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原文标题：《没有人怀念 Gary Gensler》
原文作者：吕伯宁，链途 LinkTo
「And is that when we do the mic drop?」
镜头前的 Gary Gensler 微笑着用经典的「Manba out」姿势，作为他在推特上最后一段推文视频的收尾——发推两天后，即 2025 年 1 月 20 日，这位在圈内人看来「臭名昭著」的 SEC 主席终于结束了他的职业生涯，接替他临时代管主席职务的，则是对加密行业相对更加友好的日裔 SEC 委员 Mark Uyeda。
如果说美联储主席鲍威尔是通过每年八次、每次 30 分钟的发言来间接影响比特币的 K 线走向，Gensler 的手段则更加直接：
他在上任三个月之后就表示要大量增加 SEC 员工，以解决「狂野西部」的监管问题；将审查「新兴技术及虚拟资产」作为优先任务，同时将大多数币都定义成了纳入 SEC 监管范围内的「证券」；针对币安、Coinbase、Ripper 等多家业内大公司提出诉讼，将内控顺理成章变成法规......
时间倒回到 6 年以前，坐在 MIT 的教室里，尽管你已经听过同学介绍新来教授的厉害：曾经是高盛最年轻的合伙人之一，还帮 NFL 搞定了 36 亿的电视转播合同。
但你还是怎么都不会想到，面前这个笑眯眯讲授比特币、鼓励学生在链上搞 Uber 的秃头会成为 SEC 主席，还会反过来对行业痛下杀手——同样的，对于特朗普给比特币带来永恒牛市的期待，也在他上任前一天开始就逐步落空。
无论评价是好是坏，至少直至现在，Gary Gensler 的名字还是被不断提及。
巴尔的摩的金融警察
时代周刊在 2012 年的一篇专访文章中这样描述这个男人：
「对于一个让厚颜无耻的银行家心生恐惧的人来说，Gensler 是个相当和蔼的人。这位 55 岁的单身父亲笑口常开，经常开玩笑，并自嘲自己在使我们的金融系统更安全方面所扮演的角色，同时讲述了在结婚 20 年的妻子 Francesca 于 2006 年因癌症去世后独自抚养三个女儿（22 岁的 Anna、21 岁的 Lee 和 16 岁的 Isabel）的危险和喜悦。」
作为 CFTC（美国商品期货交易委员会）主席的 Gensler 大部分时间都不住在华盛顿特区，而是住在他长大的巴尔的摩附近，他一边帮忙洗女儿的脏衣服，一边负责监管当时的「狂野西部」——场外衍生品。
这个价值 400 万亿美元的市场曾经是华尔街最赚钱的业务线之一，并最终引爆了 2008 年那场著名的金融危机。
次年 5 月，被奥巴马提名的 Gary Gensler 正式宣誓担任第 11 届 CFTC 主席，承诺将努力「紧急弥补法律漏洞，为场外衍生品市场带来急需的透明度和监管，以降低风险，加强市场诚信，保护投资者」。
但不少人认为这只是场面话——毕竟在千禧之交的那两年，还在财政部的 Gensler 就以推动放松银行监管规则而闻名，他还在时任财政部长、崇尚金融自由化的 Lawrence Summers 的领导下促成了《商品期货现代化法案》的通过。
而这套法案中最重要的一点，就是取消了 CFTC 对场外衍生品（如信用违约掉期，即 CDS）的监管。
是的，《大空头》中被主角们用来做空次贷市场的 CDS。
《大空头》中 FrontPoint 团队和 Vennett 正在争论。
彼时 CFTC 长期生活在 SEC 的阴影之下，只能管理包括农产品在内为数不多的场内期货合约，而 Gensler 在早年助力通过的法案又让 CFTC 在场外衍生品中始终扮演着旁观者的角色——尽管在其位谋其政，但命运的捉弄还是让回旋镖时隔多年再次回到了他的手上。
不过 Gensler 确实勒紧了缰绳，上任之后不到两个月，他就提议限制市场参与者（如 ETF 等）在能源期货市场的持仓规模。8 月，他致信国会，认为奥巴马提出的场外衍生品监管方案力度不够。
「这里来了一个新的执法者，」前 CFTC 官员 Michael Greenberger 这样在采访里评价道。终于，2010 年 7 月 21 日，《多德-弗兰克华尔街改革和消费者保护法案》在国会通过，正式赋予了 CFTC 监管这个庞大市场的权力。
