加密货币必须适应法律，而不是相反——约翰·里德·斯塔克

前 SEC 官员约翰·里德·斯塔克 (John Reed Stark) 批评加密货币行业散布有关该机构执法实践的错误信息。斯塔克驳斥了“执法监管”的说法，声称美国证券交易委员会只是在履行其执行现有法律的职责。他强调加密行业内缺乏透明度和问责制，强调了对缺乏基本财务数据和估值方法的担忧。

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

前 SEC 官员谴责加密行业对监管执法的“神话”和“毫无根据的攻击”

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.

前美国证券交易委员会 (SEC) 官员约翰·里德·斯塔克 (John Reed Stark) 对加密货币行业进行了严厉的控诉，指责该行业长期存在神话，以掩盖其缺乏透明度和问责制。斯塔克驳斥了美国证券交易委员会从事“执法监管”的说法，声称该机构只是履行其维护法治的职责。

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，斯塔克在美国众议院金融服务委员会作证时，谴责加密行业拒绝遵守既定法律，同时要求法律框架适应其需求。

"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.”

“美国证券交易委员会通过执法进行监管的口号完全属于最后一类，”斯塔克宣称。 “完全是错误的。[...]加密货币推广者代表了行业参与者指责美国证券交易委员会不公平监管市场的最重要的例子。我从未见过对美国证券交易委员会及其监管机构进行如此资金充足、协调一致且毫无根据的攻击。使命。”

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.

斯塔克认为，“执法监管”一词是对 SEC 日常执法活动的错误描述。 “我们其他人只是称之为执行法律，”他说。

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.

斯塔克对加密行业缺乏基本财务数据表示担忧，他质疑在缺乏现金流、收益率、员工、管理和运营历史的环境下资产估值的有效性。 “任何金融分析师，更不用说任何日常投资者，如何能够在如此无边的数据真空中进行适当的估值？”他问。

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.

在加密行业内，“执法监管”一词经常被用作批评 SEC 执法方式的口号。行业领袖认为，美国证券交易委员会并没有通过立法或规则制定过程来制定明确和正式的法规，而是通过零散的执法行动树立先例。

"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.”

“不要误会我的意思，美国证券交易委员会远非完美，”斯塔克承认。 “我认为 SEC 的一些案例和规则是不公平的。[...] SEC 并没有变得无赖，而只是在履行其职责。[...] [数字] 资产行业需要共同行动并适应适用的法律，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.

众议院金融服务委员会听证会的重点是评估并可能改进 SEC 的执法实践。批评者对该机构的做法及其对企业和个人的影响表示担忧。

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.

在听证会上，投资者选择倡导者网络 (Investor Choice Advocates Network) 的创始人尼克·摩根 (Nick Morgan) 指责 SEC 参与“逐案进行零碎诉讼”，并指出该委员会无视某些司法管辖区的不利裁决，以追求更多利益的情况。给其他人带来有利的结果。

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.”

摩根认为，“美国证券交易委员会通过执行政策进行的监管给普通人带来了法律上的不确定性，包括那些没有被指控欺诈的人，他们被迫根据具体情况对政策问题提起诉讼，即使联邦上诉法院在以下方面做出了不利于美国证券交易委员会的裁决：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.

这些批评凸显了围绕 SEC 对加密货币行业监管的持续争论。监管机构应对保护投资者和促进市场诚信的挑战，同时适应快速发展的数字资产领域。另一方面，该行业寻求监管的明确性和一个既能适应其创新性质又不损害投资者保障的框架。