SEC 的 Gensler：加密貨幣不太可能成為貨幣

據報道，SEC 主席加里·詹斯勒 (Gary Gensler) 對比特幣 (BTC) 或其他加密貨幣被廣泛接受作為常見支付方式的可能性表示懷疑。

United States Securities and Exchange Commission (SEC) Chair Gary Gensler expressed skepticism about the prospect of Bitcoin (BTC) or other cryptocurrencies becoming a common payment method, suggesting instead that they may be more likely to be viewed as a store of value.

美國證券交易委員會(SEC) 主席加里·詹斯勒(Gary Gensler) 對比特幣(BTC) 或其他加密貨幣成為常見支付方式的前景表示懷疑，並表示它們可能更有可能被視為一種價值儲存手段。

During an event at NYU School of Law in Manhattan on Thursday, Gensler addressed a question about the role of cryptocurrencies, which were initially designed to operate outside of government control.

在週四在曼哈頓紐約大學法學院舉行的活動中，詹斯勒談到了有關加密貨幣作用的問題，加密貨幣最初被設計為在政府控制之外運作。

However, he emphasized that their potential value to users would be shaped by how they fit into regulatory frameworks.

然而，他強調，它們對使用者的潛在價值將取決於它們如何適應監管框架。

“Their value to users will depend on how they're useful in these regulatory frameworks,” Gensler said.

「它們對用戶的價值將取決於它們在這些監管框架中的作用，」Gensler 說。

The SEC chair added that the Commission itself takes a neutral stance, leaving it up to investors to decide on the utility of any cryptocurrency through proper disclosures.

SEC 主席補充說，委員會本身採取中立立場，讓投資者透過適當的揭露來決定任何加密貨幣的效用。

“I taught this subject at MIT, so I can say this – these discussions go back thousands of years, to philosophers like Plato and Aristotle,” Gensler said.

「我在麻省理工學院教授這門課程，所以我可以這樣說——這些討論可以追溯到幾千年前，對於柏拉圖和亞里斯多德這樣的哲學家來說，」詹斯勒說。

“And you know, throughout the history of the world's nation-states, they've generally settled on one currency for their economies, not multiple currencies or what's called bimetallism.”

“你知道，縱觀世界民族國家的歷史，他們的經濟通常選擇一種貨幣，而不是多種貨幣或所謂的複本位制。”

Referencing Gresham's law, a 19th-century economic principle stating that 'bad money drives out the good,' Gensler highlighted that most countries prefer to have just one currency.

詹斯勒引用了 19 世紀的一項經濟原則格雷欣定律，指出“劣幣驅逐良幣”，強調大多數國家更願意只擁有一種貨幣。

He explained that this is because a single currency acts as a store of value, a medium of exchange, and a unit of account, all of which benefit from network economics.

他解釋說，這是因為單一貨幣充當價值儲存、交換媒介和記帳單位，所有這些都受益於網路經濟。

“It's unlikely for these cryptocurrencies to become mainstream currencies,” Gensler suggested.

「這些加密貨幣不太可能成為主流貨幣，」Gensler 表示。

“Their value will need to be proven through practical use and transparent disclosures — similar to how investors choose from thousands of securities on the stock exchange.”

“它們的價值需要通過實際使用和透明的披露來證明——類似於投資者從證券交易所的數千種證券中進行選擇的方式。”

During an extensive discussion with NYU Law Professor Robert Jackson, Gensler stood by the agency’s strong stance on enforcing regulations in the cryptocurrency space.

在與紐約大學法學教授羅伯特傑克森的廣泛討論中，Gensler 堅持該機構在加密貨幣領域執行監管的強硬立場。

“Without a regulator actively overseeing, would all our laws be upheld?” Gensler asked.

“如果沒有監管機構積極監督，我們所有的法律都會得到遵守嗎？”詹斯勒問。

“It's part of human nature, especially in finance, to push the limits. Sometimes, we have to step in with enforcement actions to steer people back within the boundaries.”

「挑戰極限是人性的一部分，尤其是在金融領域。有時，我們必須採取執法行動來引導人們回到界限內。

Gensler went on to criticize the crypto industry for being filled with “fraudsters, grifters, and scams,” and noted, “In 2024, many of the leading figures in this space are either behind bars or awaiting extradition.”

Gensler 繼續批評加密行業充滿了“欺詐者、騙子和騙局”，並指出，“到 2024 年，這個領域的許多領導者要么入獄，要么等待引渡。”

He also argued that there’s no need for new regulatory frameworks beyond the existing Howey Test, established by the Supreme Court in 1940, which defines what constitutes an investment contract.

他還認為，除了最高法院於 1940 年制定的現有豪伊測試（Howey Test）之外，沒有必要製定新的監管框架，該測試定義了投資合約的組成。

“If you're wondering if your crypto project passes this well-established test, just ask yourself: Who's signing the engagement letter with your law firm?” Gensler said.

“如果您想知道您的加密項目是否通過了這項完善的測試，只需問問自己：誰與您的律師事務所簽署了訂婚書？”詹斯勒說。

“There's always a central entity behind these operations. It defies logic to think there's no common enterprise involved.”

「這些操作背後總是有一個中心實體。認為沒有共同企業參與其中的想法是不符合邏輯的。

When asked how the upcoming presidential election might affect the SEC, or if he would remain in his role if former President Trump were re-elected, Gensler declined to comment.

當被問及即將到來的總統選舉可能會對美國證券交易委員會產生什麼影響，或者如果前總統川普連任他是否會繼續留任時，金斯勒拒絕發表評論。