Gensler 退出 SEC，留下了改革和加密货币打击的混合遗产

随着他的退出与即将到来的唐纳德·特朗普政府的总统过渡相一致，金斯勒坦诚地谈到了他的领导所面临的挑战，特别是在加密货币监管、公司治理和国债市场改革方面。

In an interview ahead of his departure from the Securities and Exchange Commission (SEC), Gary Gensler reflected on his tenure and discussed key aspects of the Commission's work, including crypto regulation, corporate governance, and treasury market reforms.

在离开美国证券交易委员会 (SEC) 之前的一次采访中，加里·詹斯勒 (Gary Gensler) 回顾了他的任期，并讨论了该委员会工作的关键方面，包括加密货币监管、公司治理和国债市场改革。

Gensler highlighted the SEC's efforts to protect investors and address industry missteps, citing an example where Robinhood agreed to pay $45 million to settle SEC charges related to violations of over 10 securities laws. These enforcement actions, he said, demonstrate the SEC's focus on ensuring investor protection.

Gensler 强调了 SEC 为保护投资者和解决行业失误所做的努力，并举了 Robinhood 同意支付 4500 万美元来和解 SEC 与违反 10 多项证券法相关的指控的例子。他说，这些执法行动表明美国证券交易委员会致力于确保投资者保护。

Regarding cryptocurrency, Gensler reiterated his view that Bitcoin is not a security, distinguishing it from other tokens that have faced regulatory scrutiny. He pointed out a history of noncompliance within the crypto industry, particularly concerning anti-money laundering laws and sanctions violations.

关于加密货币，Gensler 重申了他的观点，即比特币不是证券，这将其与其他面临监管审查的代币区分开来。他指出了加密行业内不合规的历史，特别是在反洗钱法和违反制裁方面。

“Bitcoin’s not a security, but these 10,000 or 15,000 other tokens—the investing public has been hurt over the many years,” Gensler said.

“比特币不是一种证券，而是这 10,000 或 15,000 种其他代币——投资者多年来一直受到伤害，”Gensler 说。

Highlighting other areas of the SEC's work, Gensler noted progress in shortening settlement cycles, improving U.S. Treasury market stability, and tightening corporate governance. He mentioned a three-month waiting period between filing and executing trades mandated by insider trading rules, which he described as critical for ensuring fairness in markets.

Gensler 强调了 SEC 工作的其他领域，指出在缩短结算周期、改善美国国债市场稳定性和加强公司治理方面取得的进展。他提到了内幕交易规则规定的提交和执行交易之间的三个月等待期，他称这对于确保市场公平至关重要。

The $28 trillion Treasury market, a linchpin of U.S. financial stability, received particular attention during Gensler's tenure at the SEC. He collaborated with Treasury Secretary Janet Yellen and Federal Reserve Chair Jay Powell on market reforms to sustain resilience as the market is projected to grow to $36 trillion in the next four years.

28 万亿美元的国债市场是美国金融稳定的关键，在 Gensler 担任 SEC 期间受到特别关注。他与财政部长珍妮特·耶伦和美联储主席杰伊·鲍威尔合作进行市场改革，以保持弹性，因为市场预计在未来四年内将增长至 36 万亿美元。

“The $28 trillion Treasury market is predicted by the Congressional Budget Office to grow to about 35 or 36 trillion in four years. It’s going to grow 25%,” Gensler said.

“国会预算办公室预测 28 万亿美元的国债市场将在四年内增长到约 35 或 36 万亿美元。它将增长 25%，”Gensler 说。

Despite these achievements, Gensler faced criticism for what some viewed as an overly litigious approach to regulation. He addressed this concern by emphasizing the SEC's role as a “law enforcement agency” tasked with ensuring transparency and fairness in capital markets.

尽管取得了这些成就，詹斯勒仍面临批评，认为其监管方式过于诉讼。他通过强调美国证券交易委员会作为“执法机构”的作用来解决这一问题，其任务是确保资本市场的透明度和公平性。

“We have laws. Congress has passed those laws. Of course, they can change that,” he said, expressing his belief in the existing regulatory framework.

“我们有法律。国会已经通过了这些法律。当然，他们可以改变这一点，”他表示，表达了他对现有监管框架的信心。

Gensler’s Crypto Policies and Investor Protection

Gensler 的加密货币政策和投资者保护

The future of the crypto industry featured prominently in Gensler's exit interview. While critics argued his policies stifled innovation, Gensler maintained a cautious stance, highlighting the importance of investor protection.

