模因硬币不是美国证券交易委员会宣布的证券

2025年2月27日，美国证券交易委员会宣布，模因硬币，受互联网模因，笑话和趋势启发的加密货币不被视为证券。

The U.S. Securities and Exchange Commission (SEC) has announced that meme coins, cryptocurrencies inspired by internet memes, jokes, and trends, are not considered securities.

美国证券交易委员会（SEC）宣布，模因硬币，受互联网模因，笑话和趋势启发的加密货币不被视为证券。

This statement, made on February 27, 2025, follows a series of dismissed cases brought by the SEC against crypto companies, which has sparked ongoing debate about the role of meme coins in the broader crypto ecosystem.

该声明于2025年2月27日发表，遵循SEC针对加密货币公司提出的一系列驳回案件，该案件引发了有关模因硬币在更广泛的加密生态系统中的作用的持续辩论。

While this decision provides much-needed clarity, it may also be emboldening a growing trend that threatens the legitimacy and future of cryptocurrency.

尽管这一决定提供了急需的清晰度，但它也可能令人振奋，这种趋势威胁着加密货币的合法性和未来。

From Dogecoin to Trump Coins: The Rise of Meme Coins

从Dogecoin到特朗普硬币：模因硬币的兴起

The journey of meme coins began with the launch of Dogecoin in 2013. It was initially intended as a playful jab at the burgeoning cryptocurrency scene, aiming to mock the influx of coins with no apparent purpose.

Meme硬币的旅程始于2013年的Dogecoin。最初是在新兴的加密货币场景中作为一种嬉戏的戳刺，目的是嘲笑没有明显目的的硬币的涌入。

However, the coin quickly gained unexpected attention and quickly evolved into a phenomenon that spawned countless other coins with minimal value propositions other than memes or cultural references.

但是，硬币迅速引起了意外的关注，并迅速发展为一种现象，该现象催生了无数的硬币，其价值命题除了模因或文化参考以外。

The problem with meme coins is evident: they lack any inherent utility and function primarily as speculative gambling vehicles.

模因硬币的问题很明显：它们缺乏任何固有的效用，主要是作为投机性赌博车辆的功能。

Essentially, these coins are nothing more than pump-and-dump schemes, with their value inflated by hype and media buzz before inevitably crashing, leaving investors with worthless assets.

从本质上讲，这些硬币不过是泵送和降低的计划，其价值因炒作和媒体嗡嗡声而不可避免地崩溃，使投资者拥有毫无价值的资产。

The recent launch of Donald Trump’s self-proclaimed $TRUMP meme coin, which appeared to be an attempt to capitalize on his second inauguration, further highlighted the absurdity of this trend. The $MELANIA coin followed closely behind, and eventually even a meme coin inspired by Binance's former CEO, CZ’s dog, "Broccoli," emerged.

唐纳德·特朗普（Donald Trump）最近推出的自称为$特朗普的模因硬币，这似乎是为了利用他的第二次就职典礼，进一步强调了这一趋势的荒谬性。 $ Melania硬币紧随其后，甚至最终受到了Binance前首席执行官CZ的狗“ Broccoli”的启发的模因硬币。

The last few months have seen a surge in similar projects, most of them created with little to no foundational purpose, showcasing the troubling direction the meme coin "industry" is headed.

在过去的几个月中，类似项目的激增，其中大多数几乎没有基本目的创造，展示了模因硬币“行业”的令人不安的方向。

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SEC Ignores Meme Coins Despite Acknowledging Risks

尽管承认风险，但SEC忽略了模因硬币

Among the world’s most diligent regulatory bodies, the SEC appears to be turning a blind eye to this trend.

在世界上最勤奋的监管机构中，SEC似乎对这一趋势视而不见。

Hester Peirce, a prominent SEC commissioner and head of the crypto task force, touched upon the issue of meme coins and explained why they do not fall under the commission’s umbrella.

SEC专员兼加密工作组负责人Hester Peirce谈到了Meme Coins的问题，并解释了为什么他们不属于委员会的伞。

According to Peirce, meme coins do not meet the criteria for a security as they lack any real business purpose or investment promise. As a result, transactions involving these tokens do not require SEC registration. Despite acknowledging that these coins lack intrinsic value and are often subject to fraudulent practices, Peirce clarified that the commission does not consider them securities due to their fundamentally speculative nature.

