2024年:监管妥协之年

币圈资讯 阅读:34 2024-04-22 11:28:41 评论:0
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作者:Michael Selig,coindesk 翻译:善欧巴,比特币买卖交易网

继 2023 年加密企业与 SEC、CFTC 等监管机构冲突不断之后,Willkie Farr & Gallagher 律师事务所的 Michael Selig 预测,2024 年我们将看到更多监管方面的对话和进展。

2022 年,随着多家加密运营商的崩盘,监管机构蜂拥而至,宣称该行业「充斥着欺诈、骗局、破产和洗钱」。为了解决这些被感知到的缺陷,美国证券交易委员会 (SEC) 和商品期货交易委员会 (CFTC) 在 2023 年期间联手对加密行业参与者发起了超过 200 起执法行动。

就像无法区分好坏的自身免疫反应一样,监管机构既起诉了那些擦边球违法的人,也起诉了那些试图遵守法律的人。被监管机构执法大网捕获的包括:一个独特生成的动画猫 JPEG 图像发行商、一个去中心化自治组织以及众多名人「影响者」,包括金·卡戴珊、保罗·皮尔斯和 Lindsay Lohan。

从激战到妥协:加密监管新篇章?

2023 年加密行业与监管机构的冲突不断升级,Michael Selig 预测 2024 年监管层面或将迎来更多对话与妥协。

监管机构大举执法,针对几乎所有行业参与者,指控他们违反了适用性存疑的旧法规,同时拒绝制定更明确的规则。然而,到了年末,监管机构也遭遇挫折:SEC 在与 Ripple 和 Grayscale 的官司中接连败诉,CFTC 也开始倾向与加密交易所达成和解,而非旷日持久的诉讼。

正如我去年年底预测的那样,2023 年是 "监管与去中心化" 博弈的一年。2024 年作为选举年,国会不太可能通过全面的加密立法,但监管机构或许会调整失败的 "监管执法" 策略,转向与行业合作,通过咨询规则制定和豁免许可等方式建立临时监管框架。

加密行业参与者和监管机构有着共同的利益:双方都因去年 FTX 崩盘事件遭受重创,并迫切希望防止不良行为者再次破坏整个行业。尽管短期内不太可能出台立法解决方案,SEC 主席 Gary Gensler 在打击行业 "广泛不遵守" 问题上的强硬立场可能将有所松动,其他监管机构也需要做出妥协。

Grayscale 针对 SEC 拒绝其比特币 ETF 申请的法律挑战,赢得了华盛顿特区巡回上诉法院三名法官的一致裁决,认定 SEC 的行为 "武断任性"。美国第三巡回上诉法院也要求 SEC 回应一份关于加密资产证券的制定规则请愿书。

抗击监管越权:不仅仅是加密行业的斗争

对行政机构越权的反抗并非局限于加密行业。上个月,美国商会针对美国证券交易委员会 (SEC) 的一项诉讼中,第五巡回上诉法院裁定,SEC 未充分考虑行业意见,且未进行适当的成本效益分析,因此其制定股票回购披露规则的行为是武断任性的。

SEC 还面临着六个行业团体提起的诉讼,指控该机构在制定新的私募基金顾问监管规定时超出了其法定权力。此外,第五巡回上诉法院最近表示,美国商品期货交易委员会 (CFTC) 在撤回豁免信函时没有提供任何支持性理由,滥用职权,一家 CFTC 注册交易所也因该机构武断任性地拒绝其新事件合约平台上市申请而将其告上法庭。

这类挑战行政举措的法律诉讼可能会在明年继续限制和约束监管机构的行动。受 Grayscale 案判决影响,SEC 最近批准了基于期货的以太坊 ETF,据传闻,该机构最快将在明年 1 月批准现货比特币 ETF。

SEC 的转身与行业的新机遇

随着美国第三巡回上诉法院要求美国证券交易委员会 (SEC) 回应行业制定规则的请愿,SEC 却选择拒绝了该请愿。然而,主席 Gary Gensler 这次的公开评论与之前“可能只有少数”加密资产“不是”证券的强硬立场大相径庭。他表示:“当然,并非所有加密资产都必然以证券的方式提供和出售……我期待与希望遵守法律的加密项目和中间商合作。”

尽管 SEC 没有制定加密行业的全面监管框架的意愿,但该机构在未来一年仍将推出一些新规,对行业参与者产生影响。其中包括重新定义“交易所”包含“通信协议系统”以及要求投资顾问将加密资产交由合格托管人保管的提案。如果这两个提案以目前的形式被采纳,很可能会引发类似的行政法律挑战。许多行业团体和加密公司抱怨,SEC 在没有明确的国会授权的情况下提出这些规定,违反了“重大问题原则”。考虑到这些规定可能会被法律纠纷拖延,甚至在未来执政更迭后被废除,这可能会促使 SEC 做出重大让步。

除了被迫配合传票,加密行业参与者明年还将有理由扩大与监管机构工作人员的互动。随着机构对加密资产需求的持续增长,行业参与者将寻求提供一系列需要与监管机构合作的产品。

