在過去兩個星期中下降的最大消息之一是特朗普政府宣布了國家比特幣儲備計劃

在過去兩個星期中下降的最大消息之一是特朗普政府宣布了國家比特幣儲備計劃

Among the biggest news that dropped in the past two weeks was the Trump administration’s announcement of a national Bitcoin reserve plan, a move whose mere discussion marks a significant shift from the federal government’s previous stance on digital assets and crypto. The SEC has continued its trend of closing non-fraud-related investigations and enforcement actions, providing some long-awaited relief for the industry. On the litigation front, Uniswap secured a key victory at the Second Circuit against the SEC, marking another win for DeFi. Meanwhile, the SEC continues to make waves with its statement on memecoins, asserting that the tokens themselves are not securities in many contexts unless tied to an investment contract. This statement has sparked widespread debate and heightened expectations for further developments and related classifications in the coming weeks.

在過去兩周中，最大的消息之一是特朗普政府宣布了國家比特幣儲備計劃，此舉僅僅與聯邦政府先前對數字資產和加密貨幣的立場發生了重大轉變。 SEC繼續其趨勢是關閉與弗拉德相關的調查和執法行動，為該行業提供了一些期待已久的救濟。在訴訟方面，UNISWAP在第二賽季對SEC取得了重要的勝利，這標誌著Defi的另一場胜利。同時，SEC繼續通過其關於Memecoins的聲明引起轟動，並斷言令牌本身在許多情況下不是證券，除非與投資合同有關。該聲明引發了廣泛的辯論，並提高了對未來幾週進一步發展和相關分類的期望。

These developments and a few other brief notes are discussed below.

這些發展和其他一些簡短說明將在下面討論。

National Bitcoin Reserve Plan Announced: March 6, 2025

國家比特幣儲備計劃宣布：2025年3月6日

After a few weeks of teasing it, President Trump has released his Executive Order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile capitalized with digital assets that were forfeited as part of criminal or civil asset forfeiture. On the day the Executive Order was signed, Crypto/AI Czar David Sacks released a statement on social media that under prior administrations (which includes Trump’s first term) “the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today.”

經過幾週的戲弄後，特朗普總統發布了他的行政命令，建立了戰略性的比特幣儲備金和數字資產，資本資本資源為數字資產，這些資產被沒收，這些資產是犯罪或民事資產沒收的一部分。在簽署行政命令的那天，加密貨幣/AI沙皇戴維·薩克斯（David Sacks）在社交媒體上發布了一份聲明，該聲明在先前的政府（包括特朗普的第一任期）下（聯邦政府出售了約195,000比特幣，以3.66億美元的收益出售。如果政府擁有比特幣，今天的價值將超過170億美元。”

In practice, this order primarily directs federal agencies to account for and retain, rather than sell, digital assets, a move that, while noteworthy, is not particularly groundbreaking. There was some interesting text in the Order about it being a "strategic advantage" to be among the first nations to create a bitcoin reserve due to its limited supply. However, beyond this symbolic step, it does little to shift the broader landscape. That said, the absence of federal government sell pressure for the next four years is a welcome development for Bitcoin markets.

實際上，該命令主要指示聯邦機構負責並保留而不是出售數字資產，但值得注意的是，這並不是特別開創的。順序上有一些有趣的文本，它是最早的國家，因為其供應有限，它是創建比特幣儲備的“戰略優勢”。但是，除了這一象徵性步驟之外，它幾乎沒有改變更廣闊的景觀。也就是說，未來四年中沒有聯邦政府出售壓力是比特幣市場的歡迎發展。

More SEC Investigations and Cases Dropped

SEC的調查和案件刪除

The creators of Bored Ape Yacht Club NFTs and related products, Yuga Labs, have announced the SEC has closed its investigation into the company, stating on X (formerly Twitter), “NFTs are not securities.” At the same time, the SEC appears to have reached an agreement with Kraken to drop its pending case against the second largest digital asset exchange in the U.S. This leaves only the Ripple and PulseChain lawsuits still active, with the Cumberland DRW case dismissed while we were finalizing this update, highlighting just how quickly things are changing. The PulseChain case, meanwhile, is effectively dead if the jurisdiction dismissal holds up.

