美國正在試圖調節加密貨幣

多年來，在美國啟動加密項目一直是一種不確定性的迷宮。法律歧義和敵對的監管環境使創始人在海上驅使創始人

For years, launching a crypto project in the United States has been a maze of uncertainty. Legal ambiguity and a hostile regulatory environment have driven founders offshore, turning places like Switzerland and the Cayman Islands into global hubs for blockchain innovation.

多年來，在美國啟動加密項目一直是一種不確定性的迷宮。法律上的歧義和敵對的監管環境使創始人在海上驅使創始人，將瑞士和開曼群島等地方轉變為全球樞紐，以進行區塊鏈創新。

With Trump’s election, things finally started to change, with a US administration openly declaring its intention to be crypto-friendly and welcoming the industry to set up shop in the States.

隨著特朗普的當選，情況終於開始發生變化，美國政府公開宣布打算對加密友好友好，並歡迎該行業在美國開設商店。

Yet, despite the administration’s stated enthusiasm for crypto, nothing concrete has changed so far. It’s still nearly impossible to launch a crypto project in the US, and the government’s actions continue to drive founders away.

然而，儘管政府表示對加密貨幣的熱情，但到目前為止，沒有任何具體的變化。在美國啟動加密項目幾乎不可能，政府的行動繼續驅使創始人離開。

This isn’t for lack of trying on the part of crypto founders. Nearly every founder is aware of the legal and regulatory risks, and many are actively seeking to cooperate with the government. But, unfortunately, the government isn’t making it easy.

這並不是因為缺乏加密創始人的嘗試。幾乎每個創始人都知道法律和監管風險，許多創始人正在積極尋求與政府合作。但是，不幸的是，政府並不容易。

Instead of offering clear guidance, US regulatory agencies continue to offer nothing but vague threats and “regulation by enforcement” lawsuits. They want America to be a leader in crypto, but, even under the Trump administration, they aren’t taking action to create the conditions that would make that happen.

美國監管機構沒有提供明確的指導，而是除了含糊的威脅和“執行”訴訟。他們希望美國成為加密貨幣的領導者，但是即使在特朗普政府的領導下，他們也沒有採取行動來創造能夠實現這一目標的條件。

So while the administration is talking up its desire to be crypto-friendly, its actions are having the opposite effect, slowly killing the crypto industry in America.

因此，當政府談論對加密友好的願望時，其行動卻具有相反的效果，慢慢殺死了美國的加密貨幣行業。

Every crypto project faces the same fundamental problem: Achieving decentralization is critical to avoid regulatory scrutiny, but until a project launches its token, a degree of centralization is unavoidable.

每個加密項目都面臨著相同的基本問題：實現權力下放對於避免監管審查至關重要，但是直到一個項目推出其令牌之前，不可避免的集中化程度是不可避免的。

A project must have a core team that builds the product, raises funds, manages legal affairs, and performs other tasks essential for the project’s survival. This team necessarily exercises a high degree of control over the project’s destiny during the early stages of growth.

一個項目必須擁有一個核心團隊來建造產品，籌集資金，管理法律事務，並對項目的生存至關重要。該團隊在增長的早期階段必須對項目的命運進行高度控制。

However, if a project remains centralized, it faces immediate threat from the SEC, which will likely classify its token as a security under the outdated Howey test. The logic here is self-defeating. Projects can’t decentralize without launching a token, but launching a token in the US instantly puts them in the SEC’s crosshairs.

但是，如果一個項目仍然集中，它將面臨SEC的直接威脅，在過時的Howey測試下，它可能將其令牌歸類為安全性。這裡的邏輯是自欺欺人。如果不推出代幣，項目就無法分散，但是在美國推出代幣會立即將其放入SEC的十字準線中。

This isn’t just a theoretical issue; it has real consequences. Liquidity providers, essential for all new token launches, won’t engage with US-based projects because they assume their tokens will be classified as securities. Centralized exchanges refuse to list tokens issued from US entities for the same reason. Even decentralized exchanges face pressure from their legal teams to avoid actively seeding liquidity for American projects.

