美国证券交易委员会（SEC）正在从前主席加里·盖斯勒（Gary Gensler）下进行的大部分重大加密诉讼进行全面撤退

至少有四项针对加密货币公司的诉讼 - Ripple，Kraken，Cumberland DRW和Pulsechain-仍在进行中，并探究另外三家公司 - Unicoin，crypto.com和Insbiquable

The U.S. Securities and Exchange Commission (SEC) is undertaking a full-scale retreat from much of the major crypto litigation started under former Chair Gary Gensler, but not everyone is off the hook yet.

美国证券交易委员会（SEC）正在从前主席加里·金斯勒（Gary Gensler）的带领下进行全面的重大加密诉讼，但并非所有人都陷入困境。

At least four lawsuits against crypto companies — Ripple, Kraken, DRW's Cumberland and Pulsechain — remain ongoing, and probes into another three firms — Unicoin, Crypto.com and Immutable — have not yet been closed.

至少有四项针对加密货币公司的诉讼 - Ripple，Kraken，DRW的Cumberland和Pulsechain-仍在进行中，并探究了另外三家公司 - Unicoin，Crypto.com和Incriptable - 尚未关闭。

Coinbase Chief Legal Officer Paul Grewal said in an interview with CoinDesk that the unprecedented activity level at the SEC as it backs away from crypto actions illustrates "just how beyond the pale the last four years were."

Coinbase首席法律官Paul Grewal在接受Coindesk采访时说，SEC的前所未有的活动水平远离加密货币行动，这说明了“过去四年的苍白是如何超越苍白的。”

"It is definitely something we've never seen before, but I think it's well warranted," Grewal said.

格雷瓦尔说：“这绝对是我们从未见过的东西，但我认为这是很保证的。”

Over the past two weeks, a number of companies who previously received Wells notices — essentially a heads-up from the regulator that it intends to file enforcement charges — got word from the SEC that the investigations into them had been closed, and no further action was pending. That list includes Robinhood Crypto, decentralized protocol Uniswap, non-fungible token (NFT) marketplace OpenSea and crypto exchange Gemini.

在过去的两个星期中，许多以前收到Wells通知的公司（本质上是从监管机构开始提起执法指控的监管机构的头号），从SEC宣布，对他们的调查已经关闭，没有进一步的行动，也没有采取进一步的行动。该列表包括Robinhood Crypto，分散协议UNISWAP，不可杀死的令牌（NFT）市场Opensea和加密交易所Gemini。

The Open Suits

开套装

The SEC has agreed to drop its case against Coinbase, which accused the firm of operating as an unregistered securities broker and exchange. But similar charges against Kraken have not yet been dropped. The SEC sued Kraken in November 2023, accusing the firm of commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency and dealer. A representative for Kraken did not respond to CoinDesk's request for comment.

SEC已同意对Coinbase撤销其案件，该公司指责该公司作为未注册的证券经纪人和交易所经营。但是对克雷肯的类似指控尚未被删除。 SEC于2023年11月起诉Kraken，指责该公司在作为未注册的证券经纪人，清算代理机构和经销商处运营时，在公司中造成客户和企业资金。 Kraken代表没有回应Coindesk的置评请求。

Similarly, the SEC sued Cumberland DRW — the crypto trading arm of Chicago-based trading firm DRW — last year for allegedly operating as an unregistered securities dealer. Don Wilson, the founder of DRW, pledged to fight the suit at the time. A representative for DRW declined to comment, telling CoinDesk that the firm currently has no updates to share.

同样，SEC起诉坎伯兰DRW（总部位于芝加哥的贸易公司DRW的加密货币贸易部门）去年因涉嫌作为未注册的证券经销商而进行的。 DRW的创始人唐·威尔逊（Don Wilson）当时承诺打架。 DRW的代表拒绝发表评论，告诉Coindesk，该公司目前没有更新可共享。

The SEC sued Ripple in 2020 and largely lost in 2023, when a New York judge ruled that XRP, when sold to retail investors, wasn’t a security. The SEC subsequently appealed that ruling. Though both Ripple executives and outside experts have speculated that the agency will drop the appeal, the agency has not yet made any public statement about the case. A representative for told CoinDesk that the company currently has no updates to share.

