在过去的几周中，美国证券交易委员会一直在忙碌，这暗示了加密货币公司的未来。

在唐纳德·特朗普（Donald Trump）担任美国总统的第二任期的第一个月（和一周）中，加密货币行业取得了许多早期胜利。

The U.S. Securities and Exchange Commission has been busy over the past few weeks, hinting at a brighter future for crypto companies.

在过去的几周中，美国证券交易委员会一直在忙碌，这暗示了加密货币公司的未来。

PS: I'll be in San Francisco next week for the American Banker Payment Forum. Say hello.

PS：下周我将在旧金山参加美国银行家支付论坛。问好。

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

您正在阅读加密货币状态，这是一本关注加密货币与政府交叉点的通讯。单击此处注册以后的版本。

New era

新时代

The narrative

叙述

The crypto industry racked up a number of early wins in the first month (and week) of Donald Trump's second term as U.S. president. The U.S. Securities and Exchange Commission announced it would drop or close half a dozen open investigations and ongoing cases, and asked courts to pause two more.

在唐纳德·特朗普（Donald Trump）担任美国总统的第二任期的第一个月（和一周）中，加密货币行业取得了许多早期胜利。美国证券交易委员会宣布将撤销或关闭六次公开调查和正在进行的案件，并要求法院再停顿两次。

Why it matters

为什么重要

The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air.

加密业显然在2024年大选期间赢得了巨大的奖金，这只是开始看到这意味着什么。现在，关于它应该如何或不应受到监管的问题现在已经存在。

Breaking it down

分解

Over the last week and change, the SEC filed to withdraw its case against crypto exchange Coinbase, pause its cases against Binance and Tron and informed ConsenSys, OpenSea, Robinhood, Uniswap and Gemini it would close its cases or investigations into those platforms.

在上周和变更中，SEC提出了针对加密货币交易所Coinbase的案件，暂停其针对Binance和Tron的案件，并告知共识，Opensea，Robinhood，Uniswap和Gemini，它将关闭其对这些平台的案件或调查。

These announcements come on the heels of SEC Commissioner Hester Peirce announcing she would head up a new crypto task force at the regulatory agency and publishing a number of open questions to the general public about how securities law might apply to different types of cryptocurrencies and defining how the SEC would oversee this industry. The SEC also withdrew staff accounting bulletin 121, an accounting standard much of the industry hated.

这些公告紧随SEC专员Hester Peirce宣布，她将领导监管机构的新加密特别工作组，并向公众发布许多关于证券法可能如何应用于不同类型的加密货币并定义SEC如何监督该行业的公开问题。 SEC还撤回了员工会计公告121，这是一个会计标准，大多数行业都讨厌。

While there are a number of investigations or cases still outstanding, it's clear the SEC has taken a sharply diverging tack under Acting Chair Mark Uyeda from when former Chair Gary Gensler helmed the agency.

尽管仍有许多调查或案件仍未偿还，但很明显，SEC在代理主席马克·乌耶达（Mark Uyeda）的领导下与前主席加里·盖斯勒（Gary Gensler）主持了该机构的统治。

Commissioner Hester Peirce said the SEC was now working to develop more policy that would guide the Division of Enforcement's future actions, rather than have these enforcement actions "write regulatory policy."

赫斯特·皮尔斯（Hester Peirce）专员说，SEC现在正在努力制定更多的政策，以指导执法部门的未来行动，而不是采取这些执法行动“制定监管政策”。

"We're really trying to get back to using our enforcement division for its intended purpose, and letting the regulatory divisions do the hard work of figuring out how to craft rules, guidance [and] interpretations," she told CoinDesk in an interview. "And then enforcement has a role after that, of course, to enforce the rules that are on the books. But this has just been an area where we've kind of gone about it backwards, and we're trying to right the ship here."

她在接受采访时告诉Coindesk：“我们确实要为其预期的目的回到使用我们的执法部门，并让监管部门努力工作，以弄清楚如何制定规则，指导和解释。” “然后执法在此之后发挥了作用，当然，执行书籍上的规则。但是，这只是我们向后倒退的领域，我们试图在这里纠正这艘船。”

The industry has been taking a victory lap with the withdrawals and dropped cases (and to be clear, it's not just the SEC withdrawing enforcement actions and investigations).

