前 SEC“加密妈妈”对激进的加密方法表示担忧

在最近的一次小组讨论中，前 SEC 执法律师 Elizabeth Stewart 讨论了该机构监管加密货币行业的有争议的方法。斯图尔特表示担心，美国证券交易委员会最近在 Coinbase 案件中取得的胜利将使其律师更有勇气继续在加密货币领域提起监管案件。她还评论了围绕监管清晰度的争论，呼应了 SEC 主席加里·詹斯勒 (Gary Gensler) 的立场，即现有法律已经足够。然而，斯图尔特承认，针对 Ripple 和 Coinbase 等公司的诉讼最终可能会提交至最高法院，以解决证券的构成问题。

Former SEC Enforcer Lisa "Crypto Mom" Stewart Raises Concerns over Agency's Aggressive Crypto Stance

前 SEC 执法人员丽莎“加密妈妈”斯图尔特对机构激进的加密立场表示担忧

In the wake of her departure from the Securities and Exchange Commission (SEC), former Director of Enforcement Lisa "Crypto Mom" Stewart has expressed her concerns over the agency's perceived lack of clarity and overly aggressive approach toward the blockchain sector.

在离开美国证券交易委员会 (SEC) 后，前执法总监 Lisa“加密妈妈”斯图尔特对该机构在区块链领域缺乏明确性和过于激进的做法表示担忧。

During a panel discussion at Columbia Business School, Stewart acknowledged the industry's apprehension in the aftermath of Judge Katherine Failla's recent ruling in the SEC's lawsuit against Coinbase. She warned that the decision could embolden the agency's Chair, Gary Gensler, and its lawyers to continue pursuing regulatory cases against crypto companies.

在哥伦比亚商学院的一次小组讨论中，斯图尔特承认，法官 Katherine Failla 最近在美国证券交易委员会针对 Coinbase 的诉讼中作出裁决后，业界感到担忧。她警告说，这一决定可能会鼓励该机构主席加里·詹斯勒(Gary Gensler)及其律师继续对加密货币公司提起监管诉讼。

"It's probably going to give the SEC that sort of comfort it needs to proceed as it has been," Stewart said. "It's not going to back off of bringing regulatory cases in the crypto space."

斯图尔特说：“这可能会给美国证券交易委员会带来必要的安慰，让其继续进行下去。” “它不会放弃在加密货币领域提起监管案件。”

Stewart also weighed in on the ongoing debate surrounding the definition of a security in the context of crypto assets. While Gensler has maintained that existing laws are sufficient, Stewart acknowledged that the lack of clarity has created significant uncertainty for businesses seeking to comply.

斯图尔特还参与了围绕加密资产背景下证券定义的持续争论。虽然詹斯勒坚持认为现有法律已经足够，但斯图尔特承认，缺乏明确性给寻求遵守的企业带来了巨大的不确定性。

"One of these lawsuits is going to make it to the Supreme Court, and then there will be some definitive sort of clarity on that question," Stewart said.

斯图尔特说：“其中一项诉讼将提交至最高法院，然后这个问题就会得到某种明确的澄清。”

The panel discussion also addressed the issue of whether the underlying crypto token itself constitutes a security or if it is the sale that creates an investment contract. Stewart clarified that the SEC's position has consistently been that the underlying asset is not the security, but rather its offer and sale.

小组讨论还讨论了基础加密代币本身是否构成证券，或者是否通过销售创建投资合同的问题。斯图尔特澄清说，美国证券交易委员会的立场一贯是，标的资产不是证券，而是其发行和销售。

However, panelists raised concerns about the practicality of this distinction, particularly in the context of registration. If the token is not the security, they questioned, what entity or instrument should be registered?

然而，小组成员对这种区别的实用性表示担忧，特别是在注册方面。他们质疑，如果代币不是证券，应该注册什么实体或工具？

"You can't obviously register all the stuff, but you can register the token," Stewart responded.

“你显然不能注册所有的东西，但你可以注册令牌，”斯图尔特回答道。

Panelist Lewis Cohen, cofounder of DLx Law, countered that this approach created a paradoxical situation where the SEC's definition of a security diverged from the industry's understanding.

DLx Law 联合创始人、小组成员 Lewis Cohen 反驳说，这种做法造成了一种自相矛盾的情况，即 SEC 对证券的定义与行业的理解存在分歧。

"We agreed that's not the security, and that's not the investment contract, either," Cohen said. "This is, I think, where the industry and the SEC have this divide, which is tell us what to do, and it's hard to know."

“我们一致认为，这不是证券，也不是投资合同，”科恩说。 “我认为，这就是行业和 SEC 之间存在分歧的地方，即告诉我们该做什么，但很难知道。”

Despite the differing perspectives, Stewart emphasized that the SEC's enforcement team had been operating with professionalism and integrity. She also expressed her appreciation for the opportunity to engage in open debate with industry experts.

尽管观点不同，斯图尔特强调，美国证券交易委员会的执法团队一直以专业和诚信的方式运作。她还对有机会与行业专家进行公开辩论表示感谢。

"We're all friends," Stewart concluded with a smile.

“我们都是朋友，”斯图尔特微笑着总结道。

The panel discussion highlighted the ongoing tension between the SEC's regulatory mandate and the rapidly evolving cryptocurrency industry. As the sector matures, it remains to be seen how the agency will navigate the complex legal and technological challenges posed by decentralized finance and other emerging blockchain applications.

小组讨论强调了 SEC 的监管授权与快速发展的加密货币行业之间持续存在的紧张关系。随着该行业的成熟，该机构将如何应对去中心化金融和其他新兴区块链应用带来的复杂的法律和技术挑战还有待观察。