美国国家公共电台 NPR--After crypto exchange FTX collapsed, Washington policymakers debate how to respond

After crypto exchange FTX collapsed², Washington policymakers debate how to respond

Transcript³

After the spectacular collapse¹ of the crypto exchange FTX, a growing chorus of people in Washington, D.C., are asking Congress for more clarity on how to regulate crypto.

STEVE INSKEEP, HOST:

Could the collapse of FTX finally prompt Congress to better regulate cryptocurrency? One of the world's leading crypto exchanges fell apart in a matter of days. NPR's David Gura reports on what could be done.

DAVID GURA, BYLINE⁴: Crypto companies have collapsed before. Cryptocurrencies have cratered⁵. And by and large, it's been status quo on Capitol Hill. But according to Republican Senator Pat Toomey, the ranking member of the Senate Banking⁶ Committee, this moment feels different.

PAT TOOMEY: It's sort of a combination, I think, of the fact that we're deep in a pretty cold crypto winter. And during this difficult time, we've seen this really unbelievable explosion of this iconic firm.

GURA: Yet to be seen is if Washington's reaction will be different. FTX went from being valued at more than $30 billion to filing for bankruptcy⁷ last week, and now hundreds of thousands of customers are desperately⁸ trying to recover money that may be gone for good. Unlike banks, there is no government backstop in crypto. There's no deposit insurance. The guardrails that are in place are inadequate⁹, says Toomey, whose investment portfolio¹⁰ includes crypto. He argues lawmakers have to give regulators more guidance.

TOOMEY: I think the inaction of Congress and the inconsistency and confusion of regulators has contributed to this problem.

GURA: A week after FTX filed for bankruptcy, the Justice Department is reportedly investigating the company and its now former CEO, Sam Bankman-Fried. So are the government agencies that oversee¹¹ digital assets, a familiar alphabet soup of financial regulators. When it comes to crypto and crypto companies, bureaucrats¹² are locked in a turf war over who oversees¹³ what. Of course, legislation could put an end to that. During an onstage interview at an industry conference last week, Rostin Behnam, who regulates the derivatives¹⁴ market, said he has the tools he needs to ensure crypto companies registered with his agency comply with its rules and regulations...

(SOUNDBITE OF ARCHIVED RECORDING)

ROSTIN BEHNAM: And we will use that authority to the full extent of the law.

GURA: ...Charging companies and individuals and levying¹⁵ fines and other penalties. But plenty of crypto companies are not registered with his agency, the CFTC, or with the other big financial regulator, the SEC. Its chair, Gary Gensler, says the door to his office is open, and he encourages the heads of crypto companies to meet with him, his staff, to discuss registering. In fact, Bankman-Fried paid him a visit twice in the past. But during an appearance on CNBC just hours before FTX filed for bankruptcy, Gensler indicated he's getting impatient with companies issuing cryptocurrencies, which he says are securities, like stocks. Gensler wants these companies to provide the public with more information, to be more upfront about risks. Essentially¹⁶, he wants to put in place more investor¹⁷ protections.

(SOUNDBITE OF ARCHIVED RECORDING)

GARY GENSLER: The laws are clear. And look; the runway is running out.

GURA: The White House has encouraged regulators to double down on enforcement under existing laws, rules that predate crypto. But more enforcement requires more resources, regulators say, so Gensler is not just asking for additional regulatory clarity; he also wants a bigger budget. Well, so far, Congress' response has been familiar. There have been short statements. The relevant committees say they're calling witnesses to testify. But legislation? Earlier this week, Republican Senator Cynthia Lummis, who chairs the Financial Innovation Caucus¹⁸, addressed FTX's collapse.

(SOUNDBITE OF ARCHIVED RECORDING)

CYNTHIA LUMMIS: You know, it's awful and, simultaneously¹⁹, not all that surprising.

GURA: Lummis, who owns bitcoin, introduced a bill with Democratic Senator Kirsten Gillibrand in June. They called it the first comprehensive framework for regulating cryptocurrencies and other digital assets. But that legislation hasn't made it out of committee to the Senate floor for a vote.

David Gura, NPR News, New York.

1 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

2 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

3 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。

4 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

5 cratered   

adj.有坑洞的，多坑的v.火山口( crater的过去分词 )；弹坑等

参考例句：

• The surface cratered with the constant dropping of water. 表面因经常滴水而成坑。 来自《现代英汉综合大词典》
• Artillery cratered the roads. 炮击后大路布满了弹坑。 来自《现代英汉综合大词典》

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

8 desperately   

adv.极度渴望地，绝望地，孤注一掷地

参考例句：

• He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
• He longed desperately to be back at home.他非常渴望回家。

9 inadequate   

adj.(for,to)不充足的，不适当的

参考例句：

• The supply is inadequate to meet the demand.供不应求。
• She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。

10 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

11 oversee   

vt.监督，管理

参考例句：

• Soldiers oversee the food handouts.士兵们看管着救济食品。
• Use a surveyor or architect to oversee and inspect the different stages of the work.请一位房产检视员或建筑师来监督并检查不同阶段的工作。

12 bureaucrats   

n.官僚( bureaucrat的名词复数 )；官僚主义；官僚主义者；官僚语言

参考例句：

• That is the fate of the bureaucrats, not the inspiration of statesmen. 那是官僚主义者的命运，而不是政治家的灵感。 来自辞典例句
• Big business and dozens of anonymous bureaucrats have as much power as Japan's top elected leaders. 大企业和许多不知名的官僚同日本选举出来的最高层领导者们的权力一样大。 来自辞典例句

13 oversees   

v.监督，监视( oversee的第三人称单数 )

参考例句：

• She oversees both the research and the manufacturing departments. 她既监督研究部门又监督生产部门。 来自《简明英汉词典》
• The Department of Education oversees the federal programs dealing with education. 教育部监管处理教育的联邦程序。 来自互联网

14 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

15 levying   

征（兵）( levy的现在分词 )； 索取； 发动（战争）； 征税

参考例句：

• The high tax will be given levying to the foreign country car. 对外国汽车要予以征收高税。
• Levying estate income tax are considered to be goods tax. 遗产税是在财产所有者死亡后所征收的税。

16 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

17 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

18 caucus   

n.秘密会议；干部会议；v.（参加）干部开会议

参考例句：

• This multi-staged caucus takes several months.这个多级会议常常历时好几个月。
• It kept the Democratic caucus from fragmenting.它也使得民主党的核心小组避免了土崩瓦解的危险。

19 simultaneously   

adv.同时发生地，同时进行地

参考例句：

• The radar beam can track a number of targets almost simultaneously.雷达波几乎可以同时追着多个目标。
• The Windows allow a computer user to execute multiple programs simultaneously.Windows允许计算机用户同时运行多个程序。