在过去两个星期中下降的最大消息之一是特朗普政府宣布了国家比特币储备计划

在过去两个星期中下降的最大消息之一是特朗普政府宣布了国家比特币储备计划

Among the biggest news that dropped in the past two weeks was the Trump administration’s announcement of a national Bitcoin reserve plan, a move whose mere discussion marks a significant shift from the federal government’s previous stance on digital assets and crypto. The SEC has continued its trend of closing non-fraud-related investigations and enforcement actions, providing some long-awaited relief for the industry. On the litigation front, Uniswap secured a key victory at the Second Circuit against the SEC, marking another win for DeFi. Meanwhile, the SEC continues to make waves with its statement on memecoins, asserting that the tokens themselves are not securities in many contexts unless tied to an investment contract. This statement has sparked widespread debate and heightened expectations for further developments and related classifications in the coming weeks.

在过去两周中，最大的消息之一是特朗普政府宣布了国家比特币储备计划，此举仅仅与联邦政府先前对数字资产和加密货币的立场发生了重大转变。 SEC继续其趋势是关闭与弗拉德相关的调查和执法行动，为该行业提供了一些期待已久的救济。在诉讼方面，UNISWAP在第二赛季对SEC取得了重要的胜利，这标志着Defi的另一场胜利。同时，SEC继续通过其关于Memecoins的声明引起轰动，并断言令牌本身在许多情况下不是证券，除非与投资合同有关。该声明引发了广泛的辩论，并提高了对未来几周进一步发展和相关分类的期望。

These developments and a few other brief notes are discussed below.

这些发展和其他一些简短说明将在下面讨论。

National Bitcoin Reserve Plan Announced: March 6, 2025

国家比特币储备计划宣布：2025年3月6日

After a few weeks of teasing it, President Trump has released his Executive Order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile capitalized with digital assets that were forfeited as part of criminal or civil asset forfeiture. On the day the Executive Order was signed, Crypto/AI Czar David Sacks released a statement on social media that under prior administrations (which includes Trump’s first term) “the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today.”

经过几周的戏弄后，特朗普总统发布了他的行政命令，建立了战略性的比特币储备金和数字资产，资本资本资源为数字资产，这些资产被没收，这些资产是犯罪或民事资产没收的一部分。在签署行政命令的那天，加密货币/AI沙皇戴维·萨克斯（David Sacks）在社交媒体上发布了一份声明，该声明在先前的政府（包括特朗普的第一任期）下（联邦政府出售了约195,000比特币，以3.66亿美元的收益出售。如果政府拥有比特币，今天的价值将超过170亿美元。”

In practice, this order primarily directs federal agencies to account for and retain, rather than sell, digital assets, a move that, while noteworthy, is not particularly groundbreaking. There was some interesting text in the Order about it being a "strategic advantage" to be among the first nations to create a bitcoin reserve due to its limited supply. However, beyond this symbolic step, it does little to shift the broader landscape. That said, the absence of federal government sell pressure for the next four years is a welcome development for Bitcoin markets.

实际上，该命令主要指示联邦机构负责并保留而不是出售数字资产，但值得注意的是，这并不是特别开创的。顺序上有一些有趣的文本，它是最早的国家，因为其供应有限，它是创建比特币储备的“战略优势”。但是，除了这一象征性步骤之外，它几乎没有改变更广阔的景观。也就是说，未来四年中没有联邦政府出售压力是比特币市场的欢迎发展。

More SEC Investigations and Cases Dropped

SEC的调查和案件删除

The creators of Bored Ape Yacht Club NFTs and related products, Yuga Labs, have announced the SEC has closed its investigation into the company, stating on X (formerly Twitter), “NFTs are not securities.” At the same time, the SEC appears to have reached an agreement with Kraken to drop its pending case against the second largest digital asset exchange in the U.S. This leaves only the Ripple and PulseChain lawsuits still active, with the Cumberland DRW case dismissed while we were finalizing this update, highlighting just how quickly things are changing. The PulseChain case, meanwhile, is effectively dead if the jurisdiction dismissal holds up.

