SEC结束了反对Coinbase的案件，Coinbase是特朗普政府下对数字资产的更轻监管的预示

Coinbase周五表示，SEC将放弃拜登时代的诉讼，该诉讼声称美国最大的美国加密货币交易所是未注册的证券交易所

The Securities and Exchange Commission is dropping its nearly two-year case against Coinbase, in a development that's likely to herald the coming era of lighter regulation of digital assets under the Trump Administration.

美国证券交易委员会（Securities and Exchange Commission）将其针对Coinbase的近两年案件放弃，这一发展可能预示了即将到来的特朗普政府下的数字资产监管的时代。

Coinbase said Friday that the SEC would abandon the Biden-era lawsuit, which alleged that the largest US crypto exchange was an unregistered securities exchange, broker, and clearing agency.

Coinbase周五表示，SEC将放弃拜登时代的诉讼，该诉讼称美国最大的加密货币交易所是未注册的证券交易所，经纪人和清算机构。

Shares of the crypto exchange rallied on the news before giving up gains. Coinbase CEO Brian Armstrong said it marked a "huge day" for the company, adding that the SEC's case was "bogus."

加密交易所的股票在放弃收益之前就在新闻上集会。 Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）表示，这对公司来说是“巨大的一天”，并补充说SEC的案子是“虚假的”。

Other industry insiders cheered the news.

其他行业内部人士为这一消息加了欢呼。

"It never made sense for the SEC to target one of the best run and most compliant players in the industry," Eli Cohen, General Counsel at tokenization platform Centrifuge, said. "This quick dismissal with $0 in fines is another indicator of just how egregious and unusual the Gensler approach to crypto really was."

令牌平台离心机总法律顾问Eli Cohen说：“ SEC瞄准了该行业中最好的运行和最合规的球员之一，这是没有意义的。” “这次以$ 0的罚款迅速解雇是另一个指标，表明Gensler对加密货币的态度真是多么令人发指和不寻常。”

"This action is very welcome as it helps dispel the cloud of legal and regulatory uncertainty that has been hanging over the industry's head for years," Chrissy Hill, chief legal officer of Parity Technologies, said.

Parity Technologies首席法律官克里斯西·希尔（Chrissy Hill）说：“这项行动非常受欢迎，因为它有助于消除多年来一直悬而未决的法律和监管不确定性的云。”

An SEC enforcement crackdown under former chair Gary Gensler saw similar cases pursued against other crypto firms, including US exchange Kraken, and Binance, the world's largest crypto exchange.

前董事长加里·盖斯勒（Gary Gensler）领导下的SEC执法镇压行为看到了针对其他加密货币公司（包括美国交易所Kraken）和世界上最大的加密货币交易所Binance的类似案件。

"There's a common understanding in the industry that there is a wholesale re-examination of enforcement priorities and open investigations and lawsuits, particularly as they impact the digital asset industry," Alan Konevsky, executive vice president and chief legal and corporate affairs officer at tZERO, said.

Tzero执行副总裁兼首席法律事务官Alan Konevsky，“在行业中有一个共同的了解，对执法优先事项和开放调查和诉讼进行了批发重新检查，尤其是在影响数字资产行业时。” ， 说。

He added that it's not unreasonable to expect other pending SEC litigation to be dropped.

他补充说，期望其他悬而未决的SEC诉讼将被撤销并非不合理。

According to Zack Shapiro, head of policy at the Bitcoin Policy Institute, the Coinbase decision bodes well for other exchanges that have been in the regulator's crosshairs in recent years. However, the legal theory behind the SEC's original complaint remains unchanged.

比特币政策研究所政策负责人扎克·夏皮罗（Zack Shapiro）表示，近年来，Coinbase的决定很好地实现了在监管机构十字准线中的其他交流。但是，SEC原始投诉背后的法律理论保持不变。

"Right now, for token issuers, the rules are all the same, and this is definitely more of a like vibe shift, or enforcement priorities shift from the SEC."

“目前，对于代币发行人来说，规则都是相同的，这绝对更像是氛围的转变，或者执行优先级从SEC转移。”

A key litmus test will be the agency's approach to its ongoing case against Ripple, which issues the XRP altcoin. The SEC's lawsuit claims XRP is an unregistered security, and many have seen the case as the biggest test of the SEC's authority over the crypto market.