加密货币行业的未来在 Gensler 的离职采访中占据了显着位置。尽管批评者认为他的政策扼杀了创新，但金斯勒保持了谨慎的立场，强调了保护投资者的重要性。

“The crypto field trades mostly on sentiment and much less on fundamentals,” he said, underscoring the need for greater transparency in token projects.

他表示：“加密货币领域的交易主要取决于情绪，而不是基本面。”他强调了代币项目需要提高透明度。

Bitcoin, however, stood apart in Gensler's analysis. He reiterated the SEC's stance that Bitcoin is not a security but remained reserved about its long-term value. “It’s hard to predict… 7 billion people want to trade it, just like we do have gold for 10,000 years,” he said, adding that other crypto projects must demonstrate real-world use cases to ensure their survival.

然而，比特币在 Gensler 的分析中脱颖而出。他重申了美国证券交易委员会的立场，即比特币不是证券，但对其长期价值持保留态度。他说：“很难预测……有 70 亿人想要交易它，就像我们拥有一万年的黄金一样。”他补充说，其他加密项目必须展示现实世界的用例，以确保它们的生存。

Critics also pressed him on whether the SEC, under his leadership, had unintentionally hindered Bitcoin's progress. Gensler pointed to the introduction of Bitcoin exchange-traded funds based on futures contracts, which he framed as a step forward for the institutional adoption of digital assets.

批评者还向他追问，美国证券交易委员会在他的领导下是否无意中阻碍了比特币的进步。 Gensler 指出，基于期货合约的比特币交易所交易基金的推出，他认为这是机构采用数字资产的一步。

Gensler also acknowledged the evolving landscape of corporate priorities, including the rollback of diversity and climate initiatives by some Fortune 500 companies.

Gensler 还承认企业优先事项不断变化，包括一些财富 500 强公司取消多样性和气候倡议。

“Markets will figure out whether the climate disclosure is relevant and material to their investment decisions,” he said.

“市场将弄清楚气候信息披露是否对其投资决策相关且重要，”他表示。

As he prepares to leave public office, Gensler expressed pride in the SEC's achievements, from implementing structural market reforms to navigating the complexities of a $120 trillion capital market. He summarized the SEC's broader mission as ensuring that capital markets are “competitive, deep, and… lots have access.”

在准备卸任公职时，Gensler 对 SEC 所取得的成就（从实施结构性市场改革到驾驭 120 万亿美元的资本市场的复杂性）表示自豪。他总结了 SEC 更广泛的使命，即确保资本市场“具有竞争力、有深度，并且……很多人都有机会进入”。

While his tenure has been polarizing, Gensler emphasized the importance of disclosure and fairness across industries. “It’s a great privilege to serve,” he said, adding that he remains optimistic about the SEC's ability to adapt to future challenges, including the rise of artificial intelligence and other transformative technologies.

尽管詹斯勒的任期一直两极分化，但他强调了跨行业披露和公平的重要性。他说：“能够任职是我的荣幸。”他补充说，他对 SEC 适应未来挑战的能力仍然持乐观态度，这些挑战包括人工智能和其他变革性技术的崛起。

Gensler will be succeeded by Paul Atkins, who is expected to bring a different approach to crypto regulation. Atkins, an SEC commissioner from 2002 to 2008 during President George W. Bush's administration, is known for his pro-deregulation stance and support for financial innovation, including digital assets.

Gensler 将由 Paul Atkins 接任，预计他将为加密货币监管带来不同的方法。阿特金斯于 2002 年至 2008 年在乔治·W·布什总统执政期间担任 SEC 委员，以其支持放松管制的立场和对包括数字资产在内的金融创新的支持而闻名。

In announcing the nomination, Trump praised Atkins as a “proven leader for common-sense regulations” and highlighted his commitment to “robust, innovative capital markets” designed to meet investor needs and strengthen the U.S. economy. He also noted Atkins' recognition of the role digital assets and other innovations play in advancing America's economic leadership.

在宣布提名时，特朗普称赞阿特金斯是“公认的常识性监管领导者”，并强调他对“稳健、创新的资本市场”的承诺，旨在满足投资者需求并增强美国经济。他还指出阿特金斯认识到数字资产和其他创新在提升美国经济领导地位方面所发挥的作用。