从监管拼凑中制定全面的加密货币政策

CFTC 前执法总监 Aitan Goelman 表示，有关 CFTC 是加密货币行业“首选监管机构”且更容易被捕的说法并不成立。

Despite FTX’s U.S. bankruptcy filing, the crypto exchange was largely overseen by Bahamian regulators, and the exchange’s American subsidiary, FTX US Derivatives (formerly known as LedgerX), remained solvent throughout the ordeal.

尽管 FTX 在美国申请破产，但该加密货币交易所主要受到巴哈马监管机构的监管，该交易所的美国子公司 FTX US Derivatives（以前称为 LedgerX）在整个磨难中仍然保持偿付能力。

In the wake of FTX’s bankruptcy, there have been renewed calls for urgent action by Congress to establish a comprehensive regulatory framework for crypto. However, these calls have not led to unanimity, or even consensus, among the key stakeholders involved.

FTX 破产后，人们再次呼吁国会采取紧急行动，建立全面的加密货币监管框架。然而，这些呼吁并未在相关主要利益相关者之间达成一致，甚至达成共识。

The Securities and Exchange Commission (SEC) has maintained that it already possesses regulatory authority over most cryptocurrencies, and that it merely requires additional funding to carry out this responsibility effectively.

美国证券交易委员会（SEC）坚称，它已经拥有对大多数加密货币的监管权，并且只需要额外的资金即可有效履行这一职责。

In contrast, the Commodity Futures Trading Commission (CFTC) has highlighted the solvency of FTX’s CFTC-regulated American subsidiary as a testament to the effectiveness of CFTC oversight in the crypto domain.

相比之下，商品期货交易委员会（CFTC）强调了 FTX 受 CFTC 监管的美国子公司的偿付能力，以此证明 CFTC 在加密领域的监管有效性。

Meanwhile, crypto enthusiasts have countered these arguments by pointing out the presence of fraudsters in virtually all industries, and emphasizing that centralized exchanges like FTX fundamentally contradict the ethos of crypto, which was conceived as a decentralized form of finance that eliminates the need for trust in institutions or other market participants.

与此同时，加密货币爱好者反驳了这些论点，指出几乎所有行业都存在欺诈者，并强调像 FTX 这样的中心化交易所从根本上违背了加密货币的精神，加密货币被认为是一种去中心化的金融形式，消除了对信任的需要。机构或其他市场参与者。

Interestingly, even some staunch crypto skeptics have cited the limited contagion from FTX’s collapse as a reason to refrain from regulating crypto. They contend that integrating crypto into the mainstream financial system would essentially grant it government approval, which could entice more retail investors to engage in speculative crypto activities. As a consequence, the entire economy would be subjected to the volatility, money laundering, fraud and manipulation that are both pervasive and, to some crypto critics, an inherent aspect of crypto.

有趣的是，甚至一些坚定的加密货币怀疑论者也将 FTX 崩溃带来的有限传染作为不监管加密货币的理由。他们认为，将加密货币纳入主流金融体系本质上将获得政府批准，这可能会吸引更多散户投资者参与投机加密货币活动。因此，整个经济将受到波动、洗钱、欺诈和操纵的影响，这些现象普遍存在，对于一些加密货币批评者来说，这也是加密货币固有的一面。

This regulatory debate underscores the adage that “where you stand depends on where you sit.” For instance, SEC Chair Gary Gensler, who was an ardent advocate for the CFTC’s expansive remit during his tenure as CFTC chair in the Obama Administration, now asserts that nearly all crypto qualifies as a “security.”

这场监管辩论强调了“你的立场取决于你的坐席”这句格言。例如，美国证券交易委员会 (SEC) 主席加里·根斯勒 (Gary Gensler) 在奥巴马政府担任 CFTC 主席期间热心支持 CFTC 的广泛职权范围，现在他断言，几乎所有加密货币都符合“证券”的资格。

On the other hand, former SEC Chair Mary Jo White and former Enforcement Director Andrew Ceresney, who are both currently representing Ripple in its legal battle against the SEC, are among those arguing for a more limited interpretation of a “security.”

另一方面，前 SEC 主席 Mary Jo White 和前执法总监 Andrew Ceresney 目前都代表 Ripple 与 SEC 进行法律诉讼，他们都主张对“证券”进行更有限的解释。

It is also worth noting that crypto companies continue to evade U.S. jurisdiction, primarily by establishing their headquarters offshore (e.S.B.F.’s crypto exchange, FTX, was headquartered in the Bahamas) and employing geo-blocking techniques to restrict access to their platforms by individuals whose computers are identified as being located in the U.S. However, it is crucial to note that VPNs can easily circumvent these geo-blocking measures.

还值得注意的是，加密货币公司继续逃避美国的司法管辖，主要是通过在海外设立总部（eSBF 的加密货币交易所 FTX 总部位于巴哈马）并采用地理封锁技术来限制计算机位于其境内的个人访问其平台。被识别为位于美国 然而，值得注意的是 VPN 可以轻松规避这些地理封锁措施。

In the absence of legislation and regulation, the legal landscape surrounding crypto continues to evolve through litigation and the interpretation of various enforcement actions. Nevertheless, true clarity will not emerge incrementally through the legal system; it will require decisive legislative action.

在缺乏立法和监管的情况下，围绕加密货币的法律环境通过诉讼和各种执法行动的解释不断发展。然而，真正的明确性不会通过法律体系逐步出现；这需要采取果断的立法行动。

Ironically, FTX’s collapse has, in some ways, complicated the path to Congressional action. In addition to the now-poisonous association with S.B.F., both draft bills are facing renewed criticism for granting primary regulatory jurisdiction to the CFTC instead of the SEC.

具有讽刺意味的是，FTX 的崩溃在某种程度上使国会采取行动的道路变得复杂。除了现在与 SBF 的不良关联之外，这两项法案草案还因将主要监管管辖权授予 CFTC 而不是 SEC 而面临新的批评。

However, suggestions that the CFTC is the crypto industry’s “regulator of choice” and more susceptible to capture by the industry simply don’t hold up against the facts. In 2022, more than 20% of the agency’s enforcement actions were related to crypto. Furthermore, the CFTC sought – and, more often than not, successfully obtained – increasingly significant sanctions.

然而，有关 CFTC 是加密货币行业“首选监管机构”并且更容易被行业捕获的说法根本不符合事实。 2022 年，该机构超过 20% 的执法行动与加密货币有关。此外，美国商品期货交易委员会寻求 — — 并且往往成功地获得 — — 越来越严厉的制裁。

Under its current funding structure, the agency undoubtedly does not have the resources to be fully effective. However, if any legislation retains a grant to the CFTC of authority to levy user fees on crypto actors, the agency’s efforts in the crypto sector will be even more robust.

在目前的资金结构下，该机构无疑没有足够的资源来充分发挥作用。然而，如果任何立法保留授予 CFTC 向加密货币参与者征收用户费用的权力，那么该机构在加密货币领域的努力将更加强劲。

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