为什么Coinbase（Coin）股票在SEC删除其执行案后跌幅8％

当SEC上周五同意放弃针对公司的执法案时，它不仅代表了Coinbase的巨大胜利，而且代表了整个行业的胜利。

On paper, things couldn't be better for Coinbase (COIN): When the SEC agreed to drop its enforcement case against the company last Friday, it represented not just a massive victory for Coinbase but a win for the entire industry.

从表面上看，对于Coinbase（硬币）来说，情况再好不过了：当SEC同意上周五对公司的执法案件放弃时，它不仅代表了Coinbase的巨大胜利，而且代表了整个行业的胜利。

For those unfamiliar, the SEC's case against Coinbase essentially hinged on how one defines security. The agency said crypto assets should fall under federal investor-protection rules like stocks or bonds, while Coinbase argued that the law didn't support equating bitcoin and other crypto assets with this definition of securities.

对于那些不熟悉的人，SEC反对Coinbase的案件基本上取决于人们如何定义安全性。该机构表示，加密货币资产应属于联邦投资者保护规则，例如股票或债券，而Coinbase则认为该法律不支持将比特币和其他加密货币资产与证券定义等同。

The fact that the SEC ultimately decided to drop its lawsuit signaled that President Trump's campaign promise of creating a friendlier regulatory environment for the crypto industry was already being put into action. This was further shown when the SEC then dismissed its lawsuit against Robinhood's own crypto business on Monday. The regulator had previously claimed that most crypto transactions made on Robinhood's platform were subject to federal securities laws, making a similar argument it had made against Coinbase.

SEC最终决定放弃诉讼的事实表明，特朗普总统的竞选承诺已经为加密行业创造更友好的监管环境，这一事实已经在采取行动。当SEC随后在周一驳回了Robinhood自己的加密业务的诉讼时，进一步显示了这一点。该监管机构此前曾声称，大多数在Robinhood的平台上进行的加密交易都受联邦证券法的约束，从而对Coinbase提出了类似的论点。

Both of these lawsuits were filed under former SEC Chairman Gary Gensler.

这两项诉讼均在前美国证券交易委员会主席Gary Gensler提起。

But while Coinbase stock quickly rose on Friday after the SEC dropped its enforcement case, COIN closed down 8%. It has since fallen for seven straight days (as of this writing), trading below $210 on Tuesday.

但是，尽管Coinbase Stock在SEC撤销执法案后，周五很快上升了，但硬币关闭了8％。从那以后，它连续七天（截至撰写本文开始），周二的交易低于210美元。

So what gives?

那给什么呢？

Bad news keeps coming

坏消息不断来

Within hours of Coinbase revealing that the SEC had agreed to drop its lawsuit, news broke that the Dubai-based crypto exchange Bybit had been hacked by a North Korean criminal group and over $1.4 billion in ETH-related tokens had been stolen.

在Coinbase的几个小时内透露，SEC已同意放弃诉讼，消息传出，总部位于迪拜的加密交易所交易所Bybit已被朝鲜犯罪集团砍伐，超过14亿美元的与ETH有关的代币被盗。

Industry analysts note that this was the largest crypto theft the industry has suffered by a significant amount.

行业分析师指出，这是该行业所遭受的最大加密盗窃。

And then OKX, an offshore crypto exchange with offices in Hong Kong and Singapore, pleaded guilty on Monday in the U.S. District Court of Manhattan to a charge of operating illegally in the United States as an unlicensed money transmitting business. It agreed to pay a $504 million fine.

然后，OKX是一家与香港和新加坡办事处的海上加密交易所，周一在曼哈顿地区法院认罪，罪名是在美国非法经营的罪名是无证的货币传输业务。它同意支付5.04亿美元的罚款。

Add to all this a crypto scandal now enveloping Argentine President Javier Milei after a meme coin called LIBRA that he promoted on X plunged and cost investors about $251 million.

除此之外，在一个名为Libra的Meme Coin之后，他在X下降了，并使投资者付出了约2.51亿美元的资金。

What all this points to is the way in which investors seem to view the crypto business as one monolithic industry, which means bad news for one is bad news for all.

所有这些都指出的是投资者似乎将加密货币业务视为一个整体行业的方式，这意味着对所有人来说都是个坏消息。

To be sure, concerns over Trump's trade policies and lingering inflation in America are also hurting shares of COIN as they are all risk assets at the moment.

可以肯定的是，对特朗普的贸易政策和美国挥之不去的通货膨胀的担忧也损害了硬币的股票，因为它们目前都是风险资产。

COIN reflects the crypto industry’s health

硬币反映加密货币行业的健康

As the only publicly traded crypto exchange, COIN moves with broader market forces like any other risk asset. These include concerns over Trump's trade policies, stubborn U.S. inflation, and black swan events like Bybit's hack could be one of the explanations for why COIN unexpectedly plunged on the day the SEC dropped its lawsuit.

作为唯一公开交易的加密交易所，硬币像其他任何风险资产一样，与更广泛的市场力量一起移动。这些包括对特朗普的贸易政策，顽固的美国通货膨胀以及诸如拜比特黑客之类的黑天鹅事件的担忧，这可能是为什么在SEC撤销其诉讼之日出乎意料地跌落的原因之一。

The hack of Bybit suddenly raised concerns among investors over the security of all digital assets, even though Coinbase itself has never suffered a security breach of its exchange.

bybit的黑客突然引起了投资者对所有数字资产安全性的关注，即使Coinbase本身从未遭受过违反其交换的安全性。

And having another crypto exchange plead guilty to operational malfeasance as OKX did Monday could also weigh on investors' minds as they evaluate the inherent risks of the industry.

而且，像OKX周一的OKX所做的那样，再有一个加密货币交易所对运营渎职行动认罪，这也可能使投资者评估该行业固有的风险。

Although Coinbase appears poised to see future growth with a friendlier regulatory environment in the U.S., the recent wave of bad news in the industry has put its current slump out of its hands.

尽管Coinbase似乎有望在美国友好的监管环境中看到未来的增长，但该行业最近的坏消息使其目前的低迷脱离了手。