edoutputoutput：标题：2024 年 Web3/区块链法律发展十大

2024 年，围绕区块链技术的法律格局发生了巨大变化，尤其是在美国，这既带来了巨大的机遇，也带来了巨大的合规挑战。

legal in 2025, and several candidates—including Joe Biden, Bernie Sanders, and Elizabeth Warren—discussing crypto in their debates and town halls. Notably, Sanders and Warren both shifted their tones on the subject, with Sanders even proposing a “Robin Hood tax” on large crypto gains. Both Sanders and Biden also included crypto in their economic plans. Sanders even included a provision to shift regulatory authority over spot bitcoin markets from the SEC to the CFTC.

加密货币将于 2025 年合法，包括乔·拜登、伯尼·桑德斯和伊丽莎白·沃伦在内的几位候选人在辩论和市政厅中讨论了加密货币。值得注意的是，桑德斯和沃伦在这个问题上都改变了态度，桑德斯甚至提议对巨额加密货币收益征收“罗宾汉税”。桑德斯和拜登都将加密货币纳入了他们的经济计划。桑德斯甚至提出了将现货比特币市场的监管权从美国证券交易委员会转移到美国商品期货交易委员会的条款。

Moreover, several candidates included crypto in their debates and town halls, with some candidates even using NFTs to raise funds for their campaigns. Among the candidates who shifted their positions on crypto were Bernie Sanders and Elizabeth Warren, both of whom discussed crypto at length during debates. Sanders even proposed a “Robin Hood tax” on large crypto gains, while both Sanders and Biden included crypto in their economic plans. Sanders even included a provision to shift regulatory authority over spot bitcoin markets from the SEC to the CFTC.

此外，一些候选人将加密货币纳入了他们的辩论和市政厅，一些候选人甚至使用 NFT 为他们的竞选活动筹集资金。在加密货币问题上改变立场的候选人包括伯尼·桑德斯和伊丽莎白·沃伦，两人在辩论中详细讨论了加密货币。桑德斯甚至提议对巨额加密货币收益征收“罗宾汉税”，而桑德斯和拜登都将加密货币纳入了他们的经济计划。桑德斯甚至提出了将现货比特币市场的监管权从美国证券交易委员会转移到美国商品期货交易委员会的条款。

Ongoing Effects: A key takeaway from 2024 is that crypto is now a major lobbying force, despite the industry being barely a decade old and having no real presence in Washington before 2023. While several candidates who lost in 2023 were staunchly anti-crypto, several candidates who won were crypto-friendly. Notably, several candidates even used NFTs to raise funds for their campaigns. While some candidates shifted their positions on crypto, Sanders even included a provision in his proposed legislation to shift regulatory authority over spot bitcoin markets from the SEC to the CFTC.output:

持续影响：2024 年的一个关键结论是，加密货币现在已成为一支主要的游说力量，尽管该行业只有不到十年的历史，并且在 2023 年之前在华盛顿没有真正的存在。虽然 2023 年落选的几位候选人坚决反对加密货币，但也有几位候选人获胜的候选人对加密货币友好。值得注意的是，一些候选人甚至使用 NFT 为他们的竞选活动筹集资金。虽然一些候选人改变了他们对加密货币的立场，但桑德斯甚至在他拟议的立法中纳入了一项条款，将现货比特币市场的监管权从 SEC 转移到 CFTC。输出：

The legal landscape surrounding blockchain technology in the United States underwent dramatic shifts in 2024, offering both remarkable opportunities and substantial compliance challenges. Governments introduced sweeping regulations, enforcement actions intensified and pivotal court rulings sent ripples across the crypto ecosystem. Throughout the year, the Polsinelli Blockchain+ team tracked these developments in our Bi-Weekly BitBlog updates.

2024 年，美国区块链技术的法律格局发生了巨大变化，既带来了巨大的机遇，也带来了巨大的合规挑战。各国政府出台了全面的法规，加强了执法行动，关键的法院裁决在整个加密生态系统中引发了涟漪。在这一年中，Polsinelli Blockchain+ 团队在我们的双周 BitBlog 更新中跟踪了这些进展。

As we enter 2025, we take a moment to recognize the milestones that significantly influenced the industry. The following review highlights the Top 10 Web3/Blockchain Legal Developments of 2024, each selected for its substantial impact on market participants, regulatory frameworks and the broader evolution of decentralized finance in the U.S. and beyond.

进入 2025 年，我们花点时间来认识一下对行业产生重大影响的里程碑。以下回顾重点介绍了 2024 年十大 Web3/区块链法律发展，每一项都因其对市场参与者、监管框架以及美国及其他地区去中心化金融更广泛发展的重大影响而入选。

Whether you’re a startup founder, a seasoned crypto professional or simply an interested observer or investor, staying informed on these trends is crucial in 2025 as the industry stands poised for a level of mainstream adoption and acceptance that was hardly imaginable just a few years ago. If you would like to receive updates from us, you can sign up for our mailing list here.

