<p>撰稿：Yangz，Techub News</p>
<p>与最近几天温度的逐渐回暖不同，自 2 月 25 日比特币跌破 90,000 美元以来，加密货币市场一直在下滑。今天上午 10:50 左右，比特币跌破 80,000 美元，创下近三个月半的新低。Coingalss 数据显示，在过去 24 小时内，整个网络的清算总额达到了 7.28 亿美元，其中多头订单约为 6.21 亿美元，空头订单约为 1.07 亿美元。此外，根据 Alternative.me 的数据，尽管加密货币恐慌与贪婪指数从昨天反弹，但仍处于 “极度恐慌状态”。（推荐阅读：“加密货币市场正在经历全面抛售。这轮暴跌的原因是什么？”）然而，在这个恐慌的市场中，美国金融监管机构近期的一系列行动表明，之前对加密货币的强硬态度正在软化，之前机构的敌对监管的 “冰” 正在慢慢融化。新任美国证券交易委员会（SEC）的态度如果之前由 Gary Gensler 领导的美国 SEC 对加密货币行业充满敌意，那么新任美国 SEC 的态度可以说是积极拥抱。自 1 月 21 日 Gary Gensler 正式辞职以来，由代理主席 Mark Uyeda 领导的新任美国 SEC 正在努力改变人们心中的形象。</p>
<p>在过去一周，美国 SEC 相继结束了对 OpenSea、Robinhood Crypto、Uniswap Labs 和 Gemini 的调查和执法行动，并正式撤回了对 Coinbase 的诉讼，计划撤回对 ConsenSys 和 MetaMask 的诉讼。此外，Binance 与美国 SEC 在本月中旬提交了联合动议，申请以 “新成立的加密货币工作组可能对案件产生影响” 为理由暂停诉讼。这是自 Mark Uyeda 成为代理主席以来，首次出现暂停与加密货币相关诉讼的请求。受此影响，Tron 基金会和 Justin Sun 也共同向美国 SEC 提交了暂停诉讼的联合动议。</p>
<p>此外，关于有争议的 Memecoin，美国 SEC 也改变了过去模糊的态度，发布了明确的指导，称其 “不是证券，但类似于收藏品。” 美国 SEC 认为，涉及 Memecoin 的交易不涉及根据联邦证券法的证券发行和销售。因此，参与 Memecoin 发行和销售的个人无需根据 1933 年证券法向委员会注册其交易，也无需遵守证券法中的注册豁免条款。当然，该部门也指出，Memecoin 的买家或持有者不受联邦证券法的保护。</p>
<p>或许是由于近期市场冷淡的客观情况，加上美国 SEC 积极频繁的信号释放，人们开始观察到其所做出的巨大变化。事实上，自新任美国 SEC 成立以来，各种行动从未停止。</p>
<p>在 Gary Gensler 正式辞职的第二天，Mark Uyeda 宣布成立一个由 Hester Peirce 领导的加密货币工作组，&#34;致力于为加密资产制定全面而清晰的监管框架。&#34;然后在 1 月 24 日，美国 SEC 正式撤销了被视为全面改革的 “第一枪” 的加密资产会计标准 SAB-121。此后，美国 SEC 开始缩减加密货币执法部门的规模，将一些律师和员工调往其他部门，并成立了一个新的工作组，宣布十项主要任务，例如审查不同类型加密资产在证券法下的地位，并提供关于批准或拒绝加密 ETF 的方法的明确声明。接下来，我们看到关于美国 SEC 审查 ETF 的各种新闻，例如公开征求对 Grayscale Litecoin ETF 的意见，接受 Grayscale Solana ETF 的 19b-4 申请，接受 Grayscale XRP Trust 转换 ETF 的申请，以及接受 Cboe BZX 提交的将质押功能添加到 21Shares Ethereum ETF 的 19b-4 申请。</p>
<p>所有这些都表明，新任 SEC 将展现出完全不同的形象。</p>
<h2>美国 SEC 以外的其他监管动态</h2>
<p>除了美国 SEC 在加密货币监管方面的积极改革，其他监管动态也值得关注。</p>
<p>美国众议院筹款委员会最近以 26 票对 16 票通过了一项决议，废除 IRS 的 “DeFi 经纪人规则”，这对 DeFi 来说是一个重大利好。需要注意的是，该决议必须经过众议院和参议院的多数通过，并由总统签署才能生效。</p>
<p>此外，在最近由 Cynthia Lummis 主持的美国参议院银行数字资产小组委员会的第一次听证会上，稳定币的立法进展成为焦点。Lummis 强调，稳定币将是小组委员会未来的首要任务，并 “计划在未来几个月内制定稳定币及其市场结构的两党立法框架。” 前商品期货交易委员会（CFTC）主席 Timothy Massad 在听证会上也建议立法者应优先考虑稳定币的法律框架，并推迟与市场结构相关的问题。此外，弗吉尼亚州民主党人 Mark Warner 要求与会者讨论稳定币用户的 KYC 流程的可能性。</p>
<p>与此同时，越来越多的政府部门正在加快倾听来自加密货币行业的声音。例如，美国财政部长斯科特·贝森特最近聘请了 Galaxy Digital 的法律顾问泰勒·威廉姆斯作为数字资产和区块链技术政策顾问。根据迈克尔·塞勒的说法，他最近与美国众议院金融服务委员会主席法兰克·希尔会面，并向他提出了一套数字资产监管框架的建议。</p>
<p>来自政府、监管机构和行业领导者的这些举措都表明，加密货币领域的监管环境正在逐渐成熟。在这种背景下，尽管当前市场冷淡，从长远来看，加密货币市场可能迎来一个更健康和更规范的发展时期。</p>
<h2>超越监管，各州战略比特币储备的进展</h2>
<p>与美国证券交易委员会及各机构所释放的直接监管利益不同，尽管各州战略比特币储备的进展并不那么顺利，但总体上仍然是积极的。</p>
