MicroStrategy的59亿美元BTC损失可能会迫使该公司出售其持股

本周，美国证券交易委员会（SEC）正式声明，稳定币，尤其是“覆盖的稳定币”不是证券

The Securities and Exchange Commission (SEC) has clarified that certain stablecoins, particularly "covered stablecoins," are not securities and thus do not need to be registered with the SEC.

美国证券交易委员会（SEC）澄清说，某些稳定币，尤其是“覆盖的stablecoins”不是证券，因此不需要在SEC注册。

This statement, which may not be immediately noticeable to most retail crypto traders, could have broader implications for the institutional adoption of stablecoins.

大多数零售加密货币商人可能不会立即注意这一说法，可能会对机构采用稳定的股份具有更广泛的影响。

The SEC defines a "covered stablecoin" as being backed by U.S. dollars and/or other low-risk, highly liquid assets, like treasury bills, that allow issuers to meet redemptions on demand. They go on to say that those stablecoins are explicitly different from algorithmic stablecoins, which use an algorithm for supply/demand balancing rather than collateral to maintain their price peg.

SEC将“覆盖的稳定币”定义为以美元和/或其他低风险的高风险，例如财政账单（例如财政账单）的支持，使发行人可以按需满足赎回。他们继续说，这些稳定的稳定剂与算法稳定剂明显不同，算法使用算法来供应/需求平衡，而不是抵押来维持其价格钉。

The Commission reached this conclusion by extending two tests from two different court cases: Reves v. Ernst & Young and SEC v. W.J. Howey Co. Both tests are frameworks used to determine whether something qualifies as a security. Covered stablecoins didn’t meet the criteria of either test and as a result, the SEC ruled that they fell outside securities laws.

委员会通过从两个不同的法院案件中扩展了两项测试，得出了这一结论：Revesv。Ernst＆Young和Secv。WJHowey Co.这两个测试都是用于确定某些东西是否符合安全性的框架。覆盖的stablecoins均不符合这两种测试的标准，因此SEC裁定他们属于证券法。

This statement from the SEC might not change much for the average person, but for crypto corporates and legacy financial institutions, it could be significant since it opens the door for digital assets to play a bigger role in the world of banking and finance.

SEC的这一声明可能不会改变普通人，但是对于加密货币公司和传统金融机构而言，这可能很重要，因为它为数字资产打开了在银行和金融领域发挥更大作用的大门。

Since the SEC declared that certain stablecoins are not securities, that removes a major legal risk for banks, fintech firms, and payment processors who want to integrate stablecoins into financial services, as a result, this should make it easier for stablecoin issuers to form partnerships with traditional financial institutions, and it clears the path for bank-backed stablecoins or stablecoin-as-a-service offerings in the world of banking and finance.

Since the SEC declared that certain stablecoins are not securities, that removes a major legal risk for banks, fintech firms, and payment processors who want to integrate stablecoins into financial services, as a result, this should make it easier for stablecoin issuers to form partnerships with traditional financial institutions, and it clears the path for bank-backed stablecoins or stablecoin-as-a-service offerings in the world银行和金融。

The Department of Justice (DOJ) is disbanding the National Cryptocurrency Enforcement Team, a unit dedicated to investigating and prosecuting crypto-related crimes.

司法部（DOJ）解散了国家加密货币执法团队，该部门致力于调查和起诉与加密相关的犯罪。

The news came via a memo from Deputy Attorney General Todd Blanche, who stated, "The Department of Justice is not a digital assets regulator. However, the prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution."

该消息是通过副检察长托德·布兰奇（Todd Blanche）的备忘录来的，他说：“司法部不是数字资产监管机构。但是，先前的政府使用司法部通过起诉来采取鲁ck的监管策略。”

According to Blanche, this decision was made to comply with President Donald Trump's January executive order on digital assets, which emphasizes creating clear regulatory frameworks for crypto and stablecoins. While it's unclear how shutting down this unit helps comply with that order, it does clarify what the DOJ won't be doing: regulating crypto markets.

