华盛顿的加密革命正在成为美国金融的历史转折点

不仅仅是更换监管机构或重写规则。这是关于美国在全球金融创新竞赛中选择立场的问题。

With Gary Gensler, Michael Barr, and Rostin Behnam all set to leave their posts, the Commodity Futures Trading Commission (CFTC) leadership is up for grabs. Whoever fills this crucial role will play a pivotal part in shaping crypto regulation for years to come.

随着加里·詹斯勒 (Gary Gensler)、迈克尔·巴尔 (Michael Barr) 和罗斯汀·贝纳姆 (Rostin Behnam) 都准备离职，商品期货交易委员会 (CFTC) 的领导权正在争夺之中。无论谁担任这一关键角色，都将在未来几年制定加密货币监管方面发挥关键作用。

Six candidates have emerged as frontrunners for the CFTC chair position. Each brings a unique perspective on how crypto regulation should evolve under the new administration.

六名候选人成为 CFTC 主席职位的领跑者。每个人都对新政府领导下的加密货币监管应如何发展提出了独特的观点。

At the top of the list are two current CFTC commissioners: Summer Mersinger and Caroline Pham. Both have been outspoken critics of the "regulation by enforcement" approach that has characterized the Biden years.

位居榜首的是两位现任 CFTC 委员：萨默·梅辛格 (Summer Mersinger) 和卡罗琳·范 (Caroline Pham)。两人都直言不讳地批评拜登时代的“执法监管”方式。

Mersinger, in particular, has stood out as a thought leader at the intersection of crypto innovation and consumer protection. Her September dissent on the CFTC's settlement with Uniswap highlighted a nuanced understanding of decentralized finance that is rare among regulators.

尤其是 Mersinger，他在加密货币创新和消费者保护领域脱颖而出，成为思想领袖。她 9 月份对 CFTC 与 Uniswap 和解的异议凸显了对去中心化金融的细致入微的理解，这在监管机构中是罕见的。

Another strong candidate is Brian Quintenz, who currently heads crypto policy at venture capital giant Andreessen Horowitz. His unique position — straddling both the regulatory and innovation sides of the fence — could make him an especially intriguing pick.

另一位强有力的候选人是 Brian Quintenz，他目前负责风险投资巨头 Andreessen Horowitz 的加密货币政策。他的独特地位——横跨监管和创新两面——可能使他成为一个特别有趣的人选。

Having previously served as a CFTC commissioner from 2017 to 2021, he brings the kind of hybrid experience that might be crucial for navigating crypto's integration into traditional financial markets.

此前，他曾于 2017 年至 2021 年担任 CFTC 委员，他带来的混合经验对于引导加密货币融入传统金融市场可能至关重要。

Others in the running include former CFTC commissioner Dan Berkovitz, who is now a partner at law firm Paul, Weiss, Rifkind, Wharton & Garrison; Securities and Exchange Commission (SEC) general counsel Dan Gallagher; and former SEC commissioner Paul Atkins.

其他参选者包括前美国商品期货交易委员会委员 Dan Berkovitz，他现在是 Paul, Weiss, Rifkind, Wharton & Garrison 律师事务所的合伙人；证券交易委员会 (SEC) 总法律顾问 Dan Gallagher；以及前美国证券交易委员会委员保罗·阿特金斯。

The CFTC oversees $500 trillion in trading volumes across currencies and financial derivatives. It is currently poised to gain oversight of the spot market for certain digital assets like Bitcoin and Ethereum, where the regulatory landscape remains murky at best.

CFTC 监管着 500 万亿美元的货币和金融衍生品交易量。目前，它准备获得对比特币和以太坊等某些数字资产现货市场的监管，而这些资产的监管环境充其量仍然是模糊的。

"Over the past several years, a multitude of domestic and global events tested the resilience of all financial markets," outgoing CFTC Chair Behnam reflected in his resignation letter.

即将离任的商品期货交易委员会主席贝纳姆在辞职信中表示：“过去几年，大量的国内和全球事件考验了所有金融市场的弹性。”

But those tests may pale in comparison to what's coming next.

但与接下来的测试相比，这些测试可能显得苍白无力。

As Trump's transition team vets candidates for this crucial position, six names have emerged as frontrunners.

在特朗普的过渡团队审查这一关键职位的候选人时，有六名候选人成为领跑者。

Each brings a different vision for how crypto regulation might evolve under the new administration. At the top of the list are two current CFTC commissioners: Summer Mersinger and Caroline Pham. Both have been vocal critics of the "regulation by enforcement" approach that characterised the Biden years.

