美国正在试图调节加密货币

多年来，在美国启动加密项目一直是一种不确定性的迷宫。法律歧义和敌对的监管环境使创始人在海上驱使创始人

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.

多年来，在美国启动加密项目一直是一种不确定性的迷宫。法律上的歧义和敌对的监管环境使创始人在海上驱使创始人，将瑞士和开曼群岛等地方转变为全球枢纽，以进行区块链创新。

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.

随着特朗普的当选，情况终于开始发生变化，美国政府公开宣布打算对加密友好友好，并欢迎该行业在美国开设商店。

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，尽管政府表示对加密货币的热情，但到目前为止，没有任何具体的变化。在美国启动加密项目几乎不可能，政府的行动继续驱使创始人离开。

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.

这并不是因为缺乏加密创始人的尝试。几乎每个创始人都知道法律和监管风险，许多创始人正在积极寻求与政府合作。但是，不幸的是，政府并不容易。

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.

美国监管机构没有提供明确的指导，而是除了含糊的威胁和“执行”诉讼。他们希望美国成为加密货币的领导者，但是即使在特朗普政府的领导下，他们也没有采取行动来创造能够实现这一目标的条件。

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，当政府谈论对加密友好的愿望时，其行动却具有相反的效果，慢慢杀死了美国的加密货币行业。

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.

每个加密项目都面临着相同的基本问题：实现权力下放对于避免监管审查至关重要，但是直到一个项目推出其令牌之前，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.

一个项目必须拥有一个核心团队来建造产品，筹集资金，管理法律事务，并对项目的生存至关重要。该团队在增长的早期阶段必须对项目的命运进行高度控制。

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，如果一个项目仍然集中，它将面临SEC的直接威胁，在过时的Howey测试下，它可能将其令牌归类为安全性。这里的逻辑是自欺欺人。如果不推出代币，项目就无法分散，但是在美国推出代币会立即将其放入SEC的十字准线中。

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.

这不仅仅是一个理论上的问题；它具有真正的后果。流动性提供商对于所有新的代币发布至关重要，不会与基于美国的项目互动，因为他们认为其令牌将被归类为证券。集中式交流拒绝出于同样的原因列出从美国实体发出的代币。即使是分散的交流也面临其法律团队的压力，以避免为美国项目积极播种流动性。

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.

结果？我们甚至在开始之前就将我们的创始人从全球加密经济中脱颖而出。他们不能筹集法定资金来资助发展，也无法启动一个令牌来分散该项目并开始社区参与。取而代之的是，他们被迫放下自己的行动，并在离岸司法管辖区寻求机会。

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.

这种监管失败催生了整个近海法律公司的整个家庭手工业，专门建立令牌发行的实体。借助其无动作信系统，瑞士已成为加密项目的温床，因为它提供了少数几种结构化的方法之一，以获得代币的分类。开曼群岛和英属维尔京群岛也已成为加密避风港，提供了灵活的公司结构，使项目的监管风险少得多。

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，美国财政部的一份报告强调了Huobi对美国金融体系构成的威胁，这是由于其据称通过交易所促进了朝鲜创始人洗钱资金的促进。尽管该报告对Huobi参与朝鲜洗钱的说法肯定令人担忧，但具有讽刺意味的是，该国库现在正在将Huobi与加密犯罪的关系切断。

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.

荒谬的是，实际工作 - 发展，招聘，创新 - 仍在美国发生。代币发行通过“协会”和“基金会”将其推向海上，这些发行服务于独立于美国开发商店运营的非营利组织。美国的创始人被迫将资金汇入不必要的法律费用，海外运营商和外壳基金会，以避免美国监管机构不可避免的镇压。

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.

这不仅对加密货币不利。这对美国不利。美国是对较少近视管辖区的出血人才，投资和影响力。美国正在失去全球加密竞赛并不是什么秘密，在解决之前，差距将继续扩大。

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.

美国已经花了多年的时间来欺骗加密政策，现在，即使有一个声称是亲克赖普托的政府，它仍然无法实现真正​​的变化。

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.

一些人建议美国应对加密货币的资本收益免税，以鼓励创始人留在各州。但这无济于事。将创始人带到海上并不是税收影响。这是立即监管行动和缺乏明确指导的威胁。

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

如果美国确实想成为加密货币的领导者，它也必须带头