無聊的APE遊艇俱樂部NFTS及相關產品Yuga Labs的創建者宣布，SEC已關閉對該公司的調查，並在X（以前稱為Twitter）上說：“ NFTS不是證券。”同時，SEC似乎已經與Kraken達成了一項協議，以對美國第二大數字資產交易所撤銷其未決案件，這僅留下了仍然有效的漣漪和Pulsechain訴訟，而坎伯蘭德DRW案件在我們最終確定此更新的同時駁回了這一更新，突顯了事情發生了多快的變化。同時，如果司法管轄區駁回，則有效地死亡。

While it remains unclear how Ripple and the SEC can coordinate a dismissal at this stage in the integral process, with nearly every other non-fraud case either closed or in the process of closing, it is reasonable to assume that this case is also likely to wind down or end in the near future. While fraud cases will continue and new cases may emerge, it is highly unlikely that we will see new non-fraud enforcement actions related to failure-to-register as a security until clearer regulatory rules are established. The substantial costs and uncertainty these cases have imposed on the industry make their resolution a much-needed reprieve.

儘管目前尚不清楚Rupple和SEC在整體過程中如何協調解僱，但幾乎所有其他非欺詐案件都關閉或結束過程中，可以合理地假設該案件也可能在不久的將來結束或結束。雖然欺詐案件將繼續並可能出現新案件，但我們不太可能看到與未能註冊作為安全性有關的新的非欺詐執行措施，直到建立更清晰的監管規則為止。這些案件對行業施加的巨額成本和不確定性使他們的決議成為急需的緩刑。

Uniswap Wins with the SEC and at the Second Circuit

UNISWAP在SEC和第二賽季中獲勝

The SEC’s Enforcement Division issued a Wells notice to Uniswap in April of last year, signaling its intention to recommend enforcement action against the decentralized exchange. Last week, Uniswap announced that it has been informed by the SEC that it has closed its investigation without taking any further action. In the same week, the Second Circuit upheld the dismissal of a civil securities class action filed against Uniswap.

SEC執法部門於去年4月發布了Wells通知UNISWAP的通知，這表明其意圖建議針對分散交易的執法行動。上週，UNISWAP宣布已告知SEC，它已關閉調查，而無需採取任何進一步的訴訟。在同一周，第二巡迴法院維持了針對Uniswap提起的民事證券集體訴訟。

The closure of the SEC’s investigation into Uniswap follows similar decisions regarding the NFT platform OpenSea and the online exchange Robinhood. The ruling in the Second Circuit, meanwhile, is seen as a broader win for DeFi, holding that social media posts about the security of the platform and transactions executed via its smart contracts do not make its developers statutory sellers or solicitors of securities transactions. Combined with the SEC dropping its case against Consensys over the Metamask wallet swapping and staking functionalities (which facilitate transactions with third-party DeFi providers), DeFi had a strong week—despite market-wide token price declines.

SEC對UNISWAP的調查結束遵循了關於NFT平台Opensea和在線交換的決定的類似決定。與此同時，第二巡迴法院的裁決被視為對DeFi的更廣泛的勝利，認為社交媒體有關平台安全性和通過其智能合同執行的交易的帖子並沒有使其開發商的法定賣家或證券交易的律師。加上SEC在MetAmask錢包交換和固定功能（有助於與第三方Defi提供者的交易中）對共識的案件，Defi的一周有很強的一周，儘管市場範圍內的代價下降了。

SEC Stays Busy with Flurry of Developments

SEC忙於發展

In addition to the Uniswap and Consensys closures noted above, the SEC also has called off its investigation into the Winklevoss-backed platform Gemini. It also acknowledged 4 crypto ETFs, released a Staff Statement on Memecoins, had six Crypto Task Force meetings, released Commissioner Peirce’s statement on litigation by enforcement, and two statements by Commissioner Crenshaw decrying recent Agency actions.

除了上面指出的UNISWAP和CONSENSYS外，SEC還取消了對Winklevoss支持的平台Gemini的調查。它還承認，有4個有關Memecoins的員工聲明的Crypto ETF，召開了六次加密工作組會議，發表了Peirce專員對執法訴訟的聲明，以及Crenshaw專員Crenshaw的兩份聲明，譴責了最近的機構行動。

It is hard to imagine all of this would be happening so quickly if there wasn’t unofficial buy-in from the likely future Chair of the SEC, Paul Atkins. The biggest development by far was the statement on memecoins, which is seemingly

如果沒有SEC可能未來的主席保羅·阿特金斯（Paul Atkins）的非正式買入，很難想像所有這些都會如此迅速地發生。到目前為止，最大的發展是關於Memecoins的聲明，這似乎是