SEC的Coinbase Move信号是加密的调节真空

欢迎来到加密货币监管真空的正式开始。这是我们目前的情况，因为美国最大的加密货币交易所Coinbase表示，它已与美国证券交易委员会（SEC）的员工达成协议，以驳回指控该公司运营非法证券交易所的诉讼（至少这就是Coinbase所说的 - 我们将在委员会投票后等待SEC的确认）。

Original title: SEC's Coinbase move signals regulatory vacuum for crypto

原始标题：SEC的Coinbase移动信号信号的监管真空加密真空

Original author: Yueqi Yang, The Information

原始作者：Yueqi Yang，信息

Original compilation: Block unicorn

原始汇编：块独角兽

Welcome to the official beginning of the cryptocurrency regulatory vacuum. That's where we are now, as the largest U.S. cryptocurrency exchange, Coinbase, says it has reached an agreement with U.S. Securities and Exchange Commission (SEC) staff to dismiss a lawsuit that accused the company of operating an unregistered securities exchange (at least, that's what Coinbase is saying—we'll have to wait for the SEC to confirm after a committee vote).

欢迎来到加密货币监管真空的正式开始。作为美国最大的加密货币交易所Coinbase表示，我们现在是我们现在所处的位置Coinbase在说什么 - 我们必须等待SEC在委员会投票后确认）。

Coinbase shares rose 2.2% in morning U.S. trading on Friday. The news marks a major development in the crypto industry's push for regulation, especially after the SEC decided to drop its long-running lawsuit against Coinbase, suggesting that the crypto industry has entered a regulatory vacuum. Coinbase CEO Brian Armstrong said in an X post that the dismissal means Coinbase will not pay any fines or make any changes to its business, adding that the company has spent about $50 million on the lawsuit.

周五，Coinbase股票在美国早上的交易中增长了2.2％。该消息标志着加密货币行业的促进监管的重大发展，尤其是在SEC决定放弃针对Coinbase的长期诉讼之后，这表明加密工业已经进入了监管真空。 Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在X帖子中说，解雇意味着Coinbase不会支付任何罚款或对其业务进行任何更改，并补充说该公司已在诉讼上花费了约5000万美元。

It appears that top financial regulators are hitting pause on enforcing decades-old securities rules for crypto as they wait for Congress to set new ones—if Congress can agree on anything at all. Those congressional efforts are likely to take some time. In the meantime, crypto companies have been promised a break from regulators while Trump's crypto task force figures out the next steps for the industry.

看来，顶级金融监管机构正在停顿为加密的数十年证券规则，他们等待国会设定新的证券规则，如果国会可以完全达成共识。这些国会努力可能需要一些时间。同时，加密货币公司已被保证要与监管机构休息，而特朗普的加密货币特遣部队则为该行业的下一步付出了。

But if that all sounds optimistic for the crypto industry, there's a risk warning baked into the news: Just two hours after Coinbase's good news, Bybit, the world's third-largest cryptocurrency exchange by trading volume, confirmed it was hit by a hack of more than $1 billion, marking it as the largest cryptocurrency hacking incident in history.

但是，如果这对加密货币行业来说听起来很乐观，那么新闻中就有一个风险警告：在Coinbase的好消息后仅两个小时，通过交易量，世界第三大加密货币交易所Bybit证实了这一点被更多的黑客袭击。超过10亿美元，将其标记为历史上最大的加密货币黑客事件。

When hacks like this happen, worried investors can withdraw their funds en masse, which could spell doom for exchanges if they don't have the funds to meet the withdrawal requests. For now, Bybit CEO Ben Zhou said the exchange has enough funds to cover the hacked amount and is still processing withdrawals as normal. Both Bitcoin and Ethereum prices fell, however, and Coinbase shares—which rose in morning trading on news of the SEC action—fell 8% in afternoon trading.

当这样的黑客发生时，担心的投资者可以大批撤回其资金，如果他们没有资金来满足提款请求的资金，这可能会说出厄运。目前，拜比特首席执行官本·周说，该交易所有足够的资金来支付入侵金额，并且仍在正常地处理提款。但是，比特币和以太坊的价格都下跌了，Coinbase股票（在SEC行动的新闻中都在交易中上涨）在下午的交易中销售8％。

It could take days or weeks for the situation to become clear, and any knock-on effects will only become apparent over time. The hack not only highlights the inherent risks of crypto but also shows how traditional financial institutions are shielded from crypto risks by the current regulatory protections. That's some comfort for banks and traditional securities exchanges, which are still heavily overseen by the SEC and federal banking regulators.

这种情况变得清晰起来可能需要几天或几周的时间，并且任何连锁反应只会随着时间的流逝而变得明显。该黑客不仅强调了加密货币的固有风险，而且还表明了如何通过当前的监管保护措施屏蔽了传统金融机构的风险。对于银行和传统证券交易所来说，这是一些安慰，这些交易所仍然受到SEC和联邦银行监管机构的大量监督。

Those companies have been arguing that the crypto industry currently has an unfair regulatory advantage. For example, Nasdaq, in a meeting with the task force earlier this month, reportedly asked the SEC to set a clear timeline for this "hands-off" status for cryptocurrency exchanges. The exchange giant has previously said it wants to launch crypto services. Banks also want to be able to offer crypto services to institutional traders and investors, perhaps to avoid losing crypto-interested clients to exchanges and trading firms. But they still need banking regulators' approval to do that.

这些公司一直在争辩说，加密行业目前具有不公平的监管优势。例如，据报道，纳斯达克在本月早些时候与特遣部队的一次会议上要求SEC为加密货币交流的这种“失望”状态设定明确的时间表。这家Exchange Giant此前曾表示，它希望推出加密服务。银行还希望能够为机构贸易商和投资者提供加密服务，也许是为了避免失去加密利益的客户来交流和贸易公司。但是他们仍然需要银行监管机构的批准才能做到这一点。

This week, a powerful coalition of banking lobbyists asked the Trump administration to find ways to make sure they don't lose out on the action. The episode highlights not only the vulnerability of the crypto industry but also the advantages of traditional financial institutions when it comes to regulation and protection. And as the crypto market continues to evolve and the regulatory landscape slowly takes shape, it's a question to watch how they balance innovation and risk in the future.

本周，一个有力的银行游说者联盟要求特朗普政府找到方法，以确保他们不会输掉这一行动。这一集不仅突出了加密行业的脆弱性，而且还强调了传统金融机构在监管和保护方面的优势。随着加密货币市场的不断发展，监管景观逐渐形成，这是一个问题，即观察他们将来如何平衡创新和风险。