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They roughly rhyme with what exchanges and wire houses do, the likes of Goldman Sachs and Schwab and others.[qh]
他们大致与高盛、嘉信理财等交易所和金融机构的业务相一致。[qh]
But Coinbase's offering here, it's saying that, if you regulate us such as this, it's going to kill the whole thing. [qh]
但Coinbase这些业务的产品要求，如果你像这样监管我们，会扼杀整个业务。[qh]
I mean, we're supposed to be deregulated. And what is a token? What is one of these non-Bitcoin things?[qh]
我是说，我们应该放松管制。什么是代币？这些非比特币的东西是什么？[qh]
If it's not a commodity, it's kind of a meaning of life question. Are we an ephemeral asset? Do we even exist?[qh]
如果代币不是一种商品，这是一个生命意义的问题。代币是短暂的资产吗? 代币存在吗?[qh]
It -- in the case of the action you saw yesterday, the mysterious CEO says, I don't even have a headquarters.[qh]
在你昨天看到的案例中，这位神秘的CEO说，我甚至没有总部。[qh]
It's wherever I'm putting up my laptop at my table.[qh]
我可以把笔记本电脑放在桌子上的任何地方。[qh]
So I think that's a -- it's actually on brand for the crypto companies to say, you don't quite understand us.[qh]
我认为，这实际上是加密公司的品牌，你不太了解我们。[qh]
But, in the same voice, they're saying, if you do want to regulate us, at least put out a blueprint for us. At least be transparent.[qh]
但是，同样的话，他们说，如果你想监管我们，至少为我们制定一个蓝图。至少要透明。[qh]
So you're seeing this kind of game of chess between regulators and the cryptos.[qh]
所以你会看到监管机构和加密货币之间的这种博弈。[qh]
I mean, it does seem like smoke and mirrors to those of us that don't invest in crypto, but plenty of Americans do. [qh]
我是说，对于我们这些不投资加密货币的人来说，这确实像是混淆是非，但也有很多美国人都在投资。[qh]
And Gensler pointed out that investors of all kinds, especially small amateur investors, invested a lot in crypto during the pandemic.[qh]
詹斯勒指出，在疫情期间，各类投资者，尤其是小型业余投资者，在加密货币上投入了大量资金。[qh]
Have recent times shown they need, these investors, the same kind of protections that other investors in, say, securities would want?[qh]
最近的情况是否表明，这些投资者需要与其他投资者(比如证券投资者)受到同样的保护?[qh]
Yes, if you saw the implosion of FTX last year, if you saw what happened with very well-capitalized banks and bank runs, again, these things rhyme.[qh]
是的，如果你看到去年FTX的内部崩溃，如果你看到资本充足的银行和银行挤兑所发生的事情，这些都有关联。[qh]
They're not necessarily apples to apples, but you could have situations where your liquidity is not available. [qh]
它们不一定是同一类事，但你可能会遇到流动资金不可用的情况。[qh]
If you thought, OK, I want the best of both worlds, I want full access to things, I want access to other markets and exchanges, but I don't want it regulated, well, what happens when these crypto assets fall?[qh]
如果你认为，好吧，我想要两全其美，我想全部都可以访问，我想要访问其他市场和交易所，但我不希望它受到监管，那么，当这些加密资产下跌时会发生什么呢?[qh]
I mean, it's like, heads, I win, tails, you lose. [qh]
我是说，这就像正面赢与反面输一样，是非此即彼的情况。[qh]
Do you want to be protected in the event of a downturn? [qh]
你想在经济低迷时得到保障吗?[qh]
I mean, clearly, there's been tremendous, hyperbolic upside for crypto assets over the last decade. [qh]
我是说，很明显，在过去的十年里，加密资产有着巨大的、夸张的上行空间。[qh]
But when things fall apart, I think that's when mom-and-pop investors or whatever you want to call them, stakeholders, want protections as well.[qh]
但当加密货币崩溃时，我想这也是散户投资者，或者你无论想叫他们什么，赌金保管人也好，想要保护的时候。[qh]
Yes, and don't even get me started on what happens if you forget the password to your digital wallet.[qh]
是的，更别说忘记数字钱包的密码会发生什么了。[qh]
But, as you say, Roben, Coinbase says the digital asset industry lacks clear rules, and the company says it's planning to -- quote -- "defend its platform vigorously" against this lawsuit, so not expecting a settlement. [qh]
但是，正如你所说，罗本，Coinbase表示，数字资产行业缺乏明确的规则，该公司表示计划“大力捍卫自身平台”，以应对这起诉讼，不指望达成和解。[qh]
How do you expect things to play out?[qh]
你认为事情会如何发展?[qh]
Well, I think the best case scenario for them is if the SEC can give them contours, can regulate them modestly, but not so much that it completely harshes the mellow of what they have going on,[qh]
我认为对他们来说最好的情况是，如果证交会能给他们框架，能适度地监管他们，但不要太过严格以至于完全破坏他们正在进行的业务，[qh]
again, liquidity, high-volatility action, without regulators coming in, without being gummed up by offering statements and disclosures and Wells notices and the like. That is so anathema to crypto.[qh]
再强调一遍，他们的业务具有高流动性、高波动性的特征，监管机构没有介入，也没有被提供声明、披露和富国银行通知之类的东西弄得一团糟。这是加密货币非常厌恶的事。[qh]
I just don't see how they'd be profitable. [qh]
我只是不知道他们怎么赚钱。[qh]
Certainly, the stock has reflected a catastrophic scenario over the last two years, coming down from euphoria, but today, down 12 percent, it's not exactly end of times for them.[qh]
当然，在过去的两年里，股价从乐观到回落，反映了灾难性的情况，但今天股价下跌了12%，对他们来说，这并不是时代的终结。[qh]
Yes, and the stock is up 45 percent year to date, so investors seem like they think they might be able to fight this lawsuit.[qh]
是的，年初至今，股价上涨了45%，因此投资者似乎认为他们有能力打赢这场官司。[qh]