一项关键的试金测试将是该机构针对Ripple的持续案件的方法，该案件发行了XRP Altcoin。 SEC的诉讼声称XRP是一种未注册的安全性，许多人认为此案是对SEC对加密市场的权威的最大考验。

"If they drop that appeal and they settle with Ripple, that would be another sort of different step, because then they're withdrawing specific theories they have that tokens are securities," Shapiro said.

Shapiro说：“如果他们放弃上诉并与连锁反应解决，那将是另一个不同的步骤，因为他们正在撤回特定的理论，即代币是证券。”

Amy Lynch, founder of FrontLine Compliance, expects that most cases related to "unregistered exchanges" will be dropped, though those related to crypto fraud should remain ongoing.

Frontline Compliance的创始人艾米·林奇（Amy Lynch）预计，尽管与加密欺诈相关的案件将继续进行，但大多数与“未注册交流”有关的案件将被撤销。

As its priorities shift, Lynch said she expects the SEC will turn its attention toward creating a regulatory framework. This month, Commissioner Heather Pierce said that would be the goal of the SEC's newly created Crypto Task Force.

随着优先事项的转变，林奇表示，她预计SEC将把注意力转向创建监管框架。本月，专员希瑟·皮尔斯（Heather Pierce）表示，这将是SEC新成立的加密特遣部队的目标。

If that pans out, Lynch suspects that the effort could end up creating definitions for when digital assets act as securities and when they are commodities, which would dictate which agency is responsible for oversight.

如果那样破碎，林奇怀疑这项工作最终可能会为数字资产充当证券以及何时是商品的定义，这将决定哪个机构负责监督。

"And I think that will be really the determining factor as to how regulation proceeds," Lynch told BI.

林奇告诉BI：“我认为这确实是监管如何进行的决定因素。”

To Shapiro, Friday's reversal wasn't because the SEC felt it was losing. Instead, the decision to drop the case without a fine signals a big shift in enforcement priorities, he said.

对于夏皮罗来说，星期五的逆转不是因为SEC觉得它正在输。他说，取而代之的是，决定没有明确表示执法优先事项的案件决定。

"Coinbase has been litigating this for a long time. They would have happily paid a huge fine in order to make this go away. This is not about how the litigation was going, this is about the Trump administration not wanting to go after crypto," he told Business Insider.

“ Coinbase已经诉讼了很长时间了。他们会很乐意支付巨额罚款以使这一诉讼消失。这与诉讼的发生无关，这是关于特朗普政府不想追求加密货币的政府“他告诉业务内部人士。

Other sources who spoke with BI were unsurprised by the decision. President Donald Trump, once a crypto-skeptic, made waves during the election by aligning himself closely with the industry.

与BI交谈的其他消息来源对该决定并不奇怪。唐纳德·特朗普（Donald Trump）曾经是加密货币的怀疑论者，在选举期间通过与行业紧密结盟而引起了轰动。

Even ahead of his inauguration, he had nominated crypto-friendly policymakers, released his own memecoin, and created a working group to oversee regulatory changes.

即使在就职典礼之前，他也提名了对加密货币友好的决策者，发布了自己的成员，并成立了一个工作组来监督监管变化。

Meanwhile, a stream of crypto donations aided the shift in sentiment among policymakers. Coinbase was a major political donor in the 2024 campaign, pouring millions into the Fairshake crypto PAC. The company later contributed to the president's inauguration fund and was among the sponsors of the "Crypto Ball" days before Trump was sworn in.

同时，一系列加密捐赠有助于决策者之间的情感转变。 Coinbase是2024年竞选活动的主要政治捐助者，将数百万美元投入到Fairshake Crypto PAC中。该公司后来为总统的就职基金做出了贡献，并成为特朗普宣誓就职前几天的“加密舞会”的赞助商之一。

While the industry broadly appeared encouraged by Friday's announcement, at least one analyst said there's a risk the regulatory pendulum will swing too far the other way.

尽管周五宣布这一消息引起了人们的鼓舞，但至少一位分析师表示，监管摆的风险会以相反的方式摆动。

"There will be far less enforcement of crypto scams, digital gambling activities and technical/bureaucratic and substantive offerings of financial products without the proper licenses and regulatory oversight in areas that are gray or unsettled," said Terrence Yang, Swan Strategic Advisor at Swan Bitcoin.

天鹅比特素（Swan Bitcoin）的天鹅战略顾问Terrence Yang表示：“将少于加密骗局，数字赌博活动以及技术/官僚主义的金融产品的实质性产品，而没有适当的许可证和监管监督的灰色或不稳定的监管。” 。