加里·贡斯勒（Gary Gensler）打破了两个月的公众沉默，外观可燃

Gary Gensler在CNBC的Squawk Box上露面了两个月的公众沉默，自从辞去美国证券交易委员会主席（SEC）以来就获得了他的第一次采访。

Former U.S. Securities and Exchange Commission (SEC) chair Gary Gensler has broken two months of public silence with a combustible appearance on CNBC’s Squawk Box.

前美国证券交易委员会（SEC）主席加里·盖斯勒（Gary Gensler）打破了两个月的公众沉默，并在CNBC的Squawk盒子上露面。

Granting his first interview since stepping down on 20 January, Gensler dove into the nature of crypto tokens in a 17-minute exchange with Andrew Ross Sorkin.

自从1月20日辞职以来，Gensler在与Andrew Ross Sorkin进行了17分钟的交流中，就对加密代币的本质进行了第一次采访。

The former regulator applauded Bitcoin’s staying power while likening most non-Bitcoin tokens to “sentiment-driven memes.” Gensler also said that crypto has “no fundamentals.”

这位前监管机构对比特币的持久力表示赞赏，同时将大多数非比特币代币与“情绪驱动的模因”相结合。 Gensler还说，加密货币“没有基本面”。

“I’m going to step back a little bit from any individual cases and just say this again to your viewing public. This is a very small part of the financial markets. But if you were interested in this, think about every financial asset sort of trades on a bit of fundamentals and sentiment. But this field is almost 99 percent – or maybe one might say 100 percent – sentiment and very little on fundamentals,” Gensler said, gesturing toward the market outside Bitcoin.

“I'm going to step back a little bit from any individual cases and just say this again to your viewing public. This is a very small part of the financial markets. But if you were interested in this, think about every financial asset sort of trades on a bit of fundamentals and sentiment. But this field is almost 99 percent – or maybe one might say 100 percent – sentiment and very little on fundamentals,” Gensler said, gesturing toward the market outside Bitcoin.

“And while something like Bitcoin may persist for a long time because there’s seven billion people around the globe, a real keen interest in it, there’s ten- or fifteen-thousand others of these tokens… and if this is just about sentiment, then generally those don’t end up well and most then go down,” he added.

“虽然像比特币这样的事情可能会持续很长时间，因为全球有70亿人，对它的真正兴趣，但其中有十五或15000个这些代币……而且，如果这只是情感，那么通常那些人最终就不好，而大多数人都会下降，”他补充说。

Pressed by co-host Joe Kernen on whether Bitcoin should be treated differently, Gensler conceded a precious-metal analogy he had long resisted while in office: “I think the distinction is similar to in metals, there’s only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold. I don’t think we humans will have a fascination with ten- or fifteen-thousand meme or sentiment tokens trading over the years.”

Pressed by co-host Joe Kernen on whether Bitcoin should be treated differently, Gensler conceded a precious-metal analogy he had long resisted while in office: “I think the distinction is similar to in metals, there's only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold. I don't think we humans will have a fascination with ten- or fifteen-thousand meme or sentiment tokens trading这些年来。”

The interview lands amid an unprecedented retreat by the Commission from litigation that Gensler himself had authorized.

委员会从诉讼中进行了前所未有的撤退，而Gensler本人已授权。

On 27 February the SEC filed a joint stipulation dismissing its civil action against Coinbase (NASDAQ:COIN), permanently ending the 20-month fight over the exchange’s alleged unregistered-broker activities.

2月27日，美国证券交易委员会（SEC）提出了一项联合规定，驳回了针对Coinbase（NASDAQ：COIN）的民事诉讼，永久性地结束了20个月对交易所所谓的未注册经纪人活动的20个月斗争。

Just five weeks later, staff attorneys told Kraken that the agency would abandon its 2023 securities-exchange complaint “with prejudice,” sparing the exchange both penalties and operational concessions.

仅五个星期后，工作人员律师告诉克雷肯，该机构将“有偏见”放弃其2023年证券交换投诉，这使罚款和运营优惠均避免了交易所。

The most consequential reversal involves Ripple Labs. On 19 March, CEO Brad Garlinghouse declared victory after learning that the SEC would withdraw its planned appeal of last year’s mixed ruling on XRP sales. A joint motion filed on 11 April asks the Second Circuit to hold all appeals “in abeyance,” effectively closing a four-year battle that once threatened to define the security status of crypto assets in U.S. law.

最结果的逆转涉及波纹实验室。 3月19日，首席执行官布拉德·加林豪斯（Brad Garlinghouse）在得知SEC将撤回其计划对XRP销售的混合裁决的计划上诉后宣布获胜。 4月11日提起的联合动议要求第二巡回法院“处于暂停”中，有效地结束了一场四年的战斗，该战斗曾经威胁要确定美国法律中加密货币资产的安全状况。

During his tenure, Gensler’s enforcement bureau opened or expanded more than 150 crypto cases, arguing that nearly every token except Bitcoin qualified as an unregistered security. His post-departure rhetoric sharpens that line rather than softening it.

在任职期间，Gensler的执法局开设了或扩大了150多个加密诉讼，认为除了比特币以外的几乎所有令牌都没有注册的安全性。他的发作后修辞使这条线削减了，而不是软化。

By praising Bitcoin’s resilience while dismissing other tokens as speculative “sentiment,” he echoed the Bitcoin-maximalist thesis that only the original cryptocurrency can function as non-sovereign money.

通过称赞比特币的韧性，同时将其他代币视为投机性的“情感”，他回应了比特币 - 最大主义论点，即只有原始的加密货币才能充当非主管资金。