根据皮尔斯（Peirce）的说法，模因硬币不符合安全标准，因为它们缺乏真正的商业目的或投资承诺。结果，涉及这些令牌的交易不需要SEC注册。尽管承认这些硬币缺乏内在的价值，并且经常受到欺诈性实践的影响，但皮尔斯澄清说，由于其从根本上投机性的性质，委员会不认为它们是证券。

This noteworthy clarification provides an official stance on meme coins, asserting that these tokens function more like collectibles than investment instruments.

这种值得注意的澄清提供了对模因硬币的正式立场，断言这些令牌功能更像收藏品，而不是投资工具。

The Division of Corporation Finance further elaborated, stating that the value of meme coins is largely driven by market demand, social media hype, and speculation. This highlights that meme coins do not exhibit the characteristics of traditional securities such as stocks or bonds, which generate income or represent ownership in a company.

公司财务部门进一步阐述，指出模因硬币的价值在很大程度上是由市场需求，社交媒体炒作和投机所驱动的。这强调了模因硬币没有表现出传统证券（例如股票或债券）的特征，这些证券（股票或债券）在公司中产生收入或代表所有权。

However, the statement also acknowledged the possibility of fraudulent activities within the meme coin space and noted that such actions could be addressed under other laws.

但是，该声明还承认在模因硬币空间内进行欺诈活动的可能性，并指出可以根据其他法律解决此类行动。

While this clarification may offer temporary relief to the crypto market, it raises several crucial questions about the long-term implications of meme coins on the industry.

尽管这种澄清可能会暂时缓解加密货币市场，但它提出了有关模因硬币对行业的长期影响的几个关键问题。

Meme Coins Threaten Crypto’s Integrity

模因硬币威胁加密的完整性

Meme coins embody the antithesis of what cryptocurrencies were originally intended to be. They were designed as decentralized assets with real-world use cases, offering value through their utility and serving a specific purpose.

模因硬币体现了最初旨在的加密货币的对立面。它们被设计为具有现实世界中用例的分散资产，通过其效用并提供特定目的的价值。

In contrast, buyers investing in meme coins are typically enticed by the promise of massive short-term gains through hype and FOMO (fear of missing out). They are ultimately left holding the bag when the hype fizzles out, and the coins return to their inherent worthless state.

相比之下，投资于模因硬币的买家通常会因大肆宣传和FOMO的大量短期收益的承诺所吸引（担心错过）。当炒作消失时，他们最终将拿着袋子拿着，而硬币又回到了固有的毫无价值的状态。

Furthermore, many meme coin creators engage in dangerous tactics such as "rug pulls," where they siphon off the liquidity from the coin, leaving investors with a valueless token and the creators absconding with the funds.

此外，许多模因硬币创建者从事危险的策略，例如“地毯拉力”，在这里他们从硬币中汲取了流动性，使投资者拥有毫无价值的代币，而创作者则与资金潜逃。

Even projects that begin with seemingly legitimate intentions are often subject to rapid burnout, leading to abandonment or manipulation to benefit early investors.

即使是以合法意图开头的项目，也经常会遭受迅速的倦怠，从而遗弃或操纵以使早期投资者受益。

This culture of hype, manipulation, and fraud not only harms investors but also threatens the credibility of the cryptocurrency ecosystem as a whole.

这种炒作，操纵和欺诈文化不仅会损害投资者，而且威胁着整个加密货币生态系统的信誉。

The Meme Coin Risk

模因硬币风险

As meme coins become increasingly prevalent and widely accepted, they threaten to transform cryptocurrency into a sideshow, diverting attention away from more serious and stable projects.

随着模因硬币变得越来越普遍并被广泛接受，它们威胁要将加密货币转变为侧面，将注意力转移到更严肃和稳定的项目上。

It is an industry-wide problem that the SEC’s decision may inadvertently fuel, perpetuating a cycle of speculation that could ultimately result in significant financial losses for uninformed investors.

SEC的决定可能会无意间加油，这是一个范围内的猜测，这是一个整个行业的问题，最终可能会给未知的投资者带来巨大的财务损失。

While the ruling aimed to provide clarity on regulatory guidelines, it does little to address the fundamental issue at hand, which is the proliferation of assets that are essentially a form of digital gambling.

尽管该裁决旨在清楚监管指南，但它并没有解决当前的基本问题，这是资产的扩散，这些资产本质上是一种数字赌博的一种形式。