如何在政府更迭期間看待加密貨幣問題

加密貨幣政策問題大致可分為兩類：監管問題（稅務報告、BSA/AML、制裁）和投資者保護問題

Cryptocurrency policy issues can be roughly divided into two categories: regulatory issues (tax reporting, BSA/AML, sanctions) and investor protection issues (SEC, CFTC, banking). Good policy in one category does not necessarily lead to good policy in the other. The motivations behind these two policy categories are different (protecting investors vs. identifying and blocking illicit financial flows), and the political incentives and opportunities for joint action by lawmakers in each area are also different.

加密貨幣政策問題大致可分為兩類：監管問題（稅務報告、BSA/AML、制裁）和投資者保護問題（SEC、CFTC、銀行業）。一類政策的好政策不一定會導致另一類政策的好政策。這兩個政策類別背後的動機不同（保護投資者與識別和阻止非法資金流動），各領域立法者聯合行動的政治動機和機會也不同。

Similarly, the cryptocurrency ecosystem can be divided into two categories: centralized businesses (custodial wallet providers, centralized exchanges, trusted issuers) and developers and users of decentralized infrastructure (protocol developers, non-custodial wallet and application developers, and disintermediation users who use these protocols and applications). Coin Center wants to promote good policy in all dimensions, but our core mission is to defend the rights of developers and users of decentralized and peer-to-peer tools. Any overly aggressive regulatory regime in the investor protection or regulatory arena could threaten developers and users. However, the threat from the regulatory arena has become more profound in recent years.

同樣，加密貨幣生態系統可以分為兩類：中心化企業（託管錢包提供者、中心化交易所、可信任發行者）以及去中心化基礎設施的開發者和用戶（協議開發者、非託管錢包和應用程式開發者以及使用這些基礎設施的非中介化使用者）。 Coin Center希望在各方面推廣良好的政策，但我們的核心使命是捍衛去中心化和點對點工具的開發者和使用者的權利。投資者保護或監管領域任何過於激進的監管制度都可能威脅開發商和用戶。然而，近年來來自監管領域的威脅變得更加深刻。

Here is a graphic of past and potential future policy actions to help you understand this framework:

以下是過去和未來潛在政策行動的圖表，可幫助您了解該框架：

You may notice that the box in the lower right corner is particularly heavy compared to the others. This may reflect our focus. Coin Center’s mission focuses on the rights of decentralized infrastructure developers to publish code (which involves the First Amendment) and oppose unreasonable regulatory requirements (which involves the Fourth Amendment). This box is the battlefield where these two issues intersect. Even with some bias, this area has indeed been more controversial than any other in the past four years. There are many explanations for this, such as from the perspective of public opinion and the news cycle, some politicians have mistakenly or opportunistically linked global and foreign policy tragedies to cryptocurrencies (such as Hamas financing and Russian oligarchs trying to circumvent sanctions). In addition, in political coalition building, the left and the right, although rarely consistent, sometimes find common ground on national security and regulatory issues.

您可能會注意到，右下角的盒子與其他盒子相比特別重。這可能反映了我們的重點。 Coin Center的使命聚焦於去中心化基礎設施開發人員發布代碼的權利（涉及第一修正案）和反對不合理的監管要求（涉及第四修正案）。這個盒子就是這兩個問題交叉的戰場。即使存在一些偏見，這個領域在過去四年中確實比其他任何領域都更具爭議性。對此有許多解釋，例如從輿論和新聞週期的角度來看，一些政客錯誤地或投機取巧地將全球和外交政策悲劇與加密貨幣聯繫起來（例如哈馬斯融資和俄羅斯寡頭試圖規避制裁）。此外，在政治聯盟建設中，左翼和右翼雖然很少保持一致，但有時會在國家安全和監管問題上找到共同點。

What is the biggest threat? The freedoms of individual cryptocurrency users and developers have faced serious threats over the past few years. We have seen increasing overreach by the SEC, with its exchange-defined rule revisions increasingly directly involving individual developers and users, as well as its enforcement actions against wallet providers such as ConsenSys’ Metamask and Coinbase Wallet. At the same time, regulatory issues have also become more prominent, including 6050I reporting obligations, Tornado Cash sanctions, broker reporting obligations, and unlicensed funds transmission prosecutions against non-custodial developers. Meanwhile, in Congress, we have been fighting legislation like CANSEE and DAMLA, which seek to impose regulatory obligations on non-custodial developers that cannot be reasonably explained.

