加密市场对改变监管潮汐的反应充其量是不平衡的

尽管更广泛的市场在更广泛的市场之后，更广泛的市场却是缓慢的，但XRP的拉力赛脱颖而出。据Bitwise Management首席投资官Matt Hougan称

In the constantly shifting landscape of cryptocurrency, tokens react to regulatory news in varying degrees. But if there’s one token that seems to have emerged as a clear winner post-election with a more pro-crypto SEC, it’s Ripple's XRP.

在加密货币的不断变化的景观中，令牌在不同程度上对监管新闻做出反应。但是，如果有一个代币与更加亲切的SEC一起成为选举后的明显赢家，那就是Ripple的XRP。

While the broader crypto market has been slow to reprice in the wake of a more pro-crypto SEC and Elon Musk’s return to X, the lack of any major regulatory surprises has left crypto in a holding pattern. But not XRP. The token has seen strong gains since December, and according to Bitwise Asset Management Chief Investment Officer Matt Hougan, there’s a simple reason for that.

尽管更广泛的加密货币市场在更加亲密的SEC和埃隆·马斯克（Elon Musk）返回X之后，重复性速度很慢，但缺乏任何重大的监管惊喜已经使加密货币的持有模式留下了。但不是XRP。自12月以来，该令牌已经取得了很大的收益，根据Bitwise Management首席投资官Matt Hougan的说法，这是一个简单的原因。

“The bet you’re making on XRP, it’s a B2B-oriented chain, and they were simply unable to execute on that strategy with the sort of the SEC on top of them,” Hougan explained. Unlike Ethereum or Solana, which continued to develop and expand within the crypto-native world, XRP’s growth was stunted by regulatory overhang.

Hougan解释说：“您在XRP上做出的赌注是一条面向B2B的连锁店，他们根本无法使用SEC上的SEC执行该策略。”与以太坊或索拉纳（Ethereum）或索拉纳（Ethereum）或索拉纳（Solana）在加密本地世界内不断发展和扩展不同，XRP的增长受到监管悬垂性的阻碍。

“Other assets like Ethereum, Solana, etc. had more crypto-native use, and so they were able to grow even with that regulatory uncertainty.”

“其他资产，例如以太坊，Solana等，都有更多的加密本地用途，因此即使有这种调节性不确定性，它们也能够成长。”

The legal battle put the token’s entire business model on pause for years. Now, with those shackles removed, Hougan sees the market taking stock of the newfound opportunity.

法律斗争使代币的整个业务模式多年了。现在，随着这些束缚的去除，霍根看到市场占有新发现的机会。

“They were unable to execute on their core business strategy in any way, shape or form for four years. So when you release that and they’re now able to do that, I understand why it’s rallied.”

“他们无法以任何方式，形状或形式执行其核心业务策略，因此当您发布该策略时，他们现在可以做到这一点，我明白为什么会集结。”

That's not to say a rally equals victory. Hougan was quick to temper expectations, adding that regulatory clarity is only step one.

这并不是说集会等于胜利。霍根（Hougan）迅速发挥了质量的期望，并补充说，监管清晰度只是第一步。

“It’s important to note it doesn’t mean they’ve won by any sense. They still have to prove themselves in the market, but at least now they have the chance. And so I think that’s why they’ve done so well.”

“重要的是，这并不意味着他们仍然必须在市场上证明自己，但至少现在他们有机会。

More broadly, Hougan believes the entire crypto space is overdue for a reevaluation given the shift in regulatory tone.

更广泛地说，霍根（Hougan）认为，鉴于监管语调的变化，整个加密货币空间都过期重新评估。

“The entire space, you know, in my view, should be revalued and reconsidered in this new regulatory era. And I’m quite frankly surprised it hasn’t happened yet in the market. I think it will happen.”

“我认为，在这个新的监管时代，整个空间应该重新评估和重新考虑。

If he’s right, XRP may not be the only token that benefits from a more favorable SEC. But for now, the market seems to be taking a cautious approach.

如果他是对的，则XRP可能不是从更有利的SEC中受益的唯一奖励。但是就目前而言，市场似乎正在采取谨慎的态度。

“They’re all better off today than they were six months ago. And, you know, my base view is that the market doesn’t understand how challenging it was six months ago. And so they don’t appreciate, uh, sort of the wide open pasture that exists today.”

“今天的情况比六个月前要好。