例如,许多类型的“现实世界资产 (RWA) 代币化”产品显然属于 SEC 的监管范围,需要 SEC 工作人员的批准。希望在美国提供加密保证金交易和永续合约的交易所需要 CFTC 的批准。而受审慎监管的金融机构,如果想要提供稳定币和其他加密产品,也需要获得其监管机构的授权。

经过漫长的一年法律交锋,在新的一年,我们可以期待加密行业和监管机构之间的关系稍微缓和 (哪怕只是一点点),这将对双方都带来好处。


After the constant conflict between encryption enterprises and other regulatory agencies in, we will see more regulatory dialogue and progress in. With the collapse of many encryption operators, regulators flocked to claim that the industry was full of fraud, fraud, bankruptcy and money laundering. In order to solve these perceived defects, the US Securities and Exchange Commission and the Commodity Futures Trading Commission jointly launched more than one law enforcement against encryption industry participants during. Action is like an autoimmune reaction that can't distinguish between good and bad. Regulators have prosecuted both those who violated the law and those who tried to abide by the law. What was captured by regulators' law enforcement network included a unique animated cat image publisher, a decentralized autonomous organization and many celebrity influencers, including Kim Kardashian, Paul Pierce and a new chapter from fierce fighting to compromise encryption supervision. The conflict between encryption industry and regulators is escalating in 2008, and it is predicted that the regulatory level will be ushered in. More dialogue and compromise. Regulators enforce the law vigorously, accusing almost all industry participants of violating the old laws and regulations whose applicability is doubtful, and refusing to formulate clearer rules. However, by the end of the year, regulators also suffered setbacks, and they began to tend to reach a settlement with encryption exchanges instead of protracted litigation. As I predicted at the end of last year, 2008 is a year of supervision and decentralization. As an election year, Congress is unlikely to pass comprehensive encryption legislation. However, regulators may adjust the failed regulatory enforcement strategy and turn to cooperate with the industry to establish a temporary regulatory framework by consulting rules and exempting licenses. Participants in the encryption industry and regulators share common interests, and both sides are badly hit by last year's crash and are eager to prevent bad actors from damaging the whole industry again. Although it is unlikely that a legislative solution will be introduced in the short term, the chairman's tough stance on cracking down on widespread non-compliance in the industry may loosen other regulations. Institutions also need to compromise. The legal challenge of rejecting their bitcoin application won the unanimous ruling of three judges of the Washington, D.C., Circuit Court of Appeals. The United States Court of Appeals for the Third Circuit also demanded a response to a petition on the rules of encrypted asset securities. Fighting against regulatory ultra vires is not only a struggle in the encryption industry, but also the fifth in a lawsuit filed by the American Chamber of Commerce against the US Securities and Exchange Commission last month. The Circuit Court of Appeal ruled that it did not fully consider the opinions of the industry and did not conduct a proper cost-benefit analysis, so its behavior in formulating the disclosure rules of stock repurchase was arbitrary and willful. It also faced lawsuits filed by six industry groups accusing the institution of exceeding its legal power in formulating new regulations on the supervision of private equity fund consultants. In addition, the Fifth Circuit Court of Appeal recently stated that the US Commodity Futures Trading Commission did not provide any supporting reasons for abusing its power when withdrawing the exemption letter from a registered exchange. It is also because the agency arbitrarily rejected its application for listing on the new event contract platform and took it to court. Such legal proceedings that challenge administrative measures may continue to restrict and constrain the actions of the regulatory agency next year. Due to the judgment of the case, it has recently approved the Ethereum based on futures. It is rumored that the agency will approve the turn of spot bitcoin as soon as next month, and the new opportunities in the industry. With the US Court of Appeals for the Third Circuit asking the US Securities and Exchange Commission to respond to the petition of the industry to formulate rules, it chose to refuse. However, the chairman's public comments this time are quite different from the previous tough stance that only a few encrypted assets are not securities. He said that of course, not all encrypted assets are necessarily provided and sold in the form of securities. I look forward to cooperating with encryption projects and middlemen who want to abide by the law. Although there is no willingness to formulate a comprehensive regulatory framework for the encryption industry, the agency will still introduce some new regulations in the coming year, which will have an impact on industry participants, including redefining the exchange. The trust agreement system and the proposal requiring investment advisers to hand over encrypted assets to qualified custodians are likely to cause similar administrative and legal challenges if these two proposals are adopted in their current forms. Many industry groups and encryption companies complain that it is against the principle of major issues to put forward these regulations without explicit authorization from Congress. Considering that these regulations may be delayed by legal disputes or even abolished after the change of governance in the future, it may prompt major concessions except forced cooperation. Participants in the subpoena encryption industry will also have reason to expand their interaction with the staff of the regulatory agencies next year. With the continuous growth of the demand for encrypted assets by institutions, industry participants will seek to provide a series of products that need to cooperate with the regulatory agencies. For example, many types of real-world assets token products obviously belong to the regulatory scope that requires the approval of the staff. If financial institutions that want to provide encrypted margin transactions and perpetual contracts in the United States need the approval, they will be carefully supervised. After a long year of legal confrontation, we can expect the relationship between the encryption industry and the regulatory authorities to ease slightly, even if only a little, which will bring benefits to both sides. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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