特朗普返回后，美国SEC撤回针对Coinbase的诉讼，停止调查Robinhood的加密单位

编译者：菲利克斯，潘努斯

output: After U.S. President Trump’s return, the U.S. Securities and Exchange Commission (SEC) withdrew the lawsuit it filed against Coinbase in 2023 and shut down its probe into crypto unit of the brokerage firm, Robinhood.

输出：在美国总统返回美国总统后，美国证券交易委员会（SEC）撤回了2023年对Coinbase提起的诉讼，并将其调查关闭到经纪公司Robinhood的加密货币部门。

Afterward, on February 25, the U.S. SEC also closed its federal investigation into Uniswap Labs. But then, Coinbase (NASDAQ:COIN) and the Bitcoin (CRYPTO:BTC) market went down, with Bitcoin falling from a high of $109,114 to $87,000, a decline of 20%.

之后，2月25日，美国SEC还关闭了联邦对Uniswap Labs的调查。但是随后，Coinbase（NASDAQ：COIN）和比特币（Crypto：BTC）市场下跌，比特币从109,114美元的高点下降到87,000美元，下降了20％。

Although there is no obvious reason for the decline, the overall logic of investors’ reactions is clear: they don’t like unpredictability and are generally more concerned about the market than specific companies.

尽管没有明显的原因下降，但投资者反应的总体逻辑很明确：他们不喜欢不可预测性，并且通常比特定公司更关心市场。

The reasons why the SEC dropped these cases are not important, what matters is the attitude toward Trump’s presidency and cryptocurrencies. It is worth mentioning that Coinbase and RH have donated to Trump, and Uniswap is also involved in the $116 million cryptocurrency political action committee (PAC) Fairshake.

SEC删除这些案件的原因并不重要，重要的是对特朗普总统任期和加密货币的态度。值得一提的是，Coinbase和RH已向特朗普捐款，Uniswap也参与了1.16亿美元的加密货币政治行动委员会（PAC）Fairshake。

Does this send a signal to investors that the donations were accepted? Or is it just a coincidence? Does this mean that Washington is welcoming cryptocurrencies? Fortunately, there are ways to determine the stance of Trump’s presidency on cryptocurrencies.

这是否向投资者发出信号，表明这些捐赠被接受？还是只是巧合？这是否意味着华盛顿欢迎加密货币？幸运的是，有一些方法可以确定特朗普在加密货币上的总统职位的立场。

If the Trump administration takes the following three actions, it may be evidence that they value cryptocurrencies and care about the market.

如果特朗普政府采取以下三项行动，则可以证明他们重视加密货币并关心市场。

Regulators may shift stance on token securities, CFTC or SEC

监管机构可能会改变令牌证券，CFTC或SEC的立场

The SEC’s stance on token securities is critical, and the SEC, under previous leadership, intended to designate most tokens as securities. This designation means you could be at risk: even if you don’t issue tokens directly yourself, developing technical solutions that interact with or trade tokens could expose you to legal risk associated with potential involvement in unregistered securities. This remains a significant hurdle for the crypto industry.

SEC对代币证券的立场至关重要，在先前的领导下，SEC旨在将大多数令牌指定为证券。该指定意味着您可能会面临风险：即使您不直接发行代币，开发与与潜在参与未注册证券有关的法律风险的技术解决方案也可能使您面临您的法律风险。对于加密行业来说，这仍然是一个重大障碍。

The Commodity Futures Trading Commission (CFTC) could also change its stance on cryptocurrencies. Historically, the success of a company has been a significant factor in the price of a token, and classifying a token as a security is not really in the hands of the company. But if the CFTC lessens regulations, it could have a major impact on U.S. companies that are more likely to get involved in cryptocurrencies.

商品期货贸易委员会（CFTC）也可以改变其对加密货币的立场。从历史上看，公司的成功一直是代币价格的重要因素，并且将令牌归类为安全性并不是真正掌握在公司手中。但是，如果CFTC减少了法规，它可能会对更有可能参与加密货币的美国公司产生重大影响。

Currently, the CFTC does not regulate cryptocurrencies and has no authority to do so. Transferring jurisdiction over cryptocurrencies to the CFTC is a strong indication of the new administration’s broadly supportive stance toward cryptocurrencies. As a smaller, less aggressive regulator, the CFTC is less likely to enforce regulation through law enforcement and may therefore take a more cooperative stance toward the crypto industry. Either of these two things would eliminate a significant risk for U.S. crypto companies, opening the door for innovative crypto businesses to enter the U.S. market.

