围绕加密货币的投资者诉讼不会仅仅因为美国证券交易委员会一直在撤销拜登政府执法行动。

在该行业的竞选支持的鼓舞下，唐纳德·特朗普（Donald Trump）总统返回办公室，承诺使美国“成为世界的加密货币之都，”发出一项行政命令，制定了战略性比特币储备，并放弃了先前的政府努力，以通过执法行政部门进行维修，尽管他们是传统的证券。

Investor litigation around cryptocurrency won’t disappear just because the US Securities and Exchange Commission has been dropping Biden administration enforcement actions.

围绕加密货币的投资者诉讼不会仅仅因为美国证券交易委员会一直在撤销拜登政府执法行动。

Buoyed by campaign support from the industry, President Donald Trump returned to office this week pledging to make the US “the crypto capital of the world,” issuing an executive order creating a strategic bitcoin reserve and abandoning the prior administration’s efforts to regulate by enforcement the virtual currencies as though they were traditional securities.

在该行业的竞选支持的鼓舞下，唐纳德·特朗普（Donald Trump）总统本周返回任职，承诺使美国成为“世界的加密之都”，发出了一项行政命令，制定了战略性比特币储备，并放弃了先前政府通过执行虚拟货币来规范的努力，好像他们是传统证券一样。

He also pardoned Ross Ulbricht, founder of the drug-trafficking site known as Silk Road, where virtual currency was the coin of the realm. He had been serving a life sentence following his 2015 conviction for trafficking and other crimes.

他还赦免了贩毒地点的创始人罗斯·乌尔布里希特（Ross Ulbricht），称为丝绸之路，虚拟货币是该领域的硬币。在2015年因贩运和其他犯罪定罪之后，他一直被判无期徒刑。

But even as Trump’s SEC ends suits against Coinbase Global Inc, Binance Holdings Ltd, Ripple Labs Inc—in which a court had ruled its token was a security when sold to institutional investors, but not to the general public, and others, privately-filed lawsuits against them have continued.

但是，即使特朗普的SEC结束了针对Coinbase Global Inc的诉讼，Binance Holdings Ltd，Ripple Labs Inc.在法院裁定其代币时，当该公司出售给机构投资者时，这是安全的，但不向公众和其他人出售给其他人，私人诉讼的诉讼仍在继续。

And suits against promoters of other digital assets, such as the “Hawk Tuah” and “Peanut the Squirrel” memecoins, are ongoing despite a signal that the SEC won’t consider most securities.

以及针对其他数字资产的推动者（例如“ Hawk tuah”和“松鼠花生”纪念物的诉讼，尽管SEC都不会考虑大多数证券，但仍在进行中。

Private plaintiffs and state attorneys general can and likely will still pursue claims—perhaps even more so if the SEC backs off enforcement entirely and bad actors emerge, lawyers said.

律师说，私人原告和州检察长可以而且可能仍会提起索赔 - 如果SEC完全退缩执法并出现了不良行为者，也许更是如此。

Nothing’s changed legally in determining what is a security—it’s still the Howey test outlined by the US Supreme Court in 1946, said Sean Masson, a partner at Scott+Scott Attorneys at Law LLP. Even if the federal securities route for crypto accountability gets nixed, there are other ways, such as state securities laws, consumer laws, or just plain fraud, he said.

Scott+Scott律师LLP的合伙人Sean Masson说，1946年美国最高法院在1946年概述了什么是安全性的情况，这是美国最高法院在1946年概述的Howey测试。他说，即使联邦证券责任途径被削弱了，还有其他方法，例如州证券法，消费者法或只是欺诈。

“There’s still a lot of arrows left in the plaintiffs bar’s quiver,” Masson said. Much of the litigation surrounding crypto was pretty far along when the administration changed, he said. The number of new cases arising depends on the number of new digital asset projects, he said, while the SEC’s task force explores a “regulatory framework” for crypto.

马森说：“原告酒吧的箭袋里还有很多箭头。”他说，当政府发生变化时，围绕加密货币的大部分诉讼都非常遥远。他说，新案件的数量取决于新的数字资产项目的数量，而SEC工作队探索了加密货币的“监管框架”。

The SEC will still pursue securities fraud claims, said Davis Polk & Wardwell LLP partner Rob Cohen among multiple attorneys Bloomberg Law spoke to. The idea that federal officers aren’t going to recommend regulating crypto is false—the query is by how much and whom, said Masson.

