参议院投票压倒了 SEC，澄清了加密货币监管

美国参议院通过 H.J. Res。 109 号法案推翻了 SEC 颇具争议的 SAB 121 法案，该法案要求数字资产托管人将客户拥有的资产列为负债。尽管拜登总统威胁要否决，但在参议员伊丽莎白·沃伦 (Elizabeth Warren) 的支持下，两党取得的胜利标志着政治联盟的转变以及国会对加密货币行业的大力支持。该决议的命运现在掌握在拜登的办公桌上，他的决定将塑造数字资产托管和金融科技行业更广泛创新的监管格局。

US Senate's Historic Vote Upholds Crypto Industry's Call for Regulatory Clarity

美国参议院历史性投票支持加密行业对监管清晰度的呼吁

In a groundbreaking moment for the rapidly evolving cryptocurrency sector, the United States Senate has overturned the Securities and Exchange Commission's (SEC) controversial Staff Accounting Bulletin (SAB) No. 121, a move widely hailed as a game-changer for the industry.

在快速发展的加密货币行业的一个开创性时刻，美国参议院推翻了证券交易委员会 (SEC) 备受争议的第 121 号员工会计公告 (SAB)，此举被广泛誉为该行业的游戏规则改变者。

The Glaring Anomaly of SAB 121

SAB 121 的明显异常

Implemented in 2022, SAB 121 mandated digital asset custodians to treat customer-owned digital assets as liabilities on their balance sheets. This requirement, vehemently criticized within the crypto community, effectively necessitated custodians to hold equivalent cash reserves to offset these "liabilities."

SAB 121 于 2022 年实施，要求数字资产托管人将客户拥有的数字资产视为资产负债表上的负债。这一要求在加密货币社区内遭到强烈批评，实际上要求托管人持有等值的现金储备来抵消这些“负债”。

The industry's frustration with SAB 121 was palpable. "The assets are not the company's. They are the customers'," asserted Avichal Garg, Co-Founder and General Partner at Electric Capital. He further suggested that the bulletin was crafted to deter banks from entering the crypto markets, hindering consumer protection.

业界对 SAB 121 的不满是显而易见的。 Electric Capital 联合创始人兼普通合伙人 Avichal Garg 表示：“这些资产不是公司的，而是客户的。”他进一步表示，该公告的目的是阻止银行进入加密货币市场，从而阻碍消费者保护。

A Watershed Moment in Crypto Regulation

加密货币监管的分水岭时刻

The Senate's decision to overturn SAB 121 not only represents a critical juncture in crypto regulation but also signals a significant shift in political alignments. Notably, 21 Democrats broke ranks from their usual stance, demonstrating a potential centrist realignment within the Democratic Party regarding market regulations.

参议院推翻 SAB 121 的决定不仅代表了加密货币监管的关键时刻，而且标志着政治联盟的重大转变。值得注意的是，21 名民主党人打破了他们一贯的立场，表明民主党内部在市场监管方面可能出现中间派重组。

The vote also carries considerable weight due to the support of Senate Majority Leader Chuck Schumer, signaling strong Congressional support for the cryptocurrency sector despite President Biden's veto threat.

由于参议院多数党领袖查克·舒默的支持，此次投票也具有相当大的影响力，这表明尽管拜登总统发出否决威胁，但国会仍对加密货币行业表示强烈支持。

Industry Optimism and Political Intrigue

行业乐观和政治阴谋

Matt Hougan, Chief Investment Officer at Bitwise, hailed the vote as transformative for the industry, predicting a surge in crypto valuations as the market digests the significance of the change. The Chamber of Digital Commerce's Founder and CEO, Perianne Boring, highlighted the potential influence of Senator Schumer in swaying President Biden's decision, noting his ability to "convince POTUS to sign."

Bitwise 首席投资官 Matt Hougan 称赞这次投票对行业来说具有变革性，并预测随着市场消化这一变化的重要性，加密货币估值将大幅上涨。数字商会创始人兼首席执行官 Perianne Boring 强调了参议员舒默在影响拜登总统决定方面的潜在影响力，并指出他有能力“说服美国总统签署”。

Implications for President Biden's Decision

对拜登总统决定的影响

The resolution now lies on President Biden's desk, with the President expressing an intention to veto it, aligning with Senator Warren and SEC Chair Gary Gensler's views that the SEC's guidelines are essential for investor protection in the volatile crypto markets.

该决议现已摆在拜登总统的办公桌上，总统表示打算否决该决议，这与参议员沃伦和美国证券交易委员会主席加里·詹斯勒的观点一致，即美国证券交易委员会的指导方针对于在动荡的加密货币市场中保护投资者至关重要。

The crypto industry anxiously awaits the President's decision, which will determine not only the regulatory framework for digital asset custody but also the administration's broader stance towards innovation and regulation in the fintech sector.

加密行业焦急地等待总统的决定，该决定不仅将决定数字资产托管的监管框架，还将决定政府对金融科技领域创新和监管的更广泛立场。

The Looming Deadline

迫在眉睫的最后期限

As the 10-day deadline for the President's decision approaches, the industry braces for two possible outcomes: a veto that maintains the status quo, potentially hindering further institutional participation due to perceived regulatory risks, or a decision to sign or allow the bill to pass without a signature, which could significantly liberalize the regulatory environment, encouraging institutional engagement and spurring market growth and innovation.

随着总统做出决定的 10 天最后期限的临近，该行业面临两种可能的结果：维持现状的否决权，由于感知到的监管风险可能会阻碍机构的进一步参与，或者决定签署或允许该法案通过没有签名，这可以显着放宽监管环境，鼓励机构参与并刺激市场增长和创新。

The decision will not only shape the regulatory landscape but also serve as a barometer of the administration's commitment to fostering innovation while ensuring investor protection in the rapidly evolving digital finance arena.

该决定不仅将塑造监管格局，还将成为政府致力于促进创新、同时确保在快速发展的数字金融领域保护投资者的承诺的晴雨表。