由于加密货币部门的眼睛吸引了白宫和国会的政策烟火

一次行动，银行和证券监管机构的替补负责人正在削减政策和重要的执法工作

While the crypto sector's eyes are drawn to the policy fireworks in the White House and Congress, the financial agencies have been busy taking consequential bites out of the Biden Administration's digital assets stance.

虽然加密货币部门的眼睛吸引了白宫和国会的政策烟花，但金融机构一直在忙于从拜登政府的数字资产立场中挑剔。

One move at a time, the stand-in chiefs of the banking and securities regulators are cutting away policies and significant enforcement work that had previously been used to hem in the digital assets industry. And a U.S. Securities and Exchange Commission roundtable on Friday will further illuminate the delicate legal approach to defining crypto securities, potentially signaling a path forward.

一次举动，银行业和证券监管机构的替补负责人正在削减以前用于在数字资产行业下摆的政策和重要的执法工作。周五，美国证券交易委员会圆桌会议将进一步阐明定义加密货币证券的微妙法律方法，并有可能向前进的道路发出信号。

Despite permanent leaders still awaiting Senate confirmation to take over the SEC, Commodity Futures Trading Commission and the banking agencies, each of the agencies has taken active policy steps that have effectively been clearing the decks to start over on crypto. While that's taking place, greater attention has been devoted to President Donald Trump's effort toward a U.S. bitcoin (BTC) reserve (which doesn't yet come with a plan for acquiring new bitcoin) and Congress' longstanding work toward fully realized U.S. crypto laws (which are seeing strong progress but may take a while to complete).

尽管永久的领导人仍在等待参议院确认接管SEC，商品期货贸易委员会和银行机构，但每个机构都采取了积极的政策步骤，这些步骤实际上已经清除了甲板以重新开始加密货币。尽管发生了这种情况，但已将更大的关注投入了唐纳德·特朗普（Donald Trump）总统对美国比特币（BTC）储备金（尚未尚未计划获取新比特币的计划）和国会长期以来一直努力实现的美国加密货币法（这已经有了很强的进步，但可能需要一段时间才能完成）。

Adam Pollet, a securities lawyer at Eversheds Sutherland who advises on digital assets projects, called this moment a reset.

Eversheds Sutherland的证券律师Adam Pollet为数字资产项目提供建议，称这一刻为重置。

"They wanted to sort of clean the slate," he said in an interview, interpreting the SEC's outlook this way: "We're sending you the signal that we want you to go forth and try things, and we won't stand in the way."

他在接受采访时说：“他们想清理板岩。”他以这种方式解释了SEC的看法：“我们向您发送了我们希望您去尝试事物的信号，我们不会阻碍。”

At the SEC, several actions have dialed the regulator back to an era sometime before the end of President Donald Trump's first term, when his SEC chief at the time, Jay Clayton, led an enforcement charge against Ripple as an illegal exchange. CEO Brad Garlinghouse said on Wednesday that the agency is dropping that accusation — the latest among several high-profile crypto cases abandoned by the regulator. The SEC is no longer arguing that most crypto tokens are unregistered securities.

在SEC中，几项行动将监管机构拨回了唐纳德·特朗普（Donald Trump）第一个任期结束之前的某个时候，当时他当时的SEC负责人杰伊·克莱顿（Jay Clayton）领导了对Ripple的执法指控，作为非法交流。首席执行官布拉德·加林豪斯（Brad Garlinghouse）周三表示，该机构正在撤销该指控，这是监管机构放弃的几起备受瞩目的加密案件中的最新指控。 SEC不再认为大多数加密代币都是未注册的证券。

But the SEC scrapping its previous enforcement stance doesn't necessarily establish a new policy. It's instead more of a policy vacuum in which the regulator has retreated from the field while it awaits legal reinforcements.

但是，SEC取消了以前的执法立场，并不一定会制定新的政策。相反，更多的是监管机构在等待法律增援的同时从该领域撤退的政策真空。

SEC backtracks

SEC回溯

The same could be said for the agency's withdrawal of its controversial crypto accounting standard known as Staff Accounting Bulletin No. 121, or SAB 121, or the recent decision to toss out a crypto rulemaking proposal that former Chair Gary Gensler pushed that would have cemented certain digital assets platforms as needing to register with the SEC for handling securities transactions.