戴维斯·波尔克（Davis Polk＆Wardwell）有限责任公司合伙人罗伯·科恩（Rob Cohen）在彭博·劳（Bloomberg Law）交谈中说，SEC仍将提出证券欺诈索赔。马森说，联邦官员不会建议监管加密货币的想法是错误的 - 查询是由多少人和谁来的。

And, acting SEC Chairman Mark Uyeda has said it’s possible some digital assets will be defined as securities. The SEC, in an email, declined to comment for this story.

而且，代理SEC主席Mark Uyeda表示，有可能将一些数字资产定义为证券。 SEC在一封电子邮件中拒绝对此故事发表评论。

Trump’s pick to lead the agency, Paul Atkins, said in a public Senate committee hearing on March 27 that providing a “firm regulatory foundation” for crypto assets would be a “top priority.” Atkins himself reported having up to $5 million in crypto-related investments in ethics disclosures publicized days earlier.

特朗普在3月27日举行的公开参议院委员会听证会上说，领导该机构的选秀权说，为加密资产提供“确保监管基金会”将是“重中之重”。阿特金斯本人报告说，几天前公开的关于道德披露的与加密货币相关的投资最高为500万美元。

There’s such a wide range of digital assets, attorneys said—from stablecoins, whose values are pegged to other currencies, to memecoins, digital tokens depicted with an animated character or animal, that can quickly gain value—that might draw different regulation or recommendations.

律师说，从稳定的数字资产中，其价值与其他货币挂钩，到具有动画角色或动物的数字令牌，可以迅速获得价值的数字令牌 - 可能会提取不同的调节或建议。

One of those lawyers, Stubbs Alderton & Markiles LLP partner Neil Elan, said “even if a ‘Hawk Tuah’ coin or the newest ‘Libra’ coin or the ‘Melania’ coin or the ‘Trump’ coin is not deemed a security, it does not mean that the operators or offerors are free to commit fraud, make materially false statements, or otherwise act improperly.” The prospect of liability remains, he said.

其中一位律师，Stubbs Alderton＆Markiles LLP合伙人Neil Elan说：“即使'Hawk tuah'硬币或最新的“天秤座硬币”或“ Melania”硬币或“ Melania” Coin或“ Trump” Coin并不被视为安全性，也不意味着操作员或供应者可以免费欺诈，或者是造成欺诈行为，否则会造成造成的虚假陈述，否则会犯下Imporements comport''''''他说，责任的前景仍然存在。

Consumer protection is a wide body of law, said Max Burwick, founder and senior managing partner at Burwick Law. His firm leads a series of suits involving the Hawk Tuah, Libra, and other memecoins.

Burwick Law的创始人兼高级管理合伙人Max Burwick说，消费者保护是一项广泛的法律。他的公司领导了一系列涉及霍克·图阿（Hawk Tuah），天秤座和其他因素的西装。

“Although there is a supposed lack of regulatory clarity, an active plaintiff’s bar stands as a check on bad actors, and can positively impact the market,” he said.

他说：“尽管据说缺乏监管性的清晰度，但活跃的原告的酒吧是对不良演员的检查，并且可以对市场产生积极影响。”

Just as plaintiffs’ attorneys remain a resource for aggrieved investors, state attorneys general haven’t paused as state officials of the opposing party of the administration typically tend to increase activity during the president’s term.

正如原告的律师仍然是受屈投资者的资源一样，州检察长并没有因为政府反对党的州官员而停下来，通常在总统任期期间倾向于增加活动。

There may be “an increase in state regulatory activity in the space, which has been more active in the last few years (both in enforcement activity as well as digital asset legislation),” said, Mitzi Chang, co-chair of Goodwin Procter LLP’s FinTech and Digital Currency & Blockchain practices. The office of California Attorney General Rob Bonta this month said it would continue protecting consumers from “crypto confidence scams.” California’s Department of Justice shuttered 42 crypto scam sites that drew at least $6.5 million from individuals in 2024.

在过去几年中，该领域的州监管活动可能会增加（包括执法活动和数字资产立法），” Goodwin Procter LLP的Fintech和数字货币和区块链实践的联合主席Mitzi Chang说。加利福尼亚州总检察长罗布·邦塔（Rob Bonta）本月表示，将继续保护消费者免受“加密信心骗局的侵害”。加利福尼亚州的司法部关闭了42个加密骗局网站，这些网站在2024年从个人那里汲取了至少650万美元。

Illinois’ too said it would continue. “As we review the SEC’s decisions and their impact on the marketplace, we urge consumers to be cautious when purchasing or using cryptocurrencies,” a spokesperson for Attorney General Kwame Raoul’s office

伊利诺伊州也表示将继续。 “当我们审查SEC的决定及其对市场的影响时，我们敦促消费者在购买或使用加密货币时保持谨慎，”总检察长Kwame Raoul办公室发言人