase，該公司試圖向後推，並要求SEC提供更清晰的監管指南。但是，該機構拒絕向他們提供，這導致聯邦法院批評SEC的行動，稱他們的行動“任意和反复無常”。之後，法院命令SEC為其拒絕提供指導提供更詳細的解釋 - 該機構從未實現的命令，因為在有機會這樣做之前，SEC領導層發生了變化。

Gensler’s departure ushered in a new era of crypto policy, marked by a hands-off approach that is much different than the SEC’s enforcement-heavy tactics of the past.

Gensler的離開迎來了一個新的加密政策時代，其特徵是一種與SEC的執法策略大不相同。

Trump’s pro-crypto administrationAt face value, this shift appears to be exactly what the industry has been asking for: less government interference and clearer guidelines. However, in practice, the effects of these changes have been different from what they were in theory.

特朗普的親克賴特托政府面值，這一轉變似乎正是該行業一直在要求的：政府的干預和更清晰的指導方針。但是，實際上，這些變化的影響與理論上的影響不同。

When rumors of regulatory relief first surfaced, the crypto market responded enthusiastically. Prices soared in anticipation of a more business-friendly environment. However, once these changes were officially implemented, the reality didn’t quite match expectations, and market prices have been falling fast.

當有關監管救濟的謠言首先浮出水面時，加密貨幣市場充滿熱情。價格飆升，預計會有更友好的業務環境。但是，一旦正式實施了這些變化，現實就不完全符合預期，市場價格一直在迅速下跌。

Instead of spurring new business activity, the shift in regulation has led to increased market speculation and a surge in questionable projects—initiatives that consumers have been investing in and losing money on unless they can sell hours after the project first launches. With fewer legal roadblocks, an influx of new tokens, NFTs, and decentralized finance (DeFi) projects have emerged—many of which lack real utility and resemble high-stakes gambling operations.

法規的轉變並沒有激發新的商業活動，而是導致市場投機越來越高，並且對可疑項目的激增 - 消費者一直在投資並虧本上的活動，除非他們在項目首次啟動後可以出售數小時。隨著法律障礙的較少，出現了新的代幣，NFT和權力下放的金融項目（DEFI）項目，其中許多人缺乏真正的效用，並且類似於高風險的賭博操作。

Is crypto becoming the Wild West again?

加密貨幣再次成為野外西方嗎？

One of the biggest concerns emerging from the SEC’s new hands-off approach is the rise in fraudulent activity. While crypto businesses like Coinbase and Robinhood are now free to operate without regulatory interference, the lack of oversight has also created a breeding ground for scams and pump-and-dump schemes.

SEC的新手方法中最大的擔憂之一是欺詐活動的增長。儘管Coinbase和Robinhood等加密貨幣業務現在可以在沒有監管干擾的情況下自由運營，但缺乏監督也為騙局和泵送計劃創造了一個繁殖地。

Hester Peirce, the head of the SEC’s Crypto Task Force, recently stated that the SEC does not have jurisdiction over most crypto assets, including many coins, tokens, and NFTs. This raises an important question: If the SEC isn’t the regulator, then who is?

SEC加密特遣部隊負責人Hester Peirce最近表示，SEC對包括許多硬幣，代幣和NFT在內的大多數加密資產沒有管轄權。這提出了一個重要的問題：如果SEC不是監管機構，那麼誰是？

Right now, no clear answer exists, which has made the industry a bit of a

目前，沒有明確的答案，這使該行業有點