如何在政府更迭期间看待加密货币问题

加密货币政策问题大致可分为两类：监管问题（税务报告、BSA/AML、制裁）和投资者保护问题

Cryptocurrency policy issues can be roughly divided into two categories: regulatory issues (tax reporting, BSA/AML, sanctions) and investor protection issues (SEC, CFTC, banking). Good policy in one category does not necessarily lead to good policy in the other. The motivations behind these two policy categories are different (protecting investors vs. identifying and blocking illicit financial flows), and the political incentives and opportunities for joint action by lawmakers in each area are also different.

加密货币政策问题大致可分为两类：监管问题（税务报告、BSA/AML、制裁）和投资者保护问题（SEC、CFTC、银行业）。一类政策的好政策并不一定会导致另一类政策的好政策。这两个政策类别背后的动机不同（保护投资者与识别和阻止非法资金流动），各个领域立法者联合行动的政治动机和机会也不同。

Similarly, the cryptocurrency ecosystem can be divided into two categories: centralized businesses (custodial wallet providers, centralized exchanges, trusted issuers) and developers and users of decentralized infrastructure (protocol developers, non-custodial wallet and application developers, and disintermediation users who use these protocols and applications). Coin Center wants to promote good policy in all dimensions, but our core mission is to defend the rights of developers and users of decentralized and peer-to-peer tools. Any overly aggressive regulatory regime in the investor protection or regulatory arena could threaten developers and users. However, the threat from the regulatory arena has become more profound in recent years.

同样，加密货币生态系统可以分为两类：中心化企业（托管钱包提供商、中心化交易所、可信发行者）以及去中心化基础设施的开发者和用户（协议开发者、非托管钱包和应用程序开发者以及使用这些基础设施的非中介化用户）。协议和应用程序）。 Coin Center希望在各个方面推广良好的政策，但我们的核心使命是捍卫去中心化和点对点工具的开发者和用户的权利。投资者保护或监管领域任何过于激进的监管制度都可能威胁开发商和用户。然而，近年来来自监管领域的威胁变得更加深刻。

Here is a graphic of past and potential future policy actions to help you understand this framework:

以下是过去和未来潜在政策行动的图表，可帮助您了解该框架：

You may notice that the box in the lower right corner is particularly heavy compared to the others. This may reflect our focus. Coin Center’s mission focuses on the rights of decentralized infrastructure developers to publish code (which involves the First Amendment) and oppose unreasonable regulatory requirements (which involves the Fourth Amendment). This box is the battlefield where these two issues intersect. Even with some bias, this area has indeed been more controversial than any other in the past four years. There are many explanations for this, such as from the perspective of public opinion and the news cycle, some politicians have mistakenly or opportunistically linked global and foreign policy tragedies to cryptocurrencies (such as Hamas financing and Russian oligarchs trying to circumvent sanctions). In addition, in political coalition building, the left and the right, although rarely consistent, sometimes find common ground on national security and regulatory issues.

您可能会注意到，右下角的盒子与其他盒子相比特别重。这可能反映了我们的重点。 Coin Center的使命聚焦于去中心化基础设施开发商发布代码的权利（涉及第一修正案）和反对不合理的监管要求（涉及第四修正案）。这个盒子就是这两个问题交叉的战场。即使存在一些偏见，这个领域在过去四年中确实比其他任何领域都更具争议性。对此有很多解释，比如从舆论和新闻周期的角度来看，一些政客错误地或投机取巧地将全球和外交政策悲剧与加密货币联系起来（比如哈马斯融资和俄罗斯寡头试图规避制裁）。此外，在政治联盟建设中，左翼和右翼虽然很少保持一致，但有时会在国家安全和监管问题上找到共同点。

What is the biggest threat? The freedoms of individual cryptocurrency users and developers have faced serious threats over the past few years. We have seen increasing overreach by the SEC, with its exchange-defined rule revisions increasingly directly involving individual developers and users, as well as its enforcement actions against wallet providers such as ConsenSys’ Metamask and Coinbase Wallet. At the same time, regulatory issues have also become more prominent, including 6050I reporting obligations, Tornado Cash sanctions, broker reporting obligations, and unlicensed funds transmission prosecutions against non-custodial developers. Meanwhile, in Congress, we have been fighting legislation like CANSEE and DAMLA, which seek to impose regulatory obligations on non-custodial developers that cannot be reasonably explained.