而在这之后，Gensler 又主导了对金融机构操纵伦敦银行间同业拆借利率（简称 Libor）的执法，在多年的调查后，巴克莱银行成为第一家公开承认多年来一直在操纵 Libor 的大型银行，并因此支付了 4.5 亿美元的罚款，另外还有十多家其他银行正受到调查，并准备可能的罚款，「瑞银甚至准备了差不多 6.1 亿美元」。
「由于预算削减，我们不得不削减 41 个职位，但我们的员工只比 20 年前多了 36 人...... 总统对这个小机构寄予厚望，更不用说管理这个机构的人了。」
干完上述所有这一切的 Gensler 抱怨道，并一直把扩充人手这个执念留到了他当 SEC 主席的那一天。
「历史告诉我们，私人货币不会持续太久」
2014 年初，坐满五年任期的 Gary Gensler 离开了 CFTC，这之后他去了马里兰州的金融消费者保护委员会担任了主席（他曾经是马里兰州民主党的财务主管），又跑去 MIT 当了教授，讲货币的历史，讲支付宝，也讲比特币和区块链。
Gary Gensler MIT 时期的课件。
一直到 2020 年 11 月，他被任命为拜登总统过渡机构的志愿成员，负责和金融部门相关的过渡工作。再过四个多月，参议院投票通过了对他的提名，Gary Gensler 自此正式成为 SEC 主席。
有意思的是，就在十几年前时代周刊那篇专访文章的最后，有内部人士认为：「如果他没有在行业内树敌那么多，他可能会有更大的成就，比如 SEC 主席或者财政部部长」。
一方面，应该说是勇于树敌、长期以来成功对抗华尔街的经历让 Gensler 最终被选中成为 SEC 主席，另一方面，民主党也需要这样一个人物来整顿特朗普过去四年执政时期的监管放松政策——前任 SEC 主席 Jay Clayton 的「旋转门」背景使其在任期内对包括加密货币在内的政策持续松绑，唯独在离职交接之前给他的继任者留下了炸弹：起诉 Ripple 出售未经许可的证券（即 XRP）。
「Clayton 已经做好了准备。他决定起诉 Ripple，并将法律工作留给下一任主席，这真是太可耻了。」
Ripple 首席执行官 Brad Garlinghouse 说道，他认为这是特朗普政府官员对于加密货币的恶意，同时预测拜登政府上任后「会更青睐行业」。
无独有偶，行业里的许多人也通过 Gensler 过去的一些公开声明和对各种加密项目的赞扬，认为他是个加密鸽派。
这个来自巴尔的摩的单身父亲真的会如意料中那样对加密行业网开一面吗？答案是否定的：
在接受华盛顿邮报的采访时，他认为 SEC「拥有强大的权力，但正如我所发现的那样，存在一些漏洞」，赞同了与国会合作的必要性，同时质疑数字资产是否能成为公共货币的持久替代品。「历史告诉我们，私人货币形式不会持续太久」。
国会与 Gary Gensler 部分行动线的吻合。
如果说 FTX 暴雷之前，这位 SEC 主席对于监管的态度还处于质疑的状态，那么在暴雷之后，就是华山一条路了。
一切就像 Gary Gensler 就任 CFTC 主席时那样演变——很显然，Ripple 释放的善意并未被接受，在之后的几年里，前者和 SEC 就 XRP 是否是证券的问题进行了多次法律上的交锋，与此同时 Coinbase、BlockFi、Kraken 等机构也先后被提起诉讼，并最终交付了数额不等的罚金。
而从 2018 年开始由美国司法部带头针对币安的调查，也在 5 年之后终于有了定论：43.68 亿美元的罚款，1.75 亿的保释金，以及 4 个月的监禁，换来的是和多个美国监管机构的全面和解——当然不包括 SEC。
但就在特朗普再次上台之后，SEC 和币安联合请求法院暂停了其针对币安的诉讼，「等待特朗普政府制定新的数字资产框架」。
另外一个重要的事件是比特币现货 ETF 的通过，尽管 Gensler 发表过反对批准纯粹的比特币 ETF 的言论（「仍然容易受到欺诈和市场操纵」），且已经先后拒绝过多家公司的申请，但当贝莱德在 2023 年 6 月向 SEC 提交 ETF 申请文件时，市场还是认为「这次稳了」。