<p>由朱利安·法赫尔建立的&#34;比特币法律&#34;网站显示，美国有 24 个州提出了战略比特币储备法案，共计 31 个法案。其中，蒙大拿州、南达科他州、北达科他州、宾夕法尼亚州和怀俄明州的比特币储备法案已被拒绝或搁置。进展最快的州是犹他州，相关法案已提交至参议院。其次是亚利桑那州，相关法案以 17 票赞成、12 票反对通过了参议院的第三次表决，现在将提交众议院审议。其他进展相对较快的州包括俄克拉荷马州和德克萨斯州。（注：法案可以在众议院或参议院提出。如果在参议院提出，参议院批准后将提交众议院，反之亦然。如果两院都通过，法案将提交给州长签署成为法律或被否决。一旦州长签署，法案便成为法律）</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7352897_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7352897_image3.png"/></p>
<p>尽管各州的进展不同，但战略比特币储备的立法进展标志着地方政府对加密货币的重要性和采纳程度。尽管目前尚不清楚特朗普政府对此战略的准备情况，但不急于行动可能更为合理。</p>
<h2>结论</h2>
<p>尽管市场面临剧烈的价格波动和历史上最大的黑客危机下的恐慌蔓延，但希望监管环境的逐步改善能够像春天的暖风一样逐渐融化过去的监管&#34;冰块&#34;，为市场注入新的活力。至于当前下滑的市场，我也建议您观望。</p>

GBTC

<p>加密货币市场正经历显著下跌，比特币价格跌破 80,000 美元，创下三个月以来的新低。在过去 24 小时内，清算金额达到 7.28 亿美元。尽管市场恐慌，美国金融监管机构，特别是在 Mark Uyeda 领导下的新 SEC，正在软化对加密货币的立场，结束对几家公司的调查和诉讼。SEC 还澄清了 Memecoin 不被视为证券。此外，美国众议院正在推进废除 IRS 的 “DeFi 经纪人规则”，这将有利于 DeFi 行业</p>

<p>Written by: Yangz, Techub News</p>
<div class="lb-trans"><p>撰稿：Yangz，Techub News</p>
</div><p>Unlike the gradual warming of the temperature in recent days, the cryptocurrency market has been declining since Bitcoin fell below $90,000 on February 25. At around 10:50 today, Bitcoin fell below the $80,000 mark, hitting a new low in nearly three and a half months. Coingalss data shows that in the past 24 hours, the total amount of liquidation in the entire network reached $728 million, of which long orders were about $621 million and short orders were about $107 million. In addition, according to Alternative.me data, although the cryptocurrency panic and greed index has rebounded from yesterday, it is still in an &#34;extreme panic state.&#34; (Recommended reading: &#34;The cryptocurrency market is experiencing a full sell-off. What caused this round of plunge?&#34;) However, in this panic market, a series of recent actions by US financial regulators suggest that the previous tough attitude towards cryptocurrencies is softening, and the &#34;ice&#34; of the previous agency's hostile supervision is slowly melting. The attitude of the new US SEC If the previous US SEC led by Gary Gensler was full of hostility towards the cryptocurrency industry, then the attitude of the new US SEC can be described as a positive embrace. Since Gary Gensler officially stepped down on January 21, the new US SEC, led by Acting Chairman Mark Uyeda, is working hard to change its image in people's minds.</p>
<div class="lb-trans"><p>与最近几天温度的逐渐回暖不同，自 2 月 25 日比特币跌破 90,000 美元以来，加密货币市场一直在下滑。今天上午 10:50 左右，比特币跌破 80,000 美元，创下近三个月半的新低。Coingalss 数据显示，在过去 24 小时内，整个网络的清算总额达到了 7.28 亿美元，其中多头订单约为 6.21 亿美元，空头订单约为 1.07 亿美元。此外，根据 Alternative.me 的数据，尽管加密货币恐慌与贪婪指数从昨天反弹，但仍处于 “极度恐慌状态”。（推荐阅读：“加密货币市场正在经历全面抛售。这轮暴跌的原因是什么？”）然而，在这个恐慌的市场中，美国金融监管机构近期的一系列行动表明，之前对加密货币的强硬态度正在软化，之前机构的敌对监管的 “冰” 正在慢慢融化。新任美国证券交易委员会（SEC）的态度如果之前由 Gary Gensler 领导的美国 SEC 对加密货币行业充满敌意，那么新任美国 SEC 的态度可以说是积极拥抱。自 1 月 21 日 Gary Gensler 正式辞职以来，由代理主席 Mark Uyeda 领导的新任美国 SEC 正在努力改变人们心中的形象。</p>