无聊的APE游艇俱乐部NFTS及相关产品Yuga Labs的创建者宣布，SEC已关闭对该公司的调查，并在X（以前称为Twitter）上说：“ NFTS不是证券。”同时，SEC似乎已经与Kraken达成了一项协议，以对美国第二大数字资产交易所撤销其未决案件，这仅留下了仍然有效的涟漪和Pulsechain诉讼，而坎伯兰德DRW案件在我们最终确定此更新的同时驳回了这一更新，突显了事情发生了多快的变化。同时，如果司法管辖区驳回，则有效地死亡。

While it remains unclear how Ripple and the SEC can coordinate a dismissal at this stage in the integral process, with nearly every other non-fraud case either closed or in the process of closing, it is reasonable to assume that this case is also likely to wind down or end in the near future. While fraud cases will continue and new cases may emerge, it is highly unlikely that we will see new non-fraud enforcement actions related to failure-to-register as a security until clearer regulatory rules are established. The substantial costs and uncertainty these cases have imposed on the industry make their resolution a much-needed reprieve.

尽管目前尚不清楚Rupple和SEC在整体过程中如何协调解雇，但几乎所有其他非欺诈案件都关闭或结束过程中，可以合理地假设该案件也可能在不久的将来结束或结束。虽然欺诈案件将继续并可能出现新案件，但我们不太可能看到与未能注册作为安全性有关的新的非欺诈执行措施，直到建立更清晰的监管规则为止。这些案件对行业施加的巨额成本和不确定性使他们的决议成为急需的缓刑。

Uniswap Wins with the SEC and at the Second Circuit

UNISWAP在SEC和第二赛季中获胜

The SEC’s Enforcement Division issued a Wells notice to Uniswap in April of last year, signaling its intention to recommend enforcement action against the decentralized exchange. Last week, Uniswap announced that it has been informed by the SEC that it has closed its investigation without taking any further action. In the same week, the Second Circuit upheld the dismissal of a civil securities class action filed against Uniswap.

SEC执法部门于去年4月发布了Wells通知UNISWAP的通知，这表明其意图建议针对分散交易的执法行动。上周，UNISWAP宣布已告知SEC，它已关闭调查，而无需采取任何进一步的诉讼。在同一周，第二巡回法院维持了针对Uniswap提起的民事证券集体诉讼。

The closure of the SEC’s investigation into Uniswap follows similar decisions regarding the NFT platform OpenSea and the online exchange Robinhood. The ruling in the Second Circuit, meanwhile, is seen as a broader win for DeFi, holding that social media posts about the security of the platform and transactions executed via its smart contracts do not make its developers statutory sellers or solicitors of securities transactions. Combined with the SEC dropping its case against Consensys over the Metamask wallet swapping and staking functionalities (which facilitate transactions with third-party DeFi providers), DeFi had a strong week—despite market-wide token price declines.

SEC对UNISWAP的调查结束遵循了关于NFT平台Opensea和在线交换的决定的类似决定。与此同时，第二巡回法院的裁决被视为对DeFi的更广泛的胜利，认为社交媒体有关平台安全性和通过其智能合同执行的交易的帖子并没有使其开发商的法定卖家或证券交易的律师。加上SEC在MetAmask钱包交换和固定功能（有助于与第三方Defi提供者的交易中）对共识的案件，Defi的一周有很强的一周，尽管市场范围内的代价下降了。

SEC Stays Busy with Flurry of Developments

SEC忙于发展

In addition to the Uniswap and Consensys closures noted above, the SEC also has called off its investigation into the Winklevoss-backed platform Gemini. It also acknowledged 4 crypto ETFs, released a Staff Statement on Memecoins, had six Crypto Task Force meetings, released Commissioner Peirce’s statement on litigation by enforcement, and two statements by Commissioner Crenshaw decrying recent Agency actions.

除了上面指出的UNISWAP和CONSENSYS外，SEC还取消了对Winklevoss支持的平台Gemini的调查。它还承认，有4个有关Memecoins的员工声明的Crypto ETF，召开了六次加密工作组会议，发表了Peirce专员对执法诉讼的声明，以及Crenshaw专员Crenshaw的两份声明，谴责了最近的机构行动。

It is hard to imagine all of this would be happening so quickly if there wasn’t unofficial buy-in from the likely future Chair of the SEC, Paul Atkins. The biggest development by far was the statement on memecoins, which is seemingly

如果没有SEC可能未来的主席保罗·阿特金斯（Paul Atkins）的非正式买入，很难想象所有这些都会如此迅速地发生。到目前为止，最大的发展是关于Memecoins的声明，这似乎是