对于该机构撤回其有争议的加密会计标准，称为员工会计公告，第121号（SAB 121），或者最近决定抛出一项加密统治的提案，前主席加里·盖斯勒（Gary Gensler）推动了一定的数字资产平台，因为需要在SEC进行操作方案的经济系统中注册某些数字资产平台。

Read More: U.S. SEC's Acting Chair Walking Back Agency Proposal on Crypto Trading Platforms

阅读更多：美国SEC的代理椅，在加密货币交易平台上回去代理商提案

Still, both initiatives were seen by crypto platforms and projects as a potential threat to how they do business, and their speedy removals are re-opening doors for the industry.

尽管如此，加密平台和项目都将这两种举措都视为对他们开展业务的潜在威胁，而他们的快速移动正在为该行业重新开放。

"I certainly can't recall a time when something was undone as quickly," Pollet observed of the agency's tempo.

Pollet观察到了该机构的节奏，“我当然不记得有一段时间被撤消了。”

The SEC and CFTC have also taken other actions that could be viewed as more forward-moving. The SEC issued a statement on memecoins, warning investors that they won't be protected if they decide to throw money into those unregulated corners of crypto, explaining that the coins aren't securities and offering thinking to back that assertion. Though it's not a formal regulation, the policy position at least gives the industry a further insight into how the agency's new leadership is evaluating crypto assets, which can be leaned on as companies take on new projects.

SEC和CFTC还采取了其他行动，可以被视为更具前瞻性。 SEC发表了有关Memecoins的声明，警告投资者，如果他们决定将资金扔给那些不受管制的加密角落，他们将不会受到保护，并解释说，硬币不是证券并提供思考来支持这一主张。尽管这不是正式的法规，但政策立场至少使该行业进一步了解该机构的新领导如何评估加密资产，随着公司从事新项目，该资产可以依靠。

"It gives folks more confidence in any decision making," Pollet said. The Republican commissioners seem to suggest, he said, that "they are going to take a more permissive, open-minded approach when it comes to all things crypto."

Pollet说：“这使人们对任何决策都有更有信心。”他说，共和党委员们似乎暗示：“在所有事情上，他们将采取更加宽松，开放的方法。”

And at its cousin agency, the derivatives watchdog CFTC, Acting Chair Caroline Pham is trying to build a pilot program on stablecoin-backed tokenization — a long-awaited sandbox approach that lets companies try things without anxiety over regulatory crackdown.

代理董事Caroline Pham在其堂兄机构的派生机构CFTC上，正试图建立一项针对Stablecoin支持的令牌化的试点计划，这是一种期待已久的沙盒方法，使公司使公司在不焦虑的是监管镇压的情况下尝试事物。

The agency awaits the chairmanship confirmation of former Commissioner Brian Quintenz, who worked as the chief of policy for a16z, a leading digital assets investment firm. Before he'd left the agency in 2021, Quintenz was known for his crypto advocacy.

该机构等待着前专员布莱恩·昆滕兹（Brian Quintenz）的主席确认，他是领先的数字资产投资公司A16Z的政策总监。在2021年离开该机构之前，Quintenz以他的加密宣传而闻名。

Bank regulators relax

银行监管机构放松

Meanwhile, banking regulators such as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., which had been accused of improperly trying to keep banks from handling crypto clients, have thrown out previous industry guidance. Earlier this month, the OCC rescinded its policy that told banks that they had to get written approval by federal supervisors before they could get into crypto activities. As a result, banks in the U.S. can feel more free to engage in digital assets, including issuing stablecoins — a new openness already studied carefully by the law firms who advise on such business, such as Debevoise & Plimpton.

同时，银行监管机构（例如货币审计长办公室和联邦存款保险公司办公室）被指控不当试图阻止银行处理加密客户的不当行业。本月初，OCC撤销了其政策，该政策告诉银行，他们必须获得联邦主管的书面批准，然后才能参加加密活动。结果，美国的银行可以更自由地从事数字资产，包括发行Stablecoins，这是由律师事务所认真研究的新开放性，这些公司为此类业务提供了建议，例如Debevoise＆Plimpton。

At the FDIC, the interim leadership is also "actively

在FDIC，临时领导也是“积极的