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比特币和以太坊等虚拟货币的扩展使我们陷入了鼓励创新和保护投资者之间的困境。

The expansion of virtual currencies like Bitcoin and Ethereum has put U.S. regulators in a dilemma between encouraging innovation and safeguarding investors.

比特币和以太坊等虚拟货币的扩展使我们陷入了鼓励创新和保护投资者之间的困境。

This interest in cryptocurrency stems from the rise in technology worldwide, pushing financial boundaries and leaving open the possibility that cryptocurrencies may become the central element of the global economy.

对加密货币的这种兴趣源于全球技术的增长，推动财务界限，并打开了加密货币可能成为全球经济的核心因素的可能性。

The same impact and importance of the use of cryptocurrency in the U.S. has brought about the need to regulate it, yet there is a challenge in establishing a clear policy framework.

在美国使用加密货币的相同影响和重要性带来了调节它的需求，但是建立明确的政策框架面临挑战。

With the digital revolution taking place through cryptocurrency, the state and federal governments are trying to determine how to define their role in regulating this new asset class in the best way possible.

随着数字革命通过加密货币进行，州和联邦政府试图以最佳方式确定其在规范这一新资产类别中的作用。

What is cryptocurrency?

什么是加密货币？

Cryptocurrency is a type of digital money that is a decentralized digital asset designed as a medium of exchange, utilizing cryptographic protocols to regulate the creation of new units. It exists only online and is not controlled by any government, central bank, or authority.

加密货币是一种数字货币，是一种分散的数字资产，设计为交换媒介，利用加密协议来规范新单元的创建。它仅在线存在，不受任何政府，中央银行或权威的控制。

It uses a secure technology called cryptography to keep transactions safe and verify fund transfers to prevent fraud. It operates on a decentralized system and transactions are recorded on a public ledger called blockchain.

它使用一种称为密码学的安全技术来确保交易安全并验证基金转移以防止欺诈。它在分散系统上运行，并在称为区块链的公共分类帐中记录交易。

The regulatory treatment of cryptocurrency varies across jurisdictions, with legal considerations encompassing anti-money laundering compliance, securities laws, taxation, and consumer protection frameworks.

对加密货币的监管处理各不相同，法律考虑包括反货币洗钱合规性，证券法，税收和消费者保护框架。

What is cryptocurrency regulation?

什么是加密货币法规？

Crypto regulations are the legal rules and guidelines that are present and issued by governments to shape how digital assets such as virtual currency operate. These laws have varied approaches across nations.

加密法规是政府出现和发布的法律规则和准则，以塑造虚拟货币等数字资产的运作方式。这些法律在各个国家都采用了各种各样的方法。

In the U.S., there are various states wherein some are friendly towards market participants who are handling crypto with clear regulations, while others ban it entirely.

在美国，在各种州，有些人对正在处理明确法规的加密货币的市场参与者友好，而另一些则完全禁止。

Around 60 percent of U.S. citizens lack confidence in cryptocurrency trading or investment, considering the existing systems to be unreliable or unsafe. One primary reason for this distrust may be the absence of a single, consistent set of laws to regulate cryptocurrencies.

考虑到现有系统是不可靠或不安全的，大约有60％的美国公民对加密货币交易或投资缺乏信心。这种不信任的主要原因可能是没有一套一致的法律来调节加密货币。

The regulations vary and cover everything about how cryptocurrencies are to be created and traded, and how they interact with traditional financial systems. Well-defined rules can help the crypto market in the following ways:

该法规各不相同，并涵盖了有关如何创建和交易加密货币的所有内容，以及它们与传统金融系统的互动方式。定义明确的规则可以通过以下方式帮助加密市场：

How is cryptocurrency regulated in the U.S.?

在美国，加密货币如何调节？

As of 2025, there is no defined regulation used to regulate cryptocurrency in the U.S. However, a major crypto legislation was introduced in 2024, i.e. the Financial Innovation and Technology for the 21st Century Act (or FIT21), that has been passed by the U.S. House of Representatives but has not yet been enforced. The legislation is aimed at emphasizing the role of the Commodity Futures Trading Commission (CFTC) as a lead crypto regulator in the U.S.