对于新政府领导下的加密货币监管如何发展，每个人都提出了不同的愿景。位居榜首的是两位现任 CFTC 委员：萨默·梅辛格 (Summer Mersinger) 和卡罗琳·范 (Caroline Pham)。两人都直言不讳地批评拜登时代的“执法监管”方式。

Mersinger, in particular, has emerged as a thought leader at the intersection of crypto innovation and consumer protection. Her September dissent on the CFTC's settlement with Uniswap showcased a nuanced understanding of decentralised finance that's rare among regulators.

尤其是 Mersinger，他已成为加密货币创新和消费者保护交叉领域的思想领袖。她 9 月份对 CFTC 与 Uniswap 和解的异议表明了她对去中心化金融的细致入微的理解，这在监管机构中是罕见的。

Then there's Brian Quintenz, currently heading crypto policy at venture capital giant Andreessen Horowitz. His unique position — straddling both the regulatory and innovation sides of the fence — could make him an especially intriguing pick.

然后是 Brian Quintenz，目前在风险投资巨头 Andreessen Horowitz 负责加密货币政策。他的独特地位——横跨监管和创新两面——可能使他成为一个特别有趣的人选。

Having previously served as a CFTC commissioner from 2017 to 2021, he brings the kind of hybrid experience that might be crucial for navigating crypto's integration into traditional financial markets.

此前，他曾于 2017 年至 2021 年担任 CFTC 委员，他带来的混合经验对于引导加密货币融入传统金融市场可能至关重要。

Let's look at who might end up with their hand on crypto's regulatory rudder.

让我们看看谁最终可能会掌管加密货币的监管舵。

The Domino Effect

多米诺骨牌效应

This isn't just about filling seats — it's about dismantling what crypto advocates have dubbed "Operation Chokepoint 2.0."

这不仅仅是为了填补席位——而是为了拆除加密货币倡导者所谓的“Operation Chokepoint 2.0”。

The exodus of Biden-era regulators comes as evidence mounts of a coordinated effort to restrict crypto's access to banking services.

随着越来越多的证据表明，拜登时代的监管机构纷纷出走，以限制加密货币获得银行服务。

Read: When Banks Can't Bank 🖐🏾

阅读：当银行无法办理银行业务时🖐🏾

Coinbase's chief legal officer Paul Grewal, after reviewing unredacted FDIC files, confirmed what many had suspected: there was a "coordinated effort to stop a wide variety of crypto activity — everything from basic BTC transactions to more complex offerings."

Coinbase 的首席法律官 Paul Grewal 在审查了未经编辑的 FDIC 文件后，证实了许多人的怀疑：“正在协调努力阻止各种加密货币活动——从基本的 BTC 交易到更复杂的产品。”

The stakes became clearer when Federal Reserve Vice Chair Michael Barr — dubbed by some as "The Fed's Debanker-in-Chief" — announced his resignation. His March 2023 statement that the Fed would "likely view it as unsafe and unsound for banks to directly own crypto-assets" had effectively served as a warning shot to banks considering crypto services.

当美联储副主席迈克尔·巴尔（被一些人称为“美联储的银行家首领”）宣布辞职时，利害关系变得更加清晰。他在 2023 年 3 月发表的声明称，美联储“可能认为银行直接拥有加密资产是不安全和不健全的”，这实际上是对考虑加密服务的银行发出的警告。

Crypto venture capitalist Nic Carter has been keeping score. His infamous "wanted poster" of anti-crypto officials shows more than half have now announced resignations, stepped down, or been defeated in elections.

加密货币风险投资家尼克卡特一直在记分。他臭名昭著的反加密货币官员“通缉海报”显示，超过一半的官员现已宣布辞职、下台或在选举中失败。

The coordinated departure suggests they see the writing on the wall.

协调一致的离开表明他们看到了不祥之兆。

And what’s that? Trump's transition team is preparing a regulatory reset.

那是什么？特朗普的过渡团队正在准备重新调整监管。

The Washington Post reports that Day One executive orders are already drafted to address both the "de-banking" issue and the controversial Staff Accounting Bulletin 121 (SAB 121).

据《华盛顿邮报》报道，第一天的行政命令已经起草，以解决“去银行化”问题和有争议的《员工会计公告 121》(SAB 121)。

This latter point is crucial. SAB 121, which requires firms to record customers' crypto holdings as liabilities on their balance sheets, has been a major roadblock for institutional adoption. Despite bipartisan support for its repeal — the Senate voted

后一点至关重要。 SAB 121 要求公司将客户持有的加密货币记录为资产负债表上的负债，这一直是机构采用的主要障碍。尽管两党都支持废除该法案，但参议院还是投票通过了