美国证券交易委员会因打击加密货币而遭到共和党人的批评

在共和党的批评声中，众议院金融服务委员会就 SEC 执法问题举行了听证会。美国证券交易委员会主席加里·詹斯勒 (Gary Gensler) 因其针对加密货币公司的行为而面临审查，并被指责为“执法监管”。前 SEC 官员 John Reed Stark 为 SEC 的做法进行了辩护，认为数字资产公司应该遵守现有的证券法。尽管呼吁对 SEC 执法施加额外限制，但一些成员仍对加密货币创新和传统金融机构作用的潜在影响表示担忧。听证会凸显了美国证券交易委员会对数字资产监管方面持续存在的党派分歧，共和党人旨在控制该机构的权威，而民主党人则支持其保护投资者的努力。

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

美国证券交易委员会因加密货币打击而受到共和党人的抨击

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.

在国会山举行的一场有争议的听证会上，共和党和民主党就美国证券交易委员会（SEC）针对蓬勃发展的加密货币行业采取的积极执法行动发生了冲突。这次听证会题为“SEC 执法：平衡威慑与正当程序”，为 SEC 的批评者提供了一个表达不满的平台，也为机构官员为其做法辩护提供了平台。

SEC's 'Crypto Grinch' Image Contested

美国证券交易委员会的“加密格林奇”形象受到争议

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.

众议院金融服务委员会资本市场小组委员会的共和党人带头对美国证券交易委员会提出指控，将主席加里·詹斯勒称为“窃取密码的格林奇”。他们指责该机构越权并不公平地针对加密货币公司采取执法行动。小组委员会主席众议员安·瓦格纳 (密苏里州共和党) 谴责 SEC 的“高压领导”，并列举了该机构最近在针对 Digital Licensing Inc. 的案件中的失误。

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，一些民主党人为美国证券交易委员会的行为进行了辩护，认为该机构只是在维护法律并保护投资者。著名的加密货币批评家众议员布拉德·谢尔曼（D-CA）指出了该行业抵制监管的历史，并表示 SEC 的执法努力是合理的。

'Regulation by Enforcement' Allegations Disputed

“执法监管”指控存在争议

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.

针对美国证券交易委员会的主要批评之一是其涉嫌使用“执法监管”，这是一种通过执法行动而不是正式制定规则来制定政策的策略。美国证券交易委员会互联网执法部门前负责人约翰·里德·斯塔克（John Reed Stark）强烈否认了这种说法。他认为，美国证券交易委员会一直依靠“证券监管固有的弹性”来适应技术变革。

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.

斯塔克指责数字资产行业寻求在适用于传统金融机构的法律框架之外运作。他强调了 SEC 监督在填补这一监管空白和确保消费者保护方面的重要性。

Calls for Reform of SEC Enforcement Practices

呼吁改革 SEC 执法实践

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.

虽然共和党人主要批评美国证券交易委员会针对加密货币公司的具体行动，但一些证人提议对该机构的执法实践进行更广泛的改革。前 SEC 副总法律顾问安德鲁·沃尔默 (Andrew Vollmer) 建议限制 SEC 的“论坛购物”能力，并要求该机构在规定的时间内完成调查。威廉玛丽法学院教授保罗·埃克特 (Paul Eckert) 对 SEC 使用威尔斯通知造成的压力和潜在的声誉损害表示担忧。

Crypto's High Profile Draws Mixed Reactions

加密货币的高调引发不同反应

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.

听证会还强调了加密货币在监管领域日益突出的地位。众议员 Sean Casten（伊利诺伊州民主党）宣布计划提出一项打击混币服务的法案，而众议员 Wiley Nickel（北卡罗来纳州民主党）则对 SEC 的强硬立场正在推动加密货币公司走向海外表示担忧。然而，众议员布莱恩·斯泰尔（R-WI）对听证会关注数字资产表示失望，建议小组委员会优先考虑传统资本市场。

SEC Chairman Faces Additional Congressional Scrutiny

SEC 主席面临国会额外审查

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.

在小组委员会听证会上，SEC 主席加里·詹斯勒 (Gary Gensler) 在接受 CNBC“Squawk Box”的单独采访时面临进一步审查。 Gensler 拒绝对具体公司发表评论，但重申了该机构的观点，即许多加密代币属于证券的定义。他还回应了有关他在之前的听证会上拒绝提供明确答案，误导国会有关以太坊原生代币 ETH 状态的指控。 Gensler 解释说，SEC 的政策是不公开披露调查或法律解释声明。

Republican Resolution Targeting SEC Accounting Guideline

针对 SEC 会计准则的共和党决议

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，众议院将对众议员 Mike Flood (R-NE) 提出的一项联合决议进行投票，该决议否决 SEC 的员工会计公告 (SAB) 121。该政策指南概述了数字资产服务的会计规则提供者和保管人。共和党人认为 SAB 121 阻碍了传统金融机构采用数字资产。该决议在很大程度上是象征性的，几乎没有机会在参议院获得通过或由总统签署成为法律。

Political Hypocrisy in SEC Criticisms

SEC 批评中的政治虚伪

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.

围绕 SEC 加密货币执法行动的激烈党派分歧引发了一些批评者的诚意质疑。明尼苏达州众议员汤姆·埃默 (Tom Emmer) 是 Gensler 的直言不讳的批评者，此前他赞扬了名誉扫地的加密货币大亨 Sam Bankman-Fried，并共同签署了一封信，敦促 SEC 放松对加密货币公司的调查。此类事件让观察人士质疑共和党领导的针对美国证券交易委员会的攻击背后的真正动机。

Conclusion

结论

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.

美国证券交易委员会（SEC）对加密货币行业的打压在国会山引发了激烈争论。共和党人指责该机构越权和不公平的目标，而民主党人则为 SEC 的努力辩护，认为这是保护投资者和维护法律所必需的。随着加密货币市场的不断发展，其监管之争可能会加剧，这对该行业的未来产生重大影响。