无论您是初创公司创始人、经验丰富的加密货币专业人士，还是只是感兴趣的观察者或投资者，在 2025 年，随时了解这些趋势都至关重要，因为该行业已准备好达到主流采用和接受程度，这在几年内是难以想象的前。如果您想收到我们的更新，您可以在此处注册我们的邮件列表。

1. SEC Targets Major U.S. Crypto Exchanges in Unprecedented Legal Actions

1. SEC 针对美国主要加密货币交易所采取前所未有的法律行动

The SEC’s ongoing lawsuits against three of the largest digital asset exchanges in the United States—Coinbase, Binance, and Kraken—were arguably the most disruptive regulatory actions of 2024. This marked a significant and contentious shift in the SEC’s enforcement strategy, which had previously focused on issuers or promoters of digital assets.

SEC 对美国三大数字资产交易所（Coinbase、Binance 和 Kraken）正在进行的诉讼可以说是 2024 年最具破坏性的监管行动。这标志着 SEC 执法策略的重大且有争议的转变，此前该策略曾被视为 2024 年最具破坏性的监管行动。专注于数字资产的发行者或发起人。

The SEC alleged, among other things, that the exchanges acted as unregistered broker-dealers of investment contracts, purportedly represented by the digital assets sold on their platforms, raising serious questions about the agency’s regulatory reach and its approach to defining what constitutes a “security” in the digital asset space. Further compounding the disruptive nature and possibly intent of these actions, the SEC chose not to name the issuers of the assets alleged to be “crypto asset securities,” except in the case of Binance, where the exchange’s native token BNB was explicitly cited.

SEC 声称，除其他外，这些交易所充当了投资合约的未注册经纪自营商，据称这些投资合约以在其平台上出售的数字资产为代表，这引发了对该机构监管范围及其定义“证券”构成方法的严重质疑。 ”在数字资产领域。进一步加剧了这些行动的破坏性和可能的​​意图，美国证券交易委员会选择不透露所谓“加密资产证券”资产的发行人的名字，除了币安的情况，币安明确引用了该交易所的原生代币 BNB。

The complaint against Coinbase went even further, claiming that its self-custody wallet software facilitated unregistered broker-dealer transactions by integrating with decentralized finance (“DeFi”) platforms, which claim Coinbase successfully had dismissed. Additionally, the lawsuit asserted that Coinbase’s staking-as-a-service offerings constituted unregistered securities products, highlighting the SEC’s expansive view of its enforcement mandate.

针对 Coinbase 的投诉甚至更进一步，声称其自我托管钱包软件通过与去中心化金融（“DeFi”）平台集成来促进未注册的经纪自营商交易，而 Coinbase 已成功驳回这一指控。此外，诉讼还声称 Coinbase 的质押即服务产品构成未注册的证券产品，突显了 SEC 对其执法授权的广泛看法。

Currently, the lawsuits against Kraken and Coinbase have proceeded to discovery, while the case against Binance awaits a ruling on the SEC’s Amended Complaint after portions of the original complaint were dismissed by the court.

目前，针对 Kraken 和 Coinbase 的诉讼已进入开庭阶段，而针对币安的诉讼则在法院驳回部分原始诉状后，正在等待 SEC 对修订后诉状的裁决。

These lawsuits are seen as “bet the company” cases, as a ruling in favor of the SEC could force the exchanges to delist all assets with unclear legal status—which could leave only a handful, such as ETH and BTC, as tradeable on those platforms.

这些诉讼被视为“押注公司”案件，因为有利于 SEC 的裁决可能会迫使交易所将所有法律地位不明确的资产摘牌——这可能只会留下少数资产，例如 ETH 和 BTC，可以在这些资产上进行交易。平台。

The stakes are enormous, as these exchanges serve as the primary on-ramps between fiat currency and digital assets in the United States, particularly in light of the purported debanking of the industry described below. Any ruling, whether for or against these exchanges, will have profound and far-reaching implications for the digital asset economy, influencing the viability of current market participants and shaping the regulatory landscape for years to come.

风险是巨大的，因为这些交易所是美国法定货币和数字资产之间的主要入口，特别是考虑到下文所述的该行业所谓的去银行化。任何裁决，无论是支持还是反对这些交易所，都将对数字资产经济产生深远的影响，影响当前市场参与者的生存能力，并塑造未来几年的监管格局。

However, with a new administration and changes in SEC leadership expected in 2025, there is a possibility these cases could see a shift

然而，随着新政府的上任和 SEC 领导层预计将于 2025 年发生变化，这些案件有可能发生转变