最大的威胁是什么？过去几年，个人加密货币用户和开发者的自由面临严重威胁。我们看到 SEC 的越权行为越来越多，其交易所定义的规则修订越来越直接涉及个人开发者和用户，以及针对 ConsenSys 的 Metamask 和 Coinbase Wallet 等钱包提供商的执法行动。与此同时，监管问题也变得更加突出，包括6050I报告义务、Tornado Cash制裁、经纪人报告义务以及针对非托管开发商的无牌资金传输起诉。与此同时，在国会，我们一直在反对 CANSEE 和 DAMLA 等立法，这些立法试图对非托管开发商强加无法合理解释的监管义务。

Still a tough nut to crack There are three major threats of particular concern: (1) 6050I, (2) Tornado Cash sanctions, and (3) unlicensed money transmission prosecutions. First, in the context of 6050I, we already have ongoing litigation arguing that the IRS’s mandatory reporting of personal information of recipients of over $10,000 in cryptocurrency violates the constitutional requirement for disclosure without a warrant. Second, in the context of Tornado Cash sanctions, we also have ongoing litigation arguing that the sanctions law does not give the Treasury Department the power to prohibit U.S. persons (who are neither foreign persons nor their property) from using immutable smart contracts. Third, we are alarmed by the unlicensed money transmission prosecutions filed by the Southern District of New York against developers of non-custodial software tools such as Tornado Cash and Samurai Wallet, and will support defendants in these cases to the extent possible. While the Department of Justice may be changing under the Trump Administration, it is likely that its political independence will not lead to its abandonment of these prosecutions in response to a change in administration.

仍然是一个棘手的难题 有三个主要威胁值得特别关注：(1) 6050I，(2) 龙卷风现金制裁，以及 (3) 未经许可的资金传输起诉。首先，在 6050I 的背景下，我们已经有正在进行的诉讼，认为美国国税局强制报告超过 10,000 美元加密货币接收者的个人信息违反了宪法关于在没有搜查令的情况下披露的要求。其次，在龙卷风现金制裁的背景下，我们还有正在进行的诉讼，认为制裁法没有赋予财政部禁止美国人（既不是外国人也不是他们的财产）使用不可变智能合约的权力。第三，我们对纽约南区针对 Tornado Cash 和 Samurai Wallet 等非托管软件工具开发商提起的无牌汇款起诉感到震惊，并将尽可能支持这些案件中的被告。尽管司法部在特朗普政府的领导下可能会发生变化，但其政治独立性很可能不会导致其因政府更迭而放弃这些起诉。

Reasons for optimism Without going into too much detail, it seems plausible that the new administration will be friendlier to centralized businesses in the U.S., especially as it relates to investor protection. This is good news, as disintermediation and efficient capital formation are critical to broadening the appeal of cryptocurrencies, especially to less technologically savvy audiences. However, what about the impact on developers and users of truly decentralized tools and services, Coin Center’s core focus?

乐观的理由 无需透露太多细节，新政府似乎有可能对美国的中心化企业更加友好，特别是在投资者保护方面。这是个好消息，因为去中介化和高效的资本形成对于扩大加密货币的吸引力至关重要，特别是对于不太懂技术的受众来说。然而，Coin Center 的核心焦点——真正去中心化的工具和服务对开发者和用户有何影响？

On an institutional level, President Trump’s generally supportive stance toward cryptocurrencies and his choice of appointees to the SEC and Treasury Department could mean that some controversial rulemaking will be frozen or even abandoned. This is a consistent positive sign for us, as the SEC’s exchange redefinition rule and the IRS’s broker rule for non-custodial developers are always two swords hanging over our heads.

在制度层面上，特朗普总统对加密货币的普遍支持立场以及他对美国证券交易委员会和财政部任命人选的选择可能意味着一些有争议的规则制定将被冻结甚至放弃。这对我们来说是一个一致的积极信号，因为美国证券交易委员会的交易所重新定义规则和美国国税局针对非托管开发商的经纪人规则始终是悬在我们头上的两把利剑。

The new administration’s willingness to roll back overly aggressive sanctions and anti-money laundering policies is uncertain. Still, we hope that some progress can be made if it becomes clear that even under a friend

新政府是否愿意取消过于激进的制裁和反洗钱政策尚不确定。尽管如此，我们还是希望，如果我们清楚地知道，即使是在朋友的领导下，也能取得一些进展。