最大的威脅是什麼？過去幾年，個人加密貨幣用戶和開發者的自由面臨嚴重威脅。我們看到 SEC 的越權行為越來越多，其交易所定義的規則修訂越來越直接涉及個人開發者和用戶，以及針對 ConsenSys 的 Metamask 和 Coinbase Wallet 等錢包提供商的執法行動。同時，監管問題也變得更加突出，包括6050I報告義務、Tornado Cash制裁、經紀人報告義務以及針對非託管開發商的無牌資金傳輸起訴。同時，在國會，我們一直在反對 CANSEE 和 DAMLA 等立法，這些立法試圖對非託管開發商強加無法合理解釋的監管義務。

Still a tough nut to crack There are three major threats of particular concern: (1) 6050I, (2) Tornado Cash sanctions, and (3) unlicensed money transmission prosecutions. First, in the context of 6050I, we already have ongoing litigation arguing that the IRS’s mandatory reporting of personal information of recipients of over $10,000 in cryptocurrency violates the constitutional requirement for disclosure without a warrant. Second, in the context of Tornado Cash sanctions, we also have ongoing litigation arguing that the sanctions law does not give the Treasury Department the power to prohibit U.S. persons (who are neither foreign persons nor their property) from using immutable smart contracts. Third, we are alarmed by the unlicensed money transmission prosecutions filed by the Southern District of New York against developers of non-custodial software tools such as Tornado Cash and Samurai Wallet, and will support defendants in these cases to the extent possible. While the Department of Justice may be changing under the Trump Administration, it is likely that its political independence will not lead to its abandonment of these prosecutions in response to a change in administration.

仍然是一個棘手的問題 有三個主要威脅值得特別關注：(1) 6050I，(2) 龍捲風現金制裁，以及 (3) 未經許可的資金傳輸起訴。首先，在 6050I 的背景下，我們已經有正在進行的訴訟，認為美國國稅局強制報告超過 10,000 美元加密貨幣接收者的個人資訊違反了憲法關於在沒有搜查令的情況下披露的要求。其次，在龍捲風現金制裁的背景下，我們還有正在進行的訴訟，認為制裁法並沒有賦予財政部禁止美國人（既不是外國人也不是他們的財產）使用不可變智能合約的權力。第三，我們對紐約南區針對 Tornado Cash 和 Samurai Wallet 等非託管軟體工具開發商提起的無牌匯款起訴感到震驚，並將盡可能支持這些案件中的被告。儘管司法部在川普政府的領導下可能會發生變化，但其政治獨立性很可能不會導致其因政府更迭而放棄這些起訴。

Reasons for optimism Without going into too much detail, it seems plausible that the new administration will be friendlier to centralized businesses in the U.S., especially as it relates to investor protection. This is good news, as disintermediation and efficient capital formation are critical to broadening the appeal of cryptocurrencies, especially to less technologically savvy audiences. However, what about the impact on developers and users of truly decentralized tools and services, Coin Center’s core focus?

樂觀的理由 無需透露太多細節，新政府似乎有可能對美國的中心化企業更加友好，特別是在投資者保護方面。這是個好消息，因為去中介化和高效的資本形成對於擴大加密貨幣的吸引力至關重要，特別是對於不太懂技術的受眾來說。然而，Coin Center 的核心焦點—真正去中心化的工具和服務對開發者和使用者有何影響？

On an institutional level, President Trump’s generally supportive stance toward cryptocurrencies and his choice of appointees to the SEC and Treasury Department could mean that some controversial rulemaking will be frozen or even abandoned. This is a consistent positive sign for us, as the SEC’s exchange redefinition rule and the IRS’s broker rule for non-custodial developers are always two swords hanging over our heads.

在製度層面上，川普總統對加密貨幣的普遍支持立場以及他對美國證券交易委員會和財政部任命人選的選擇可能意味著一些有爭議的規則制定將被凍結甚至放棄。這對我們來說是一個一致的積極信號，因為美國證券交易委員會的交易所重新定義規則和美國國稅局針對非託管開發商的經紀人規則始終是懸在我們頭上的兩把利劍。

The new administration’s willingness to roll back overly aggressive sanctions and anti-money laundering policies is uncertain. Still, we hope that some progress can be made if it becomes clear that even under a friend

新政府是否願意取消過於激進的製裁和反洗錢政策尚不確定。儘管如此，我們還是希望，如果我們清楚地知道，即使在朋友的領導下，也能取得一些進展。