加密行业希望特朗普获胜并取消 SEC

加密货币行业希望即将到来的美国总统选举将让一位在执法方面采取更温和态度的人入主白宫

The cryptocurrency industry is hoping the upcoming U.S. presidential election will put someone in the White House who has a softer approach on enforcement.

加密货币行业希望即将到来的美国总统选举将让一位在执法方面采取更温和态度的人入主白宫。

Former President Donald Trump has lately cozied up to the $2.5 trillion crypto industry, even inviting supporters to a Bitcoin-focused fundraiser on July 27. Although the Republican nominee criticized cryptocurrencies while in office, his recent comments have been more favorable — and lawyers expect that, if he wins, the U.S. Securities and Exchange Commission will stop pursuing the digital-asset space so aggressively.

前总统唐纳德·特朗普最近向价值 2.5 万亿美元的加密货币行业示好，甚至邀请支持者参加 7 月 27 日举行的以比特币为重点的筹款活动。尽管这位共和党候选人在任职期间批评了加密货币，但他最近的评论更为有利——律师预计，如果他获胜，美国证券交易委员会将停止如此积极地追求数字资产领域。

“A Trump administration would likely seek to reset and rethink the SEC’s crypto regulatory policy,” said Michael Selig, partner at Willkie Farr & Gallagher LLP. “Such a reset would naturally involve resolving ongoing enforcement actions and investigations brought by the prior administration.”

Willkie Farr & Gallagher LLP 合伙人 Michael Selig 表示：“特朗普政府可能会寻求重置和重新考虑 SEC 的加密货币监管政策。” “这样的重置自然会涉及解决前任政府正在进行的执法行动和调查。”

Under President Joe Biden, the SEC has ramped up its pursuit of the industry, especially after the collapse of crypto exchange FTX in 2022. The regulator has brought dozens of enforcement cases, often accusing exchanges and broker-dealers of not properly registering under securities law.

在乔·拜登总统的领导下，美国证券交易委员会加大了对该行业的追查力度，尤其是在 2022 年加密货币交易所 FTX 倒闭之后。该监管机构已提起数十起执法案件，经常指责交易所和经纪自营商未根据证券法正确注册。

SEC Chair Gary Gensler maintains that most cryptocurrencies are securities and should therefore register with the agency. Many crypto companies either argue that their tokens are not securities or say the registration requirements are unclear.

SEC 主席加里·根斯勒 (Gary Gensler) 认为，大多数加密货币都是证券，因此应该在该机构注册。许多加密货币公司要么辩称他们的代币不是证券，要么表示注册要求不明确。

The SEC has settled some matters, but litigation involving firms including Kraken, Coinbase and Binance are still tied up in court. The SEC has also closed some of its investigations including one into Ethereum and another regarding BUSD, a Binance-branded cryptocurrency issued by New York-headquartered Paxos.

SEC 已经解决了一些问题，但涉及 Kraken、Coinbase 和 Binance 等公司的诉讼仍悬而未决。美国证券交易委员会还结束了部分调查，包括一项针对以太坊的调查，另一项针对 BUSD 的调查，BUSD 是总部位于纽约的 Paxos 发行的币安品牌加密货币。

The varied outcomes have left open the question of whether tokens are, or are not, securities. The SEC’s lawsuit against Ripple Labs Inc and its executives could help put the matter to rest.

不同的结果留下了代币是否是证券的问题。美国证券交易委员会对 Ripple Labs Inc 及其高管提起的诉讼可能有助于平息此事。

The SEC alleged that Ripple conducted an unregistered securities offering through the sale of XRP tokens, raising over $1.3 billion. In what many saw as a setback for the SEC, a federal judge ruled last July that sales of XRP to retail investors on exchanges did not amount to investment contracts.

SEC 指控 Ripple 通过销售 XRP 代币进行了未经注册的证券发行，筹集了超过 13 亿美元。去年 7 月，一名联邦法官裁定，在交易所向散户投资者出售 XRP 并不构成投资合同，许多人认为这对 SEC 来说是一个挫折。

Ripple Chief Executive Officer Brad Garlinghouse predicted a resolution “very soon” in an interview with Bloomberg Television on Wednesday.

Ripple 首席执行官布拉德·加林豪斯 (Brad Garlinghouse) 在周三接受彭博电视台采访时预测，“很快”就会有解决方案。

The SEC filed that lawsuit in 2020 while Trump was still in office, and he has not offered specific details about his views on crypto regulation. But several lawyers and executives within the industry said they expect less enforcement activity if he gets elected again.

美国证券交易委员会 (SEC) 于 2020 年特朗普仍在任期间提起了该诉讼，而特朗普尚未提供有关其对加密货币监管观点的具体细节。但业内的几位律师和高管表示，如果他再次当选，他们预计执法活动将会减少。

“Remember, if Trump gets elected, the Republicans can immediately change who the chair is,” said Austin Campbell, a blockchain consultant and adjunct professor at Columbia Business School. “What this means in practical terms is that many of these cases — which have been shotgunned out at highly variable degrees of quality and generating highly variable decisions that are increasing confusion — could all be settled instead of having to go forward.”

“请记住，如果特朗普当选，共和党可以立即改变主席人选，”哥伦比亚商学院区块链顾问兼兼职教授奥斯汀坎贝尔说。 “这实际上意味着，许多此类案件——它们的质量水平参差不齐，并产生了高度可变的决策，从而加剧了混乱——都可以得到解决，而不必继续推进。”

Of course, it is not certain that Trump will win the election, or what his actual policy stance will be. He has been leading in recent polls amid speculation that Biden may step aside to let another Democrat replace him on the ballot. Whether that will happen, who it would be or how a different candidate would fare against Trump is unclear.

当然，特朗普是否会赢得选举以及他的实际政策立场是什么还不确定。他在最近的民意调查中一直领先，外界猜测拜登可能会下台，让另一位民主党人在选票上取代他。这种情况是否会发生，具体是谁，或者不同的候选人将如何对抗特朗普，目前尚不清楚。

And, some experts do not predict the SEC will drop or settle ongoing litigation, even if Trump were to win.

而且，一些专家预计，即使特朗普获胜，美国证券交易委员会也不会放弃或解决正在进行的诉讼。

Securities enforcement cases are typically “apolitical” and there’s little staff turnover resulting from political changes, said Emily Meyers, general counsel at venture capital firm Electric Capital.

风险投资公司 Electric Capital 的总法律顾问艾米丽·迈耶斯 (Emily Meyers) 表示，证券执法案件通常是“非政治性的”，政治变化导致的员工流失很少。

“It’s unlikely that any ongoing cases get dropped, especially those that are already being argued in federal court,” Meyers said. “It’s more likely that a new administration, or even a second Biden administration, brings fewer or different types of new crypto enforcement cases.”

“任何正在进行的案件都不太可能被撤销，尤其是那些已经在联邦法院审理的案件，”迈耶斯说。 “新政府，甚至第二届拜登政府更有可能带来更少或不同类型的新加密执法案件。”

Ji Kim, chief legal and policy officer at lobbying group Crypto Council for Innovation, took a similar view.

游说团体加密创新委员会首席法律和政策官 Ji Kim 也持类似观点。

“If President Trump were reelected and Chair Gensler steps down, we could see the current regulation-by-enforcement norm change,” he said. “However, that would depend on the leadership and the make-up of the commissioners — nothing is guaranteed.”

“如果特朗普总统连任，詹斯勒主席下台，我们可能会看到当前的监管执法规范发生变化，”他说。 “然而，这将取决于委员会的领导和组成——没有什么是可以保证的。”