SEC 放弃稳定币调查，标志着 Paxos 和加密货币行业的胜利

作为一项重大举措，SEC 结束了对 Paxos 的 BUSD 稳定币的调查，这标志着对加密行业的监管立场可能发生转变。

The Securities and Exchange Commission (SEC) has dropped its probe into Paxos' BUSD stablecoin, a move that could signal a shift in the regulatory body's stance toward the crypto industry, Fortune reported Wednesday.

据《财富》周三报道，美国证券交易委员会 (SEC) 放弃了对 Paxos 的 BUSD 稳定币的调查，此举可能标志着监管机构对加密行业立场的转变。

Acting chief of the SEC's crypto assets and cyber unit Jorge Tenreiro notified Paxos on July 9 that he does not intend to recommend an enforcement action, according to the report, citing a person familiar with the matter.

报道援引知情人士的话称，SEC 加密资产和网络部门代理负责人 Jorge Tenreiro 于 7 月 9 日通知 Paxos，他不打算建议采取执法行动。

This notice comes more than a year after the SEC reportedly sent a Wells notice to Paxos, signaling an impending enforcement action over the BUSD stablecoin, which Paxos issues in partnership with Binance.

据报道，美国证券交易委员会 (SEC) 向 Paxos 发送了 Wells 通知，表明即将对 Paxos 与币安合作发行的 BUSD 稳定币采取执法行动。

The SEC's retreat follows a partial defeat in a lawsuit against Binance, where a federal judge ruled that the sales of BUSD did not constitute a securities offering, as covered by Blockworks previously. The judge's decision appeared to influence the SEC's stance on the matter, according to the report.

SEC 的撤退是在针对币安的诉讼部分失败之后做出的，联邦法官裁定 BUSD 的销售不构成证券发行，正如 Blockworks 之前所报道的那样。报告称，法官的决定似乎影响了 SEC 对此事的立场。

This decision is a relief for Paxos and the broader stablecoin sector, which includes major players like PayPal and VanEck. Walter Hessert, head of strategy at Paxos, expressed optimism, telling Fortune that the termination of the investigation should create more certainty in the market and foster new enterprise partnerships.

这一决定让 Paxos 和更广泛的稳定币行业松了一口气，其中包括 PayPal 和 VanEck 等主要参与者。 Paxos 战略主管沃尔特·赫塞特 (Walter Hessert) 表达了乐观态度，他向《财富》杂志表示，调查的终止将为市场带来更多确定性，并培育新的企业合作伙伴关系。

The SEC's move is particularly timely as Congress continues to delay legislation to regulate the growing asset class. Stablecoins have been in a regulatory gray zone, but many in the industry argue that the absence of an expectation of profit — a key factor in determining securities — sets them apart from other crypto assets.

鉴于国会继续推迟监管不断增长的资产类别的立法，美国证券交易委员会的举措显得尤为及时。稳定币一直处于监管灰色地带，但业内许多人认为，缺乏利润预期（决定证券的关键因素）使稳定币与其他加密资产区分开来。

Paxos first launched BUSD in partnership with Binance in September 2019. While it never overtook competitors like Tether and USDC, it became a significant player in the stablecoin market due to its integration with the Binance ecosystem.

Paxos 于 2019 年 9 月首次与币安合作推出 BUSD。虽然它从未超越 Tether 和 USDC 等竞争对手，但由于与币安生态系统的整合，它成为稳定币市场的重要参与者。

The SEC had argued that BUSD was an investment contract and thus a security because it generated profits through its reserves. Paxos, however, maintained that BUSD was backed 1:1 with dollar-denominated reserves and disagreed with the SEC's application of the Howey Test to the stablecoin.

美国证券交易委员会认为，BUSD 是一种投资合约，因此是一种证券，因为它通过其储备产生利润。然而，Paxos 坚称 BUSD 得到了以美元计价的储备 1:1 的支持，并且不同意 SEC 对稳定币应用 Howey 测试。

The investigation had placed a cloud over Paxos, impacting its ability to form new partnerships, including potential collaborations with companies like PayPal. Hessert noted that the end of the investigation would likely accelerate enterprise conversations.

这项调查给 Paxos 蒙上了一层阴影，影响了其建立新合作伙伴关系的能力，包括与 PayPal 等公司的潜在合作。赫塞特指出，调查的结束可能会加速企业对话。

The SEC's decision could bolster the stablecoin sector in the U.S., which has seen firms looking abroad to launch new offerings amid regulatory uncertainty. As the crypto industry continues to evolve, the resolution of this investigation may serve as a precedent for how similar cases are handled in the future.

美国证券交易委员会的决定可能会提振美国的稳定币行业，在监管不确定性的情况下，该行业的公司纷纷寻求海外推出新产品。随着加密行业的不断发展，此次调查的解决可能会成为未来处理类似案件的先例。