加密貨幣必須適應法律，而不是相反——約翰·里德·斯塔克

前 SEC 官員約翰·里德·斯塔克 (John Reed Stark) 批評加密貨幣行業散佈有關該機構執法實踐的錯誤訊息。史塔克駁斥了「執法監管」的說法，聲稱美國證券交易委員會只是在履行其執行現有法律的職責。他強調加密產業內缺乏透明度和問責制，強調了對缺乏基本財務數據和估值方法的擔憂。

Former SEC Official Denounces Crypto Industry's 'Myths' and 'Unfounded Assault' on Regulatory Enforcement

前 SEC 官員譴責加密行業對監管執法的“神話”和“毫無根據的攻擊”

In a scathing indictment of the cryptocurrency industry, John Reed Stark, a former Securities and Exchange Commission (SEC) official, accused the sector of perpetuating myths to conceal its lack of transparency and accountability. Stark dismissed claims that the SEC engages in "regulation by enforcement," asserting that the agency is merely fulfilling its mandate to uphold the rule of law.

前美國證券交易委員會 (SEC) 官員約翰·里德·斯塔克 (John Reed Stark) 對加密貨幣行業進行了嚴厲的控訴，指責該行業長期存在神話，以掩蓋其缺乏透明度和問責制。史塔克駁斥了美國證券交易委員會從事「執法監管」的說法，聲稱該機構只是履行其維護法治的職責。

Testifying before the U.S. House Financial Services Committee on May 7, Stark decried the crypto industry's refusal to comply with established laws while simultaneously demanding that the legal framework be tailored to its needs.

5 月 7 日，史塔克在美國眾議院金融服務委員會作證時，譴責加密產業拒絕遵守既定法律，同時要求法律框架適應其需求。

"The catchphrase of SEC regulation by enforcement [...] falls squarely into that last category," Stark declared. "Just plain false. [...] Crypto promoters represent the most important recent example of industry players accusing the SEC of unfairly policing the markets. I’ve never witnessed such a well-funded, coordinated and unfounded assault on the SEC and its mission.”

「美國證券交易委員會透過執法進行監管的口號完全屬於最後一類，」史塔克宣稱。 「完全是錯誤的。[...]加密貨幣推廣者代表了行業參與者指責美國證券交易委員會不公平監管市場的最重要的例子。我從未見過對美國證券交易委員會及其監管機構進行如此資金充足、協調一致且毫無根據的攻擊。

According to Stark, the term "regulation by enforcement" is a mischaracterization of the SEC's routine enforcement activities. "The rest of us simply call it enforcing the law," he stated.

史塔克認為，「執法監管」一詞是對 SEC 日常執法活動的錯誤描述。 「我們其他人只是稱之為執行法律，」他說。

Expressing concern about the lack of fundamental financial data in the crypto sector, Stark questioned the validity of asset valuations in an environment devoid of cash flow, yield, employees, management, and operational history. "How can any financial analyst, let alone any everyday investor, conduct a proper valuation amid such a boundless data vacuum?" he asked.

史塔克對加密產業缺乏基本財務數據表示擔憂，他質疑在缺乏現金流、收益率、員工、管理和營運歷史的環境下資產估值的有效性。 “任何金融分析師，更不用說任何日常投資者，如何能夠在如此無邊的數據真空中進行適當的估值？”他問。

Within the crypto industry, the term "regulation by enforcement" is often used as a rallying cry to criticize the SEC's enforcement approach. Industry leaders argue that instead of establishing clear and formal regulations through the legislative or rulemaking process, the SEC is setting precedents through piecemeal enforcement actions.

在加密產業內，「執法監管」一詞經常被用作批評 SEC 執法方式的口號。產業領袖認為，美國證券交易委員會並沒有透過立法或規則制定過程來制定明確和正式的法規，而是透過零散的執法行動樹立先例。

"Don’t get me wrong, the SEC is far from perfect," Stark acknowledged. "There are SEC cases and SEC rules that I believe are unfair. [...] The SEC has not gone rogue but is simply just doing its job. [...] The [digital] asset industry needs to get its act together and adapt to the laws that apply to it, not the other way around.”

「不要誤會我的意思，美國證券交易委員會遠非完美，」斯塔克承認。 「我認為 SEC 的一些案例和規則是不公平的。[...] SEC 並沒有變得無賴，而只是在履行其職責。[...] [數字] 資產行業需要共同行動並適應適用的法律，而不是相反。

The House Financial Services Committee hearing focused on evaluating and potentially improving the SEC's enforcement practices. Critics raised concerns about the agency's approach and its impact on businesses and individuals.

眾議院金融服務委員會聽證會的重點是評估並可能改善 SEC 的執法實踐。批評者對該機構的做法及其對企業和個人的影響表示擔憂。

During the hearing, Nick Morgan, founder of the Investor Choice Advocates Network, accused the SEC of engaging in "piecemeal litigation on a case-by-case basis," noting instances where the commission has disregarded unfavorable rulings in certain jurisdictions in pursuit of more favorable outcomes in others.

在聽證會上，投資者選擇倡導者網絡(Investor Choice Advocates Network) 的創始人尼克·摩根(Nick Morgan) 指責SEC 參與“逐案進行零碎訴訟”，並指出該委員會無視某些司法管轄區的不利裁決，以追求更多利益的情況。

Morgan argued that "the SEC’s regulation by enforcement policy causes legal uncertainty for ordinary people, including people not accused of fraud who are forced to litigate policy matters on a case-by-case basis, even when a federal appellate court rules against the SEC on a particular policy.”

摩根認為，「美國證券交易委員會透過執行政策進行的監管給普通人帶來了法律上的不確定性，包括那些沒有被指控欺詐的人，他們被迫根據具體情況對政策問題提起訴訟，即使聯邦上訴法院在以下方面做出了不利於美國證券交易委員會的裁決：特定的政策。

These criticisms underscore the ongoing debate surrounding the SEC's oversight of the cryptocurrency industry. Regulators navigate the challenge of protecting investors and fostering market integrity while adapting to the rapidly evolving realm of digital assets. The industry, on the other hand, seeks regulatory clarity and a framework that accommodates its innovative nature without compromising investor safeguards.

這些批評凸顯了圍繞 SEC 對加密貨幣行業監管的持續爭論。監管機構應對保護投資者和促進市場誠信的挑戰，同時適應快速發展的數位資產領域。另一方面，該行業尋求監管的明確性和一個既能適應其創新性質又不損害投資者保障的框架。