The Future of No-Utility Cryptocurrencies in the Face of Regulation

面对监管，无效用加密货币的未来

The crypto asset market has witnessed a significant influx of investors, driven in part by the approval of BTC and Ether exchange-traded funds by the United States Securities and Exchange Commission (SEC). This has propelled the cryptocurrency market to new heights, with a market capitalization of over $2.34 trillion according to Coinmarketcap.

加密资产市场见证了投资者的大量涌入，部分原因是美国证券交易委员会（SEC）批准了 BTC 和 ETH 交易所交易基金。这将加密货币市场推向了新的高度，根据 Coinmarketcap 的数据，其市值已超过 2.34 万亿美元。

BTC dominates the market, controlling 57.48% of the total market share. Ether, the second-largest cryptocurrency, holds a 13% share. Other cryptocurrencies in the top 10 contribute less than 15% to the total market capitalization. Notably, DOGE stands out as the only token in the top 10 without a real use case.

BTC占据市场主导地位，控制着总市场份额的57.48%。第二大加密货币以太币占据 13% 的份额。前 10 名中的其他加密货币对总市值的贡献不到 15%。值得注意的是，DOGE 是前 10 名中唯一没有实际用例的代币。

Growing Call for Crypto Regulation

对加密货币监管的呼声日益高涨

Concerns are growing that meme coins or no-utility tokens may face regulatory scrutiny and potentially fade out. Last year, officials from the United Kingdom Financial Conduct Authority (FCA) stressed the inevitability of cryptocurrency regulation. Bitcoin and the broader crypto market have also become significant topics in the run-up to the U.S. elections.

人们越来越担心模因币或无实用性代币可能面临监管审查并可能逐渐消失。去年，英国金融行为监管局（FCA）官员强调了加密货币监管的必然性。比特币和更广泛的加密市场也成为美国大选前的重要话题。

Regulators in Europe have called for amendments to the MiCA regulations to meet new standards. Meme coins may become prime targets for tough regulatory stipulations.

欧洲监管机构呼吁修改 MiCA 法规以满足新标准。 Meme 币可能成为严格监管规定的主要目标。

Challenges for No-Utility Crypto under Regulatory Regime

监管制度下无效用加密货币面临的挑战

No-utility tokens are highly speculative due to their reliance on hype and community support. Lacking a viable business model or use case, many meme coins may face difficulties under strict regulations.

由于依赖炒作和社区支持，无实用代币具有高度投机性。由于缺乏可行的商业模式或用例，许多模因币可能在严格的监管下面临困难。

Proper regulation will examine project operations and compliance with securities standards. Most cryptocurrencies are classified as securities, making it challenging for tokens with no utility to comply.

适当的监管将检查项目运营和证券标准的遵守情况。大多数加密货币都被归类为证券，这使得没有效用的代币很难遵守。

Regulatory scrutiny will also consider the projects' impact on end users and the financial system. Stern regulatory requirements can hinder no-utility tokens from attracting and retaining investors.

监管审查还将考虑这些项目对最终用户和金融体系的影响。严格的监管要求可能会阻碍无效用代币吸引和留住投资者。

Potential Adaptations and Resilience

潜在的适应和恢复能力

Despite regulatory pressures, no-utility tokens may survive through speculative trading. Projects with flexible fundamentals can adjust by crafting new business models.

尽管面临监管压力，无效用代币仍可能通过投机交易生存下来。具有灵活基础的项目可以通过制定新的业务模式进行调整。

Tokens with clear value propositions have a chance of thriving within strict regulatory frameworks. Community support plays a crucial role in sustaining no-utility cryptocurrencies.

具有明确价值主张的代币有机会在严格的监管框架内蓬勃发展。社区支持在维持无效用加密货币方面发挥着至关重要的作用。

Strong communities can provide substantial engagement and support, allowing non-use case cryptocurrencies to survive high industry standards.

强大的社区可以提供大量的参与和支持，使非用例加密货币能够在高行业标准中生存。

Legal and Sustainability Concerns

法律和可持续发展问题

The establishment of a comprehensive regulatory framework may lead to lawsuits against non-compliant projects, setting precedents for others. No-utility cryptocurrencies may face legal battles as a result.

建立全面的监管框架可能会导致针对不合规项目的诉讼，为其他项目树立先例。因此，无实用性的加密货币可能会面临法律诉讼。

Most no-utility cryptocurrencies can navigate the current regulatory regime, but sustainability remains a key concern. Their reliance on hype and market attention may prove difficult to sustain long-term.

大多数无效用加密货币可以适应当前的监管制度，但可持续性仍然是一个关键问题。他们对炒作和市场关注的依赖可能难以长期维持。

Projects that fail to adapt to regulatory standards and meet market expectations may struggle to stay relevant in the rapidly evolving crypto market.

无法适应监管标准和满足市场预期的项目可能很难在快速发展的加密货币市场中保持相关性。