截至2025年，没有用于规范美国加密货币的明确法规，但是，2024年提出了一项重大的加密立法，即21世纪法案（或FIT21）的金融创新和技术，美国众议院已通过，但尚未强制执行。该立法旨在强调商品期货交易委员会（CFTC）作为美国的主要加密监管机构的作用

In the absence of one framework for cryptocurrency, the authorities try to regulate and enforce the already existing laws both at the federal and state levels, which are as follows.

在没有一个加密货币框架的情况下，当局试图在联邦和州一级规范和执行已经存在的法律，如下所示。

Federal regulations

联邦法规

At the Federal level, regulations have predominantly dealt with various administrative agencies and bureaus.

在联邦一级，法规主要涉及各种行政机构和局。

The Securities and Exchange Commission (SEC)

证券交易委员会（SEC）

The SEC mainly deals with securities such as convertible notes, stocks, debentures, etc. They aim to protect investors through mandatory registration of the securities that qualify for it.

SEC主要处理诸如可转换票据，股票，债券等的证券。它们旨在通过强制注册有资格的证券来保护投资者。

The SEC brought lawsuits against major platforms such as Coinbase, Binance, Kraken, etc, for violation of regulations.

SEC提起了针对Coinbase，Binance，Kraken等主要平台的诉讼，以违反法规。

Due to the difference between the cryptocurrency and securities, a judicial split emerged in 2023, with Southern District of New York (SDNY) Judge Torres ruling in SEC v. Ripple Labs that only the institutional sales of XRP were securities, while Judge Rakoff in SEC v. Terraform Labs held that Terraform’s UST stablecoin was a security.

由于加密货币和证券之间的差异，司法分配发生在2023年，纽约南部地区（SDNY）法官托雷斯法官在Secv。RippleLabs中的裁决，只有XRP的机构销售才是证券，而Rakoff是Securakoff，而Rakoff是Secv。Terraform在Terraform实验室中持有Terraform Labs in Terraform的Ust ust ust stanbabein的安全性。

Courts remain divided on this issue at the time of this writing.

在撰写本文时，法院在这个问题上仍然存在分歧。

Commodity Futures Trading Commission (CFTC)

商品期货贸易委员会（CFTC）

CFTC is a federal agency that is tasked with regulating U.S. commodities and derivative markets.

CFTC是一家联邦机构，负责监管美国商品和衍生品市场。

The CFTC regulates cryptocurrencies as commodities under the Commodity Exchange Act and has developed jurisdiction in derivative markets, all of which are set forth in decisions such as CFTC v. McDonnell (2018) and CFTC v. My Big Coin Pay (2018), etc.

CFTC根据《商品交易法》规定加密货币为商品，并在衍生市场中开发了管辖权，所有这些都在CFTC诉McDonnell（2018）和CFTC诉My Big Coin Pay（2018）等决策中提出了所有这些规定。

In 2017, the CFTC introduced a self-certification process for bitcoin futures which allowed exchanges to launch crypto derivatives. For enforcement measures, the CFTC has engaged in high-profile enforcement matters against Uniswap, Binance, Celsius, Ooki DAO, and secured an order against defaulted FTX to pay a penalty of $12.7 billion.

2017年，CFTC引入了比特币期货的自我认证过程，该过程允许交易所推出加密衍生产品。为了采取执法措施，CFTC已针对UNISWAP，BINANCE，CELSIUS，OOKI DAO提出了引人注目的执法事项，并获得了针对违约FTX的命令，以支付127亿美元的罚款。

Internal Revenue Service (IRS)

国税局（IRS）

Since 2014, the IRS has treated cryptocurrency as a digital representation of value which is different from a representation of the U.S. dollar or any other real currency. It functions as a unit of account, a store of value, and a medium of exchange.

自2014年以来，美国国税局（IRS）将加密货币视为价值的数字表示，与美元或其他任何真实货币的代表不同。它充当帐户单位，价值存储和交换媒介。

Being categorized as property makes each sale, trade, or buying of cryptocurrency taxable under capital gains taxes like stocks or property. Regardless of whether one incurs profit or loss, the

被归类为财产，每次出售，交易或购买加密货币在股票或财产等资本利得税内应征税。无论是造成利润还是损失，