SEC在2020年起诉了Ripple，并在2023年大部分损失了，当时纽约法官裁定XRP卖给了零售投资者，这不是安全。 SEC随后对该裁决提出上诉。尽管波纹高管和外部专家都推测该机构将放弃上诉，但该机构尚未就此案发表任何公开声明。一位代表告诉Coindesk，该公司目前没有更新可共享的更新。

Dallas-based partner at law firm Vinson & Elkins and former SEC enforcement attorney Rebecca Fike said she expects the SEC to drop any of its pending cases that are based on using the Howey test to charge a firm with offering unregistered securities, especially where there are no findings of fraud or other investor-protection related issues.

达拉斯律师事务所Vinson＆Elkins的合伙人以及前SEC执法律师丽贝卡·菲克（Rebecca Fike）表示，她希望SEC放弃基于使用Howey测试的任何待处理案件，以向公司收取未注册的证券，尤其是在没有发现欺诈或其他投资者保护与其他相关问题的情况下。

"As for why some have been dropped before others, it could be internal or court based timelines that are setting priorities," Fike said. "There is also a chance that some crypto-related cases that seem to fit the Howey framework AND that the SE determines are based squarely in fraud — ie, a promoter or CEO saying one thing but doing another with investor funds — could continue under a traditional fraud framework."

Fike说：“至于为什么有些人在其他人面前删除，可能是内部或法院的时间表。” “还有一些与加密相关的案件似乎符合Howey框架，而SE决定的决定是基于欺诈行为的，即推动者或首席执行官说一件事，但要用投资者资金来做另一件事 - 可以在传统的欺诈框架下继续进行。”

The SEC brought fraud and registration allegations against Richard Schueler, better known as Richard Heart, Pulsechain, PulseX and Hex in July 2023. There was a hearing on the defendants' motion to dismiss last October, and the judge overseeing the case dismissed it last Friday, although she gave the SEC 20 days to amend it.

SEC在2023年7月提出了针对理查德·舒勒（Richard Heart），Pulsechain，Pulsx和Hex的理查德·舒勒（Richard Schueler）的欺诈和注册指控。在去年10月被告驳回动议的听证会上，该案件于上周五驳回了该案，尽管她驳回了该案，尽管她给了SEC 20天进行修改。

The Open Probes

开放探针

Several of the SEC's probes — investigations that have not yet led to filed charges — into crypto companies also remain open.

SEC的几项调查（尚未导致尚未提出指控的调查）也保持开放。

Crypto.com sued the SEC last October after it received a Wells notice. The firm voluntarily dropped its suit two months later, shortly after CEO Kris Marzalek met with then-President Elect Donald Trump.

Crypto.com在收到Wells通知后于去年10月起诉SEC。该公司在两个月后自愿撤销诉讼，不久之后，首席执行官克里斯·马扎莱克（Kris Marzalek）会见了当时的总统唐纳德·特朗普（Donald Trump）。

Australian blockchain gaming and NFT company Immutable also received a Wells notice last year connected to the sale of its IMX token in 2021, and pledged to fight any ensuing enforcement charges. Neither the company nor the SEC has made any statement about the status of the probe.

去年，澳大利亚区块链游戏和NFT公司不变了，该通知与2021年出售其IMX代币有关，并承诺与随后的任何执法指控作斗争。公司和SEC都没有就调查状态发表任何陈述。

Unicoin also received a Wells notice last year informing the firm that the SEC planned to bring charges alleging violations related to fraud, deceptive practices and the offer and sale of unregistered securities.

Unicoin去年还收到了Wells通知，告知公司SEC计划提出指控，指控违反与欺诈，欺骗性实践以及未注册证券的报价和销售。

Looking forward

期待

The SEC's retreat, as well as the slashing of its crypto enforcement team, according to Fike, is an indication that the agency is moving away from the so-called "regulation by enforcement" approach to the crypto industry undertaken by former Chair Gensler.

根据Fike的说法，SEC的撤退以及对加密执法团队的削减表明该机构正在远离前主席Gensler所承担的加密行业所谓的“执法法规”方法。

"I think the SEC is signaling through staffing that it means what it is now saying: that crypto regulation will come through statements and potential future rulemaking, not case-by-case enforcement actions," Fike said. "Their hope, and mine, is that a backing away from calling all crypto securities and assessing the crypto industry as a whole under

Fike说：“我认为SEC通过人员配备发出信号，这意味着它现在所说的：加密法规将通过陈述和潜在的未来规则制定，而不是逐案的执法行动来实现。” “他们的希望，我的希望是，呼吁所有加密证券并评估整个加密货币行业的支持