2024 年的 1 月 10 日凌晨，SEC 官方在社交媒体发布消息，称比特币现货 ETF 被批准，比特币受消息影响瞬间上涨至 48,000 美元附近，人们欢欣鼓舞，庆祝着一个新时代的来临。
几分钟后，Gary Gensler 在自己的官方推特上发了一条信息：「没通过，SEC 的官方推特被盗了，刚才那条推文是黑客发的。」
期待另一个「救世主」
Gary Gensler 毫无意外的离职了——尽管离 2026 年的任期结束时间还有一年多的时间，但新的特朗普政府里不会也不可能有他的位置。期待特朗普上台的人也正如当年期待这位 SEC 主席一样，认为新的执政者「将有利于加密市场」。
特朗普也的确更有理由对行业表示友善：Coinbase、Jump Crypto、A16z 和 Ripple 均是支持特朗普的超级政治行动委员会（简称 PAC）的大金主；他的次子推出了 DeFi 项目 World Liberty Financial，还邀请了包括孙宇晨在内的一系列圈内知名人士作为顾问；他还宣布要提名加密货币倡导者、Patomak Partner 首席执行官 Paul Atkins 担任新的 SEC 主席，并「建立美国战略性比特币储备」。
故事在特朗普宣布发布自己的 Meme 币时达到高潮，1 月 18 日，特朗普在其社交账号上发文，宣布推出个人 Meme 币 TRUMP，且 TRUMP 是唯一的「官方特朗普 Meme 币」。
代币发行 12 小时后，TRUMP 交易价格达到约 30 美元，FDV 高达 300 亿美元。
代币发行 36 小时后，TRUMP 交易价格达到最高约 85.2 美元，FDV 最高 852 亿美元。
代币发行 48 小时 后，特朗普的夫人梅拉尼娅在社交媒体上发文称，「Melania 官方 Meme 上线了」，市场除 Melania 上涨到 13.69 美元以外，其他币种全线跳水，TRUMP 腰斩至 35 美元，比特币价格触及 11 万美元新高后迅速下跌。
代币发行 16 天后，World Liberty Financial 清仓了几乎所有 ETH 资产并转入 Coinbase Prime，与此同时特朗普次子 Eric Trump 在社交平台表示：「现在是增持 ETH 的最佳时机。」
代币发行 47 天后，特朗普签署行政命令，正式建立美国战略性比特币储备，联邦政府持有的约 20 万枚比特币将全部划入该战略储备，且「既不对外出售，亦不会通过市场增持新币」，比特币回调至 7.7 万美元。
代币发行 66 天后的今天，TRUMP 报价 11.3 美元，FDV 为 113 亿美元；Melania 报价 0.677 美元，FDV 为 6.77 亿美元；尽管比特币仍处于 8.6 万美元的高位，但 The Defi Report 的研究人员却表示：「熊市可能需要 9-12 个月才能结束。」
纽约客杂志作者 John Cassidy 曾在特朗普上台前这样评论特朗普新政：
「... 随着支持加密货币的政府准备掌权 + 加密货币投资者欢呼雀跃，这与上世纪 90 年代末的互联网泡沫有着一些相似之处，我在二十多年前的一本书中记录了这些泡沫。当时，包括我在内的一些长期市场参与者和观察者都同样兴奋，同样预测价格还会走高，甚至更高，同样感到不安。」
「... 但无论投机对象如何，我当年撰写有关互联网股票泡沫的文章时，曾得出一个结论，大规模投机事件依赖于'四驾马车'：让投资者兴奋的新技术；他们可以用来交流的有效方法；金融业的积极参与；以及支持性的政策环境。」
「... 最糟糕的情况是金融全面崩溃，我在 90 年代看到过很多次，人们疯狂地炒作某些东西，结果往往会形成泡沫。加密货币也可能会出现类似的情况，而且政府可能会默许甚至支持这种炒作。」
Gary Gensler 最终没能够像十几年前管控场外衍生品一样管控加密行业，行业也并不欢迎和怀念他。
对于参与者而言，缺乏监管的宽松环境才是他们所渴望的，或者换句话说，「生死由命，富贵在天。」
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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