根据布兰奇（Blanche）的说法，这一决定是遵守唐纳德·特朗普（Donald Trump）总统在数字资产上的一月行政命令，该命令强调为加密货币和稳定者创建明确的监管框架。虽然尚不清楚该单元如何有助于遵守该订单，但它确实阐明了DOJ不会做的事情：调节加密市场。

That ambiguity might not be a big deal right now, especially under a friendly administration, but it could become an issue in the future. When the next crypto conflict inevitably occurs, knowing who is actually in charge will matter a lot when it comes time to investigate and prosecute the illicit actors.

这种歧义现在可能并不重要，尤其是在友好的政府下，但这可能会成为将来的问题。当下一次加密冲突不可避免地发生时，知道谁在调查和起诉非法行为者时，实际上是谁负责的。

This week, MicroStrategy (NASDAQ:MSTR) filed its Form 8-K with the SEC. While these filings are routine for public companies, this one had blockchain and crypto enthusiasts talking because of what it revealed about the company's financial health in relation to its massive BTC holdings.

本周，MicroStrategy（NASDAQ：MSTR）向SEC提起了8-K的表格。尽管这些文件对于上市公司来说是常规的，但该文件具有区块链和加密助人爱好者的谈话，因为它揭示了公司的财务状况与其大量BTC持有量有关。

Three points from the filing standout:(1) The company reported an unrealized loss of $5.91 billion on its digital asset holdings for the quarter ending March 31, 2025. As a result, it expects to post a net loss for that quarter.(2) Due to previous net losses, primarily from digital asset impairment, the company warned that it "may not be able to regain profitability in future periods."(3) And this one really got people talking: the company said it may be forced to sell BTC to meet its financial obligations.

备案出名的三点：（1）该公司报告说，截至2025年3月31日的季度的数字资产持有量损失了59.1亿美元。结果，它预计该季度会发布净亏损。（2）先前的净亏损，这是由于数字障碍的主要损害，该公司的一项局限性使人言论，这可能是在这种情况下的一项损益，“可能会在未来的损失中造成的一项损益，这可能是在未来的损失。它可能被迫出售BTC以履行其财务义务。

Form 8-Ks require companies to spell out all the possible risks, so this isn't necessarily an emergency. But what caught my attention was how clearly they were writing about how holding BTC has hurt them and how it may continue to hurt them. The company all but admitted that its Bitcoin strategy, the cornerstone of its brand, maybe the very thing that causes the company to unravel.

8-SK表格要求公司阐明所有可能的风险，因此这不一定是紧急情况。但是引起我注意的是，他们写了关于持有BTC如何伤害他们以及如何继续伤害他们的清楚。该公司几乎承认其比特币策略是其品牌的基石，也许是导致公司解散的东西。

The filing clarified that MicroStrategy's financial health is deeply tied to BTC's performance. If the digital asset performs poorly or regulatory shifts turn against crypto, the company could face severe consequences, not just in stock price but in its ability to raise capital or continue operating.

该文件澄清说，MicroStrategy的财务状况与BTC的绩效有着深远的联系。如果数字资产的性能较差或与加密有关的监管转变会转变，则该公司可能会面临严重的后果，不仅在股票价格上，而且还可以筹集资金或继续运营的能力。

Since last year, MicroStrategy has been a central figure in the narrative of institutional interest in Bitcoin. The company, formerly known as Strategy, began buying BTC in 2015 and has since amassed a significant portion of its capital in the digital asset.

自去年以来，微观策略一直是比特币机构兴趣叙事的核心数字。该公司以前称为“战略”，于2015年开始购买BTC，此后积累了其在数字资产中的大部分资本。

This filing is the first time I remember the company mentioning the potential sale of BTC. People often cheer when publicly traded companies buy BTC, but what gets lost in the noise is that these companies always have an exit plan. Nobody's holding BTC for eternity. Whether it's selling when prices hit a target or offloading during a financial crunch like what MicroStrategy is thinking about, there's always a point when the corporate will cash out.

该文件是我第一次记得该公司提到了BTC的潜在出售。当公开交易的公司购买BTC时，人们通常会为人们加油打气，但是在噪音中迷失的是这些公司总是有退出计划。没有人为永恒而持有BTC。无论是在价格达到目标时出售还是在金融紧缩期间卸载，例如MicroStrategy的想法，总会有一点企业兑现。