数字货币行业的这4大胜利显示，SEC正在撤销诉讼和调查

本周，数字货币行业可以说是四项重大胜利，因为证券交易委员会（SEC）放弃了对主要参与者的诉讼和调查

This week, the U.S. Securities and Exchange Commission (SEC) dropped lawsuits and investigations into major digital currency companies, including Coinbase (NASDAQ:COIN), Robinhood Crypto (NASDAQ:HOOD), Uniswap Labs, and the non-fungible token (NFT) marketplace OpenSea.

本周，美国证券交易委员会（SEC）对包括Coinbase（NASDAQ：COIN），Robinhood Crypto（NASDAQ：HOOD），UNISWAP LABS和NONISWAP LABS和NOT-FORIBLIBLIBLIBLIBLE（NFT令牌（NFT）Marketea Opensea在内的主要数字货币公司的诉讼和调查。

The SEC sued Coinbase in June 2023, alleging that it had been operating as an unregistered broker, exchange, and clearing agency since 2019. The commission claimed that the company violated federal securities laws by facilitating unregistered securities trading. After over a year of legal battles, the SEC dismissed the case on February 21.

SEC于2023年6月起诉Coinbase，声称自2019年以来一直是一家未注册的经纪人，交换和清算机构的经营。该委员会声称，该公司通过促进未注册的证券交易违反了联邦证券法。经过一年多的法律斗争，SEC于2月21日驳回了该案。

Coinbase was one of the companies that tried to push back and asked the SEC for clearer regulatory guidelines. However, the agency refused to provide them, which led a federal court to criticize the SEC’s actions, calling their refusal “arbitrary and capricious.” Afterward, the court ordered the SEC to provide a more detailed explanation for its refusal to offer guidance—an order the agency never fulfilled because before it had a chance to do so, there was a change in SEC leadership.

Coinbase是试图向后推迟并要求SEC的公司的公司之一。但是，该机构拒绝向他们提供，这导致联邦法院批评SEC的行动，称他们的拒绝“任意和反复无常”。之后，法院命令SEC为其拒绝提供指导提供更详细的解释 - 该机构从未实现的命令，因为在有机会这样做之前，SEC领导层发生了变化。

After former SEC Chair Gary Gensler departed, the agency has been winding down its probes into major digital asset firms.

前美国证券交易委员会（Gary Gensler）离开前SEC主席后，该机构一直将其调查纳入主要的数字资产公司。

In May 2024, the SEC threatened to sue Robinhood over its crypto operations, notifying the company of a pending lawsuit with a Wells Notice. However, the SEC abruptly closed it’s investigation into the company’s crypto activities on February 24.

2024年5月，美国证券交易委员会（SEC）威胁要对其加密货币运营起诉罗宾（Robinhood），并通知公司待定的诉讼，并通知了威尔斯（Wells）的通知。但是，SEC突然关闭了它对2月24日对公司的加密活动的调查。

The regulator also closed its probe into Uniswap Labs. The crypto exchange received a Wells Notice in April 2024, during which it was threatened with an investigation into whether it was operating as an unregistered securities broker and exchange.

调节器还将其探针关闭到Uniswap实验室中。加密货币交易所在2024年4月收到了Wells通知，在此期间，它对它是否作为未注册的证券经纪人和交易所进行了调查。

Finally, OpenSea was notified in August 2024 that the SEC was investigating whether certain NFTs on it’s platform should be classified as securities, but the SEC discontinued the investigation on February 21.

最后，Opensea于2024年8月收到通知，SEC正在调查其平台上的某些NFT是否应归类为证券，但SEC在2月21日中止了调查。

Each of these companies spent years and millions of dollars in legal fees battling the SEC. Now, seemingly overnight, the regulatory threats they faced have vanished. So, what changed?

这些公司中的每一个都花费了数年和数百万美元的法律费用与SEC作战。现在，似乎一夜之间，他们面临的监管威胁消失了。那么，发生了什么变化？

There’s been a major shift in the SEC’s approach to crypto regulation, and while this might seem like a win for digital asset companies, the reality is much more complex.

SEC的加密监管方法发生了重大转变，尽管这似乎是数字资产公司的胜利，但现实却更加复杂。

The SEC’s crypto policy shift

SEC的加密政策转变

Under former SEC Chair Gary Gensler, the agency took an aggressive stance against crypto. Gensler repeatedly stated that existing securities laws already covered most crypto assets and that many industry players failed to comply. His approach emphasized enforcement over guidance, leading to a wave of lawsuits and investigations that put major crypto firms in hot water.