這不僅僅是一個理論上的問題；它具有真正的後果。流動性提供商對於所有新的代幣發布至關重要，不會與基於美國的項目互動，因為他們認為其令牌將被歸類為證券。集中式交流拒絕出於同樣的原因列出從美國實體發出的代幣。即使是分散的交流也面臨其法律團隊的壓力，以避免為美國項目積極播種流動性。

The result? US founders are boxed out of the global crypto economy before they even get started. They can’t raise fiat to fund development, and they can’t launch a token to decentralize the project and begin community participation. Instead, they are forced to wind down their operations and seek opportunities in offshore jurisdictions.

結果？我們甚至在開始之前就將我們的創始人從全球加密經濟中脫穎而出。他們不能籌集法定資金來資助發展，也無法啟動一個令牌來分散該項目並開始社區參與。取而代之的是，他們被迫放下自己的行動，並在離岸司法管轄區尋求機會。

This regulatory failure has spawned an entire cottage industry of offshore legal firms specializing in setting up token-issuing entities. With its FINMA no-action letter system, Switzerland has become a hotbed for crypto projects because it offers one of the few structured ways to get legal clarity on a token’s classification. The Cayman Islands and British Virgin Islands have also established themselves as crypto safe havens, providing flexible corporate structures that allow projects to operate with far less regulatory risk.

這種監管失敗催生了整個近海法律公司的整個家庭手工業，專門建立令牌發行的實體。借助其無動作信系統，瑞士已成為加密項目的溫床，因為它提供了少數幾種結構化的方法之一，以獲得代幣的分類。開曼群島和英屬維爾京群島也將自己確立為加密避風港，提供了靈活的公司結構，使項目的監管風險要少得多。

Recently, a report by the US Treasury highlighted the threat posed by Huobi to the US financial system due to its alleged facilitation of North Korean founders laundering funds through the exchange. While the report's claims of Huobi's involvement in North Korean money laundering are certainly concerning, it's ironic that the Treasury is now cutting off Huobi over ties to crypto crime.

最近，美國財政部的一份報告強調了Huobi對美國金融體系構成的威脅，這是由於其據稱通過交易所促進了朝鮮創始人洗錢資金的促進。儘管該報告對Huobi參與朝鮮洗錢的說法肯定令人擔憂，但具有諷刺意味的是，該國庫現在正在將Huobi與加密犯罪的關係切斷。

The absurdity is that the actual work — the development, the hiring, the innovation — still happens in the US. The token issuance gets pushed offshore via “Associations” and “Foundations,” which serve non-profits operating independently of US-based development shops. American founders are forced to funnel money into unnecessary legal fees, overseas operators, and shell foundations to avoid the inevitable crackdown from US regulators.

荒謬的是，實際工作 - 發展，招聘，創新 - 仍在美國發生。代幣發行通過“協會”和“基金會”將其推向海上，這些發行服務於獨立於美國開發商店運營的非營利組織。美國的創始人被迫將資金匯入不必要的法律費用，海外運營商和外殼基金會，以避免美國監管機構不可避免的鎮壓。

This isn’t just bad for crypto; it’s bad for America. The US is hemorrhaging talent, investment, and influence to less myopic jurisdictions. It’s no secret that the US is losing the global crypto race, and until it can be solved, the gap will continue to widen.

這不僅對加密貨幣不利。這對美國不利。美國是對較少近視管轄區的出血人才，投資和影響力。美國正在失去全球加密競賽並不是什麼秘密，在解決之前，差距將繼續擴大。

The US has spent years fumbling crypto policy, and now, even with an administration that claims to be pro-crypto, it’s still failing to deliver real change.

美國已經花了多年的時間來欺騙加密政策，現在，即使有一個聲稱是親克賴普託的政府，它仍然無法實現真正​​的變化。

Some have suggested that the US should offer capital gains tax exemptions on crypto to encourage founders to stay in the States. But this does little to help. It’s not the tax implications that are driving founders offshore; it’s the threat of immediate regulatory action and the lack of clear guidance.

一些人建議美國應對加密貨幣的資本收益免稅，以鼓勵創始人留在各州。但這無濟於事。將創始人帶到海上並不是稅收影響。這是立即監管行動和缺乏明確指導的威脅。

If the US truly wants to be a leader in crypto, it also must take the lead in

如果美國確實想成為加密貨幣的領導者，它也必須帶頭