美國證券交易委員會因打擊加密貨幣而遭到共和黨人的批評

在共和黨的批評聲浪中，眾議院金融服務委員會就 SEC 執法問題舉行了聽證會。美國證券交易委員會主席加里·詹斯勒 (Gary Gensler) 因其針對加密貨幣公司的行為而面臨審查，並被指責為「執法監管」。前 SEC 官員 John Reed Stark 為 SEC 的做法進行了辯護，認為數位資產公司應該遵守現有的證券法。儘管呼籲對 SEC 執法施加額外限制，但一些成員仍對加密貨幣創新和傳統金融機構角色的潛在影響表示擔憂。聽證會凸顯了美國證券交易委員會對數位資產監管持續存在的黨派分歧，共和黨人旨在控制該機構的權威，而民主黨人則支持其保護投資者的努力。

U.S. Securities and Exchange Commission Under Fire from Republicans Amidst Crypto Crackdown

美國證券交易委員會因加密貨幣打擊而受到共和黨人的抨擊

In a contentious hearing on Capitol Hill, Republicans and Democrats clashed over the Securities and Exchange Commission's (SEC) aggressive enforcement actions against the burgeoning cryptocurrency industry. The hearing, titled "SEC Enforcement: Balancing Deterrence with Due Process," provided a platform for the SEC's critics to voice their grievances and for agency officials to defend their approach.

在國會山莊舉行的一場有爭議的聽證會上，共和黨和民主黨就美國證券交易委員會（SEC）針對蓬勃發展的加密貨幣行業採取的積極執法行動發生了衝突。這次聽證會題為“SEC 執法：平衡威懾與正當程序”，為 SEC 的批評者提供了一個表達不滿的平台，也為機構官員為其做法辯護提供了平台。

SEC's 'Crypto Grinch' Image Contested

美國證券交易委員會的「加密格林奇」形象受到爭議

Republicans on the House Financial Services Committee's Subcommittee on Capital Markets led the charge against the SEC, casting Chairman Gary Gensler as the "Grinch Who Stole Cryptmas." They accused the agency of overstepping its authority and unfairly targeting crypto companies with enforcement actions. The subcommittee chair, Rep. Ann Wagner (R-MO), decried the SEC's "heavy-handed leadership" and cited the agency's recent missteps in its case against Digital Licensing Inc.

眾議院金融服務委員會資本市場小組委員會的共和黨人帶頭對美國證券交易委員會提出指控，將主席加里·詹斯勒稱為「竊取密碼的格林奇」。他們指責該機構越權不公平地針對加密貨幣公司採取執法行動。小組委員會主席眾議員安·瓦格納 (密蘇裡州共和黨) 譴責 SEC 的“高壓領導”，並列舉了該機構最近在針對 Digital Licensing Inc. 的案件中的失誤。

However, some Democrats defended the SEC's actions, arguing that the agency is simply upholding the law and protecting investors. Rep. Brad Sherman (D-CA), a noted crypto critic, pointed to the industry's history of resisting regulation and said the SEC's enforcement efforts were justified.

然而，一些民主黨人為美國證券交易委員會的行為進行了辯護，認為該機構只是在維護法律並保護投資者。著名的加密貨幣批評家眾議員布拉德·謝爾曼（D-CA）指出了該行業抵制監管的歷史，並表示 SEC 的執法努力是合理的。

'Regulation by Enforcement' Allegations Disputed

「執法監管」指控有爭議

One of the key criticisms leveled against the SEC was its alleged use of "regulation by enforcement," a tactic of setting policy through enforcement actions rather than formal rulemaking. John Reed Stark, a former chief of the SEC's internet enforcement division, forcefully rejected this characterization. He argued that the SEC has consistently relied on the "inherent elasticity of securities regulation" to adapt to technological changes.

針對美國證券交易委員會的主要批評之一是其涉嫌使用“執法監管”，這是一種透過執法行動而不是正式製定規則來製定政策的策略。美國證券交易委員會前網路執法部門負責人約翰·里德·斯塔克（John Reed Stark）強烈否認了這種說法。他認為，美國證券交易委員會一直依靠「證券監管固有的彈性」來適應技術變革。

Stark accused the digital asset sector of seeking to operate outside the legal framework that applies to traditional financial institutions. He emphasized the importance of SEC oversight in filling this regulatory void and ensuring consumer protections.

史塔克指責數位資產產業尋求在適用於傳統金融機構的法律框架之外運作。他強調了 SEC 監督在填補這一監管空白和確保消費者保護方面的重要性。

Calls for Reform of SEC Enforcement Practices

呼籲改革 SEC 執法實踐

While Republicans largely focused their criticism on the SEC's specific actions against crypto companies, some witnesses proposed broader reforms to the agency's enforcement practices. Andrew Vollmer, a former SEC deputy general counsel, suggested limiting the SEC's ability to "forum shop" and requiring the agency to complete investigations within a set timeframe. Paul Eckert, a professor at William & Mary Law School, raised concerns about the stress and potential reputational damage caused by the SEC's use of Wells notices.