在前SEC主席Gary Gensler的领导下，该机构对加密货币采取了积极的立场。 Gensler一再表示，现有证券法已经涵盖了大多数加密资产，许多行业参与者未能遵守。他的方法强调执法而不是指导，导致一波诉讼和调查，使主要加密货币公司陷入热水中。

One of these firms was Coinbase, which tried to push back and asked the SEC for clearer regulatory guidelines. However, the agency refused to provide them, which led a federal court to criticize the SEC’s actions, calling their actions “arbitrary and capricious.” Afterward, the court ordered the SEC to provide a more detailed explanation for its refusal to offer guidance—an order the agency never fulfilled because before it had a chance to do so, there was a change in SEC leadership.

这些公司之一是Coinbase，该公司试图向后推，并要求SEC提供更清晰的监管指南。但是，该机构拒绝向他们提供，这导致联邦法院批评SEC的行动，称他们的行动“任意和反复无常”。之后，法院命令SEC为其拒绝提供指导提供更详细的解释 - 该机构从未实现的命令，因为在有机会这样做之前，SEC领导层发生了变化。

Gensler’s departure ushered in a new era of crypto policy, marked by a hands-off approach that is much different than the SEC’s enforcement-heavy tactics of the past.

Gensler的离开迎来了一个新的加密政策时代，其特征是一种与SEC的执法策略大不相同。

Trump’s pro-crypto administrationAt face value, this shift appears to be exactly what the industry has been asking for: less government interference and clearer guidelines. However, in practice, the effects of these changes have been different from what they were in theory.

特朗普的亲克赖特托政府面值，这一转变似乎正是该行业一直在要求的：政府的干预和更清晰的指导方针。但是，实际上，这些变化的影响与理论上的影响不同。

When rumors of regulatory relief first surfaced, the crypto market responded enthusiastically. Prices soared in anticipation of a more business-friendly environment. However, once these changes were officially implemented, the reality didn’t quite match expectations, and market prices have been falling fast.

当有关监管救济的谣言首先浮出水面时，加密货币市场充满热情。价格飙升，预计会有更友好的业务环境。但是，一旦正式实施了这些变化，现实就不完全符合预期，市场价格一直在迅速下跌。

Instead of spurring new business activity, the shift in regulation has led to increased market speculation and a surge in questionable projects—initiatives that consumers have been investing in and losing money on unless they can sell hours after the project first launches. With fewer legal roadblocks, an influx of new tokens, NFTs, and decentralized finance (DeFi) projects have emerged—many of which lack real utility and resemble high-stakes gambling operations.

法规的转变并没有激发新的商业活动，而是导致市场投机越来越高，并且对可疑项目的激增 - 消费者一直在投资并亏本上的活动，除非他们在项目首次启动后可以出售数小时。随着法律障碍的较少，出现了新的代币，NFT和权力下放的金融项目（DEFI）项目，其中许多人缺乏真正的效用，并且类似于高风险的赌博操作。

Is crypto becoming the Wild West again?

加密货币再次成为野外西方吗？

One of the biggest concerns emerging from the SEC’s new hands-off approach is the rise in fraudulent activity. While crypto businesses like Coinbase and Robinhood are now free to operate without regulatory interference, the lack of oversight has also created a breeding ground for scams and pump-and-dump schemes.

SEC的新手方法中最大的担忧之一是欺诈活动的增长。尽管Coinbase和Robinhood等加密货币业务现在可以在没有监管干扰的情况下自由运营，但缺乏监督也为骗局和泵送计划创造了一个繁殖地。

Hester Peirce, the head of the SEC’s Crypto Task Force, recently stated that the SEC does not have jurisdiction over most crypto assets, including many coins, tokens, and NFTs. This raises an important question: If the SEC isn’t the regulator, then who is?

SEC加密特遣部队负责人Hester Peirce最近表示，SEC对包括许多硬币，代币和NFT在内的大多数加密资产没有管辖权。这提出了一个重要的问题：如果SEC不是监管机构，那么谁是？

Right now, no clear answer exists, which has made the industry a bit of a

目前，没有明确的答案，这使该行业有点