</div><p>In the past week, the US SEC has successively ended its investigation and enforcement actions against OpenSea, Robinhood Crypto, Uniswap Labs, and Gemini, and officially withdrew the lawsuit against Coinbase, and plans to withdraw the lawsuit against ConsenSys and MetaMask. In addition, Binance and the US SEC submitted a joint motion in the middle of this month, applying for a 60-day suspension of the lawsuit on the grounds that &#34;the newly established cryptocurrency working group may have an impact on the case.&#34; This is the first time that a request for suspension of cryptocurrency-related lawsuits has appeared since Mark Uyeda became acting chairman. Affected by this, the Tron Foundation and Justin Sun also jointly submitted a joint motion to suspend the lawsuit with the US SEC.</p>
<div class="lb-trans"><p>在过去一周，美国 SEC 相继结束了对 OpenSea、Robinhood Crypto、Uniswap Labs 和 Gemini 的调查和执法行动，并正式撤回了对 Coinbase 的诉讼，计划撤回对 ConsenSys 和 MetaMask 的诉讼。此外，Binance 与美国 SEC 在本月中旬提交了联合动议，申请以 “新成立的加密货币工作组可能对案件产生影响” 为理由暂停诉讼。这是自 Mark Uyeda 成为代理主席以来，首次出现暂停与加密货币相关诉讼的请求。受此影响，Tron 基金会和 Justin Sun 也共同向美国 SEC 提交了暂停诉讼的联合动议。</p>
</div><p>In addition, regarding the controversial Memecoin, the US SEC also changed its ambiguous attitude in the past and issued clear guidance, saying that it &#34;is not a security, but is similar to a collectible.&#34; The US SEC believes that transactions involving Memecoin do not involve the issuance and sale of securities under federal securities laws. Therefore, individuals involved in the issuance and sale of Memecoin do not need to register their transactions with the Commission under the Securities Act of 1933, nor do they need to comply with the registration exemption provisions in the Securities Act. Of course, the department also pointed out that buyers or holders of Memecoin are not protected by federal securities laws.</p>
<div class="lb-trans"><p>此外，关于有争议的 Memecoin，美国 SEC 也改变了过去模糊的态度，发布了明确的指导，称其 “不是证券，但类似于收藏品。” 美国 SEC 认为，涉及 Memecoin 的交易不涉及根据联邦证券法的证券发行和销售。因此，参与 Memecoin 发行和销售的个人无需根据 1933 年证券法向委员会注册其交易，也无需遵守证券法中的注册豁免条款。当然，该部门也指出，Memecoin 的买家或持有者不受联邦证券法的保护。</p>
</div><p>Perhaps because of the recent market cold objective situation, coupled with the US SEC's active and frequent signal release, people began to observe the huge changes it has made. In fact, since the establishment of the new US SEC, various actions have never stopped.</p>
<div class="lb-trans"><p>或许是由于近期市场冷淡的客观情况，加上美国 SEC 积极频繁的信号释放，人们开始观察到其所做出的巨大变化。事实上，自新任美国 SEC 成立以来，各种行动从未停止。</p>