雖然共和黨人主要批評美國證券交易委員會針對加密貨幣公司的具體行動，但一些證人提議對該機構的執法實踐進行更廣泛的改革。前 SEC 副總法律顧問安德魯沃爾默 (Andrew Vollmer) 建議限制 SEC 的「論壇購物」能力，並要求該機構在規定的時間內完成調查。威廉瑪麗法學院教授保羅·埃克特 (Paul Eckert) 對 SEC 使用威爾斯通知造成的壓力和潛在的聲譽損害表示擔憂。

Crypto's High Profile Draws Mixed Reactions

加密貨幣的高調引發不同反應

The hearing also highlighted the growing prominence of cryptocurrencies in the regulatory landscape. Rep. Sean Casten (D-IL) announced plans to introduce a bill cracking down on coin mixing services, while Rep. Wiley Nickel (D-NC) expressed concern that the SEC's tough stance was driving crypto companies overseas. However, Rep. Bryan Steil (R-WI) expressed frustration with the hearing's focus on digital assets, suggesting that the subcommittee prioritize traditional capital markets.

聽證會也強調了加密貨幣在監管領域日益突出的地位。眾議員 Sean Casten（伊利諾伊州民主黨）宣布計劃提出一項打擊混幣服務的法案，而眾議員 Wiley Nickel（北卡羅來納州民主黨）則對 SEC 的強硬立場正在推動加密貨幣公司走向海外表示擔憂。然而，眾議員布萊恩·斯泰爾（R-WI）對聽證會關注數位資產表示失望，建議小組委員會優先考慮傳統資本市場。

SEC Chairman Faces Additional Congressional Scrutiny

SEC 主席面臨國會額外審查

Amidst the subcommittee hearing, SEC Chairman Gary Gensler faced further scrutiny in a separate interview with CNBC's "Squawk Box." Gensler declined to comment on specific companies but reiterated the agency's view that many crypto tokens fall under the definition of securities. He also addressed allegations that he misled Congress about the status of Ethereum's native token, ETH, by refusing to provide a definitive answer at a previous hearing. Gensler explained that the SEC policy is not to publicly disclose investigations or pronouncements on legal interpretations.

在小組委員會聽證會上，SEC 主席加里·詹斯勒 (Gary Gensler) 在接受 CNBC“Squawk Box”的單獨採訪時面臨進一步審查。 Gensler 拒絕對特定公司發表評論，但重申了該機構的觀點，即許多加密代幣屬於證券的定義。他還回應了有關他在先前的聽證會上拒絕提供明確答案，誤導國會有關以太坊原生代幣 ETH 狀態的指控。 Gensler 解釋說，SEC 的政策是不公開披露調查或法律解釋聲明。

Republican Resolution Targeting SEC Accounting Guideline

針對 SEC 會計準則的共和黨決議

On May 8, the House of Representatives is set to vote on a joint resolution introduced by Rep. Mike Flood (R-NE) to disapprove of the SEC's Staff Accounting Bulletin (SAB) 121. This policy guideline outlines accounting rules for digital asset service providers and custodians. Republicans argue that SAB 121 has hindered the adoption of digital assets by traditional financial institutions. The resolution is largely symbolic and has little chance of passing the Senate or being signed into law by the president.

5 月 8 日，眾議院將對眾議員 Mike Flood (R-NE) 提出的一項聯合決議進行投票，該決議否決 SEC 的員工會計公告 (SAB) 121。提供者和保管人。共和黨人認為 SAB 121 阻礙了傳統金融機構採用數位資產。該決議在很大程度上是像徵性的，幾乎沒有機會在參議院獲得通過或由總統簽署成為法律。

Political Hypocrisy in SEC Criticisms

SEC 批評中的政治虛偽

The intense partisan divide surrounding the SEC's crypto enforcement actions has raised questions about the sincerity of some critics. Rep. Tom Emmer (R-MN), a vocal critic of Gensler, previously praised the disgraced crypto mogul Sam Bankman-Fried and co-signed a letter urging the SEC to ease up on its investigations of crypto companies. Such instances have led observers to question the true motivations behind the Republican-led attacks on the SEC.

圍繞 SEC 加密貨幣執法行動的激烈黨派分歧引發了一些批評者的誠意質疑。明尼蘇達州眾議員湯姆·埃默(Tom Emmer) 是Gensler 的直言不諱的批評者，此前他讚揚了名譽掃地的加密貨幣大亨Sam Bankman-Fried，並共同簽署了一封信，敦促SEC 放鬆對加密貨幣公司的調查。此類事件讓觀察家質疑共和黨領導的針對美國證券交易委員會的攻擊背後的真正動機。

Conclusion

結論

The SEC's crackdown on the crypto industry has ignited a heated debate on Capitol Hill. Republicans have accused the agency of overreach and unfair targeting, while Democrats have defended the SEC's efforts as necessary to protect investors and uphold the law. As the crypto market continues to evolve, the battle over its regulation is likely to intensify, with significant implications for the future of the industry.

美國證券交易委員會（SEC）對加密貨幣產業的打壓在國會山莊引發了激烈爭論。共和黨人指責該機構越權和不公平的目標，而民主黨人則為 SEC 的努力辯護，認為這是保護投資者和維護法律所必需的。隨著加密貨幣市場的不斷發展，其監管之爭可能會加劇，這對該行業的未來產生重大影響。