美国国家公共电台 NPR--Cryptocurrency is a risky investment. How should the government regulate it?

Cryptocurrency is a risky¹ investment. How should the government regulate it?

Transcript²

NPR's Steve Inskeep speaks with American University associate law professor Hilary Allen about the gaining popularity of cryptocurrency, and the challenges of regulating the industry.

STEVE INSKEEP, HOST:

This week, the Securities and Exchange Commission fined Kim Kardashian more than $1 million. She promoted cryptocurrency on her Instagram page without disclosing she'd been paid to do it. Did people think she was doing it for free? Anyway, the news opened a window into the frantic³ promotion⁴ of cryptocurrency and its regulation. So we've called Hilary Allen, who is a professor at American University's Washington College of Law. Welcome.

HILARY ALLEN: Thanks very much.

INSKEEP: OK. So for those who don't trade or mine or try to sell this stuff, what are people buying when they buy it?

ALLEN: They're buying computer files. And those computer files live on a database. And that's basically, you know, most of what there is to it.

INSKEEP: Which sounds a little crazy, but I suppose the idea of handing around pieces of little bits of green paper and pretending that they - they're worth something, I mean, it's - in that sense, it's the same, right?

ALLEN: Well, there's something behind the U.S. currency. We have tax and spend power in the military. But there have been lots of other financial assets in history that haven't had much behind them.

INSKEEP: And in this case, the only thing behind cryptocurrency is the faith that somebody else would pay you something for what you buy. Is that right?

ALLEN: For most types of crypto assets, that's right. Yeah.

INSKEEP: OK. Everybody keeps telling me it's valuable. Any time I'm on social media, I'm getting these unsolicited tweets directed at me saying how amazing it is. Apparently⁵, Kim Kardashian was saying how amazing it is. But if it's so valuable, why do people have to keep trying so hard to promote my buying it?

ALLEN: Well, I think you've answered your own question, right? Perhaps it's not so valuable without that demand. And so the whole industry has sprung up about creating demand through social media posts and other things.

INSKEEP: I'm pleasantly surprised that there's even a rule against promoting something without disclosing that you're being paid to do that. Were you surprised?

ALLEN: Well, no, I wasn't surprised. I mean, what is a challenge in all of this is figuring out whether a crypto asset is a security as the SEC defines them 'cause this is an SEC rule, and it only has jurisdiction⁶ if the asset falls within that definition of a security. But I think a lot of these NFTs, which is what - the type of crypto asset that Kim Kardashian was promoting, a lot of these, I think, are quite clearly securities.

INSKEEP: Oh, OK. So is it beyond doubt and not something that's going to go to court that this is a security that the SEC can regulate the same way it does a stock?

ALLEN: I don't think it's beyond doubt. I think we can expect to see litigation in the future about which - and not just litigation but also regulatory proposals, trying to create more bright lines about what does count as a security and what doesn't.

INSKEEP: Oh, OK. So there's the question of what it is. There's the question of the SEC's authority. There's the question of new regulations. Are there also new laws needed or at least being proposed and discussed here?

ALLEN: There are definitely new laws being proposed, lots of them. So we are seeing bills coming out of the House and out of the Senate dealing⁷ with these crypto assets.

INSKEEP: Doing what sorts of things? Like, how would the law change to make them - what regulation is needed, I guess, is the way to get to the point?

ALLEN: Well, it's not necessarily sure that these bills are what is needed. So a lot of them are trying to take some crypto assets out of the jurisdiction of the SEC and potentially give them to the CFTC, which is a different regulator that has, you know, less experience in dealing with the direct concerns of retail⁸ investors⁹.

INSKEEP: Oh, so it sounds like there's no consensus¹⁰ at all about what the problem is, if there is a problem, and what to do about it.

ALLEN: That sounds about right. It's a murky¹¹ place.

INSKEEP: If you were given 10 seconds, which you're about to be given, to change the market in some way or regulate the market in some way, what would you do?

ALLEN: I would just let people know that they need to be careful in this space.

INSKEEP: OK. Well, thanks so much for the time. Really appreciate it.

ALLEN: Thanks very much.

1 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

2 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

3 frantic   

adj.狂乱的，错乱的，激昂的

参考例句：

• I've had a frantic rush to get my work done.我急急忙忙地赶完工作。
• He made frantic dash for the departing train.他发疯似地冲向正开出的火车。

4 promotion   

n.提升，晋级；促销，宣传

参考例句：

• The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
• The clerk was given a promotion and an increase in salary.那个职员升了级，加了薪。

5 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

6 jurisdiction   

n.司法权，审判权，管辖权，控制权

参考例句：

• It doesn't lie within my jurisdiction to set you free.我无权将你释放。
• Changzhou is under the jurisdiction of Jiangsu Province.常州隶属江苏省。

7 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

8 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

11 murky   

adj.黑暗的，朦胧的；adv.阴暗地，混浊地；n.阴暗；昏暗

参考例句：

• She threw it into the river's murky depths.她把它扔进了混浊的河水深处。
• She had a decidedly murky past.她的历史背景令人捉摸不透。