</div><p>The day after Gary Gensler officially resigned, Mark Uyeda announced the establishment of a cryptocurrency task force, led by Hester Peirce, &#34;committed to developing a comprehensive and clear regulatory framework for cryptocurrency assets.&#34; Then on January 24, the US SEC officially revoked the crypto asset accounting standard SAB-121, which was regarded as the &#34;first shot&#34; of the comprehensive reform. Since then, the US SEC has begun to reduce the size of the cryptocurrency enforcement department, transferred some lawyers and staff to other departments, and formed a new task force to announce ten major tasks such as examining the status of different types of crypto assets under securities laws and providing clear statements on the methods used to approve or disapprove crypto ETFs. Next, we saw various news about the US SEC's review of ETFs, such as publicly soliciting comments on the Grayscale Litecoin ETF, accepting the 19b-4 application of the Grayscale Solana ETF, accepting the application of the Grayscale XRP Trust Conversion ETF, and accepting the 19b-4 application submitted by Cboe BZX to add a pledge function to the 21Shares Ethereum ETF.</p>
<div class="lb-trans"><p>在 Gary Gensler 正式辞职的第二天，Mark Uyeda 宣布成立一个由 Hester Peirce 领导的加密货币工作组，&#34;致力于为加密资产制定全面而清晰的监管框架。&#34;然后在 1 月 24 日，美国 SEC 正式撤销了被视为全面改革的 “第一枪” 的加密资产会计标准 SAB-121。此后，美国 SEC 开始缩减加密货币执法部门的规模，将一些律师和员工调往其他部门，并成立了一个新的工作组，宣布十项主要任务，例如审查不同类型加密资产在证券法下的地位，并提供关于批准或拒绝加密 ETF 的方法的明确声明。接下来，我们看到关于美国 SEC 审查 ETF 的各种新闻，例如公开征求对 Grayscale Litecoin ETF 的意见，接受 Grayscale Solana ETF 的 19b-4 申请，接受 Grayscale XRP Trust 转换 ETF 的申请，以及接受 Cboe BZX 提交的将质押功能添加到 21Shares Ethereum ETF 的 19b-4 申请。</p>
</div><p>All of this indicates that the new SEC will show a completely different image.</p>
<div class="lb-trans"><p>所有这些都表明，新任 SEC 将展现出完全不同的形象。</p>
</div><h2>Other regulatory developments outside the US SEC</h2>
<div class="lb-trans"><h2>美国 SEC 以外的其他监管动态</h2>
</div><p>In addition to the US SEC's active reforms in cryptocurrency regulation, other regulatory developments are also worthy of attention.</p>
<div class="lb-trans"><p>除了美国 SEC 在加密货币监管方面的积极改革，其他监管动态也值得关注。</p>
</div><p>The US House of Representatives Ways and Means Committee recently passed a resolution to repeal the IRS &#34;DeFi Broker Rule&#34; by a vote of 26 to 16, which is a big boon for DeFi. It should be noted that the resolution must be passed by a majority of the House and Senate and signed by the President before it can take effect.</p>
<div class="lb-trans"><p>美国众议院筹款委员会最近以 26 票对 16 票通过了一项决议，废除 IRS 的 “DeFi 经纪人规则”，这对 DeFi 来说是一个重大利好。需要注意的是，该决议必须经过众议院和参议院的多数通过，并由总统签署才能生效。</p>