Currently, the CFTC does not regulate cryptocurrencies and has no authority to do so.将加密货币的管辖权转移到CFTC上是新政府对加密货币的广泛支持立场的有力迹象。作为一个较小，较侵略性的监管机构，CFTC不太可能通过执法执行监管，因此可能对加密行业采取更加合作的立场。这两件事中的任何一个都将消除美国加密公司的重大风险，为创新的加密货币企业进入美国市场打开了大门。

Adopting Stablecoins

采用稳定的

The adoption of stablecoins is also expected to drive the growth of crypto payments, benefiting small and medium-sized enterprises (SMEs). SMEs that begin using crypto payments often turn to stablecoins first, so these businesses must clearly understand the legal provisions regarding stablecoins. It is not enough to simply use vague regulations that do not apply to stablecoins. They need a well-defined framework to clarify regulation.

预计采用稳定币将推动加密支付的增长，从而使中小型企业（SME）受益。开始使用加密付款的中小型企业通常首先转向稳定币，因此这些业务必须清楚地了解有关稳定的法律规定。仅使用不适用于稳定的法规的模糊法规还不够。他们需要一个定义明确的框架来阐明法规。

What would a better regulatory approach lead to? More confidence. Companies would enjoy greater certainty in the transition from stablecoins to cryptocurrencies. And crucially, as more businesses integrate crypto payments, more opportunities would emerge for U.S. crypto companies. To facilitate this virtuous cycle, dedicated legislation is needed to recognize stablecoins as a legitimate means of payment. Direct regulatory oversight, ensuring trust in reserves, and managing risks for stablecoin issuers would also increase confidence.

更好的监管方法会导致什么？更有信心。公司将在从Stablecoins到加密货币的过渡中享有更大的确定性。至关重要的是，随着越来越多的企业整合加密货币的付款，美国加密公司将出现更多的机会。为了促进这一良性周期，需要专门的立法来承认稳定币是合法的付款方式。直接的监管监督，确保对储备金的信任以及管理Stablecoin发行人的风险也将增加信心。

FinCEN plays a role

Fincen扮演角色

Another sticking point is the problem crypto businesses face in opening bank accounts. Even if they manage these accounts, they face high service costs and fees because banks consider the crypto industry to be a significant money laundering risk. This reluctance to serve crypto is ironic: the crypto industry aims to establish an alternative payment system but still relies on traditional banking.

另一个引人注目的是加密货币业务在开设银行帐户中面临的问题。即使他们管理这些帐户，他们也会面临高昂的服务成本和费用，因为银行认为加密货币行业是一种重要的洗钱风险。这种不愿为加密货币服务具有讽刺意味的是：加密货币行业旨在建立替代支付系统，但仍然依赖传统的银行业务。

In order for the crypto ecosystem to grow, financial institutions must provide services to crypto-related entities. It is also clear that without the participation of traditional banks, the crypto ecosystem will remain limited. The key to change may lie with the Financial Crimes Enforcement Network (FinCEN). If the bureau takes steps to revise its risk assessment of crypto businesses, banks will adjust their assessments accordingly. Financial institutions will be more willing to work with crypto companies.

为了使加密生态系统成长，金融机构必须为与加密相关的实体提供服务。同样很明显，如果没有传统银行的参与，加密生态系统将保持限制。变革的关键可能在于金融犯罪执法网络（FINCEN）。如果该局采取措施修改其对加密货币业务的风险评估，银行将相应地调整其评估。金融机构将更愿意与加密货币公司合作。

The future of cryptocurrency

加密货币的未来

The future of cryptocurrencies in the United States is unclear: The Trump administration has accepted some crypto donations, but there is still uncertainty in the market. It may be helpful to understand the current administration’s attitude towards the industry by paying attention to the activities of the CFTC and FinCEN and the positive shifts in cryptocurrency regulation. These three areas are

美国加密货币的未来尚不清楚：特朗普政府接受了一些加密货币捐赠，但市场上仍然存在不确定性。通过关注CFTC和Fincen的活动以及加密货币调节的积极转变，了解当前政府对行业的态度可能会有所帮助。这三个领域是