该行业一直在撤军并撤销案件的情况下取得了胜利（明确的是，这不仅是SEC撤回执法行动和调查）。

Amanda Tuminelli, the chief legal officer at DeFi Education Fund, a decentralized finance-focused lobbying group, said any groups in the crypto sector should be more confident they would not be sued "for a mere registration violation."

一个分散的以财务为中心的游说小组Defi教育基金会首席法律官Amanda Tuminelli表示，加密货币部门的任何组织都应该更有信心“仅仅是因为违反注册为违反注册”。

"I don't think that we've won. I won't think that we have won until there are clear final rules on the books that make it clear, that are durable wins that make it clear that the industry is going to be able to innovate and exist for years in the future," she said in an interview.

她在接受采访时说：“我认为我们没有赢。

On the other side of this argument, the SEC — and Congress — are "actively welcoming" chaos from the crypto sector to the broader financial system, said Corey Frayer, the director of Investor Protection for the Consumer Federation of America and a former SEC senior adviser to Gensler.

在这一论点的另一方面，美国证券交易委员会（SEC）和国会（SEC）和国会（SEC）“积极欢迎”从加密货币部门到更广泛的金融体系，美国消费者联合会投资者兼前美国证券交易委员会（SEC）高级顾问Corey Frayer说。

"The SEC is not just abandoning enforcement actions, it's actively building an unregulated market for crypto assets," he said in an interview.

他在接受采访时说：“ SEC不仅放弃执法行动，而且正在积极建立一个不受监管的加密资产市场。”

This could create risk for contagion, he said, referencing FTX and Silicon Valley Bank's collapses. FTX had an issue with leverage (and the various FTX-affiliated tokens, which were used as collateral but lost their value following the exchange's collapse).

他说，这可能会造成传染的风险，指的是FTX和硅谷银行的崩溃。 FTX存在杠杆率（以及各种FTX附属令牌，它们被用作抵押品，但在交易所崩溃后失去了价值）。

"As we’ve learned from prior financial crises, ramping up leverage risks that any single bad bet or any significant move in the value of one asset or intermediary will crash the entire crypto sector," Frayer said.

弗雷耶说：“正如我们从先前的金融危机中学到的那样，提高利用风险的风险是，任何一个不好的赌注或一个资产或中介的任何重大举动都会崩溃整个加密货币部门。”

Congress's efforts may take some time. Earlier this week, lawmakers with the Senate Banking Committee's new digital assets subcommittee convened its first hearing focused on future legislation.

国会的努力可能需要一些时间。本周早些时候，参议院银行委员会的新数字资产小组委员会的立法者召集了首次关注未来立法的听证会。

Lewis Cohen, an attorney who's long been active in the crypto sector and a witness at the hearing, said developers had "raced ahead of the legal and policy frameworks designed decades ago."

刘易斯·科恩（Lewis Cohen）是一名长期以来一直活跃于加密货币部门的律师，也是听证会的证人，他说，开发商“在数十年前设计的法律和政策框架之前进行了比赛。”

"Perhaps most critically, this uncertain regulatory environment has left consumers and users of digital assets at risk," he said. "A clear, practical and flexible federal statutory regime is urgently needed to address activity involving digital assets in both the primary and the secondary markets."

他说：“也许最关键的是，这种不确定的监管环境使消费者和数字资产的用户处于危险之中。” “迫切需要一个明确，实用和灵活的联邦法定制度来解决涉及主要市场和二级市场的数字资产的活动。”

Former Commodity Futures Trading Commission Chair Timothy Massad suggested Congress should focus on stablecoins and hold off on any kind of market structure legislation, at least until his former agency and the SEC have had a chance to

前商品期货贸易委员会主席蒂莫西·马萨德（Timothy Massad）建议国会应专注于稳定币，并坚持任何类型的市场结构立法，至少在他的前机构和SEC有机会之前