</div><p>In addition, at the first hearing of the US Senate Banking Digital Assets Subcommittee chaired by Cynthia Lummis recently, the legislative progress on stablecoins became the focus. Lummis emphasized that stablecoins will be the subcommittee's top priority in the future and &#34;plans to develop a bipartisan legislative framework for stablecoins and their market structure in the coming months.&#34; Former Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad also suggested at the hearing that lawmakers should prioritize the legal framework for stablecoins and postpone issues related to market structure. In addition, Virginia Democrat Mark Warner asked panelists to discuss the possibility of KYC processes for stablecoin users.</p>
<div class="lb-trans"><p>此外，在最近由 Cynthia Lummis 主持的美国参议院银行数字资产小组委员会的第一次听证会上，稳定币的立法进展成为焦点。Lummis 强调，稳定币将是小组委员会未来的首要任务，并 “计划在未来几个月内制定稳定币及其市场结构的两党立法框架。” 前商品期货交易委员会（CFTC）主席 Timothy Massad 在听证会上也建议立法者应优先考虑稳定币的法律框架，并推迟与市场结构相关的问题。此外，弗吉尼亚州民主党人 Mark Warner 要求与会者讨论稳定币用户的 KYC 流程的可能性。</p>
</div><p>At the same time, more and more government departments are accelerating their listening to the voices from the cryptocurrency industry. For example, U.S. Treasury Secretary Scott Bessent recently hired Galaxy Digital legal counsel Tyler Williams as a digital asset and blockchain technology policy advisor. According to Michael Saylor, he recently met with French Hill, chairman of the U.S. House Financial Services Committee, and proposed a set of digital asset regulatory framework recommendations to him.</p>
<div class="lb-trans"><p>与此同时，越来越多的政府部门正在加快倾听来自加密货币行业的声音。例如，美国财政部长斯科特·贝森特最近聘请了 Galaxy Digital 的法律顾问泰勒·威廉姆斯作为数字资产和区块链技术政策顾问。根据迈克尔·塞勒的说法，他最近与美国众议院金融服务委员会主席法兰克·希尔会面，并向他提出了一套数字资产监管框架的建议。</p>
</div><p>These initiatives from governments, regulators and industry leaders all indicate that the regulatory environment in the cryptocurrency field is gradually maturing. In this context, although the current market is cold, in the long run, the cryptocurrency market may usher in a healthier and more standardized development period.</p>
<div class="lb-trans"><p>来自政府、监管机构和行业领导者的这些举措都表明，加密货币领域的监管环境正在逐渐成熟。在这种背景下，尽管当前市场冷淡，从长远来看，加密货币市场可能迎来一个更健康和更规范的发展时期。</p>
</div><h2>Beyond regulation, the progress of strategic Bitcoin reserves in various states</h2>
<div class="lb-trans"><h2>超越监管，各州战略比特币储备的进展</h2>
</div><p>Unlike the direct regulatory benefits released by the US SEC and various institutions, although the progress of strategic Bitcoin reserves in various states has not been so smooth, it is still positive in general.</p>
<div class="lb-trans"><p>与美国证券交易委员会及各机构所释放的直接监管利益不同，尽管各州战略比特币储备的进展并不那么顺利，但总体上仍然是积极的。</p>
