比特币（BTC）由其权力下放定义：Lee Reiners概述了比特币的独特特征

Lee Reiners是杜克金融经济学中心的来访者，根据其权力下放的水平定义了比特币（BTC）

Lee Reiners, a visiting fellow at the Duke Financial Economics Center, defined Bitcoin according to its level of decentralization during the first-ever US SEC Crypto Task Force roundtable. The financial expert stated that Bitcoin is neither a security nor an investment contract.

杜克金融经济学中心的来访者李·赖纳斯（Lee Reiners）根据其在美国SEC Crypto第一个圆桌会议期间的权力下放水平定义了比特币。财务专家表示，比特币既不是证券，也不是投资合同。

LEE REINERS: "BITCOIN IS NOT A SECURITY, IT'S NOT AN INVESTMENT CONTRACT, BECAUSE IT IS SUFFICIENTLY DECENTRALIZED"

Lee Reiners：“比特币不是安全性，而是投资合同，因为它已经足够分散了”

What Makes Bitcoin Unique in Terms of Decentralization?

是什么使比特币在权力下放方面与众不同？

According to Reiners, despite Bitcoin’s widely acknowledged extent of decentralization, it remains impossible to determine when a digital asset is “sufficiently decentralized.” Discussing a CFTC report from last year, the financial expert noted that digital assets decentralization exists across a spectrum of parameters. These parameters include governance, asset, user, application, data, network, protocol, and hardware.

根据赖因斯的说法，尽管比特币被广泛承认的权力下放程度，但仍然无法确定何时“足够分散的数字资产”。在讨论去年的CFTC报告时，这位财务专家指出，数字资产分散量存在于一系列参数。这些参数包括治理，资产，用户，应用程序，数据，网络，协议和硬件。

"We still don't know what sufficiently decentralized means. Is it in terms of protocol, in terms of network, in terms of hardware? Is it in terms of application, data, user, asset, governance? There are many different dimensions in which we can talk about decentralization," said Reiners.

莱纳斯说：“就协议而言，就硬件而言，这是什么足够分散的。

The financial expert argued that it’s currently impossible to determine whether all these areas are decentralized enough so that profits do not come from the efforts of other users.

财务专家认为，目前不可能确定所有这些领域是否已经足够分散，以免利润来自其他用户的努力。

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The financial expert’s submission was only an aspect of the discussion at the SEC-Crypto roundtable, which is part of the US government’s efforts, largely focused on new administrative levels and towards providing a tailored regulation for the crypto industry.

财务专家的提交只是在SEC-Crypto圆桌会议上讨论的一个方面，这是美国政府努力的一部分，主要集中在新的行政层面上，并致力于为加密行业提供量身定制的法规。

Main Focus of the SEC-Crypto Roundtable

SEC-Crypto圆桌会议的主要重点

Friday’s roundtable primarily focused on how US regulators can effectively apply existing securities laws to digital assets, especially considering the new administration’s stated intention to reshape the regulatory landscape for the crypto industry.

星期五的圆桌会议主要集中在美国监管机构如何有效地将现有证券法应用于数字资产上，尤其是考虑到新政府已既定的意图重塑加密行业的监管格局的意图。

Apart from Lee Reiners, John Reed Stark, former chief of the SEC’s Office of Internet Enforcement, Miles Jennings, the general counsel for Andreessen Horowitz’s crypto arm, a16z, and former SEC Commissioner Troy Paredes attended the roundtable.

除了李·赖纳斯（Lee Reiners）外，SEC互联网执法办公室前负责人Miles Jennings，Andreessen Horowitz的Crypto Arm，A16Z和前SEC专员Troy Paredes参加了圆桌会议。

Roundtable Reflects President Trump’s Stated Crypto Agenda

圆桌会议反映了总统特朗普的宣称议程

The SEC-Crypto roundtable, part of the agency's broader effort to engage with the cryptocurrency industry in new administrative levels, is a significant step towards providing a tailored regulatory framework for digital assets.

SEC-Crypto圆桌会议是该机构在新的行政层面与加密货币行业互动的更广泛努力的一部分，是为数字资产提供量身定制的监管框架的重要一步。

The roundtable’s discussion reflects President Trump’s stated agenda for cryptocurrency, following promises made during his 2024 presidential campaign. Trump had indicated his intention to ease the industry crackdown seen under former president Joe Biden and to bring in a better-regulated ecosystem for cryptocurrency could thrive in the US.

圆桌会议的讨论反映了特朗普总统在2024年总统竞选期间的承诺之后，特朗普总统的加密货币议程。特朗普表示，他打算放松前总统乔·拜登（Joe Biden）的行业镇压，并引入一个受监管的生态系统以在美国蓬勃发展。

Reporting by Chainalysis earlier this year showed that the Biden administration’s administration saw a dramatic increase in the SEC’s involvement in crypto cases. prefer to be immune to the whims of government and markets alike. A large part of crypto’s appeal is supposed to be its independence.

链条分析的报道今年早些时候表明，拜登政府的政府在SEC参与加密案件的介入急剧增加。宁愿不受政府和市场的异想天开。加密诉讼的很大一部分应该是它的独立性。

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Under the Biden administration, the SEC engaged in several high-profile court cases with crypto companies in what they perceived to be securities law violations. However, the commission’s new leadership has since agreed to withdraw or pause many of these cases as it works towards revising the overall regulatory environment for digital assets.

在拜登政府的领导下，SEC与加密货币公司一起从事了几项备受瞩目的法院案件，以违反证券法。但是，此后，委员会的新领导人同意撤回或停止许多案件，因为它致力于修改数字资产的整体监管环境。

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