</div><p>The &#34;Bitcoin Laws&#34; website established by Julian Fahrer shows that 24 states in the United States have proposed strategic Bitcoin reserve bills, with a total of 31 bills. Among them, the Bitcoin reserve bills in Montana, South Dakota, North Dakota, Pennsylvania and Wyoming have been rejected or shelved. The state with the fastest progress is Utah, and the relevant bill has been submitted to the Senate. The second is Arizona, where the relevant bill passed the third reading of the Senate with 17 votes in favor and 12 votes against, and will now be submitted to the House of Representatives for deliberation. Other states with relatively advanced progress include Oklahoma and Texas. (Note: A bill can be introduced in the House of Representatives or the Senate. If it is introduced in the Senate, it will be submitted to the House of Representatives after the Senate approves it, and vice versa. If both houses pass it, the bill will be submitted to the governor for signature to become law or vetoed. Once the governor signs it, the bill becomes law)</p>
<div class="lb-trans"><p>由朱利安·法赫尔建立的&#34;比特币法律&#34;网站显示，美国有 24 个州提出了战略比特币储备法案，共计 31 个法案。其中，蒙大拿州、南达科他州、北达科他州、宾夕法尼亚州和怀俄明州的比特币储备法案已被拒绝或搁置。进展最快的州是犹他州，相关法案已提交至参议院。其次是亚利桑那州，相关法案以 17 票赞成、12 票反对通过了参议院的第三次表决，现在将提交众议院审议。其他进展相对较快的州包括俄克拉荷马州和德克萨斯州。（注：法案可以在众议院或参议院提出。如果在参议院提出，参议院批准后将提交众议院，反之亦然。如果两院都通过，法案将提交给州长签署成为法律或被否决。一旦州长签署，法案便成为法律）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.cn/7352897_image3.png" alt="" original-src="https://img.jinse.cn/7352897_image3.png"/></p>
<p>Although the progress of each state is different, the legislative progress of the strategic Bitcoin reserve marks the importance and adoption of cryptocurrencies by local governments. Although it is unknown what the Trump administration is currently preparing for this strategy, it may be more reasonable not to rush into action.</p>
<div class="lb-trans"><p>尽管各州的进展不同，但战略比特币储备的立法进展标志着地方政府对加密货币的重要性和采纳程度。尽管目前尚不清楚特朗普政府对此战略的准备情况，但不急于行动可能更为合理。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Although the market is facing drastic price fluctuations and the panic spread under the largest hacker crisis in history, it is hoped that the gradual improvement of the regulatory environment will gradually melt the past regulatory &#34;ice&#34; like the warm breeze of spring, injecting new vitality into the market. As for the current declining market, I also suggest that you wait and see.</p>
<div class="lb-trans"><p>尽管市场面临剧烈的价格波动和历史上最大的黑客危机下的恐慌蔓延，但希望监管环境的逐步改善能够像春天的暖风一样逐渐融化过去的监管&#34;冰块&#34;，为市场注入新的活力。至于当前下滑的市场，我也建议您观望。</p>
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市场下跌加速，但监管的 “冰” 正在融化