CFTC 主席 Mike Selig：終結執法監管、Project Crypto 與開發者保護

0:00CFTC 新局：百日回顧與美國加密新時代

0:00大家早安。很榮幸今天邀請到美國商品期貨交易委員會（CFTC）第 16 任主席 Mike Selig。主席，您剛發表了上任百日的專文。對於長年面對監管不確定甚至敵意的比特幣圈來說，這 100 多天對您有什麼意義？Good morning, everyone. It's an honor to be joined by Mike Selig, the 16th chairman of the Commodity Futures Trading Commission. Chairman, you just published a first 100 days op-ed, and for Bitcoiners that have been dealing with a decade, more than a decade of regulatory uncertainty and sometimes hostility, tell us what the last hundred plus days have meant for you now that you're in the building.

0:27我們正處於關鍵時刻。過去一屆政府對加密產業展開攻擊，但現在美國已經成為全球加密資本。我們終結了「以執法代替規範」的時代，Gary Gensler 已不再主導 SEC。我們政府裡到處都是挺加密、挺創新的領導人。你剛剛也聽到 Kash Patel 和 Todd Blanche 的分享，現在我們要翻開新的一頁。最重要的是，為這個新資產類別建立明確規則，讓它能在美國蓬勃發展。這正是我們的目標。We're at a pivotal moment right now. We have seen the onslaught of the prior administration against the crypto industry, and America is now the crypto capital of the world. We have ended regulation by enforcement. Gary Gensler is no longer running the SEC. We have pro-crypto, pro-innovation leaders throughout our administration. You just heard from Kash Patel and Todd Blanche, and we're turning a new page. And it's really important that we put in place clear rules of the road for this new asset class so that it can flourish and thrive here in the United States. And that's exactly what we're here to do.

1:07SEC、CFTC 攜手：明確分類與新監管模式

1:07所以在我擔任主席的前一百天內，我確保與SEC的Atkins主席合作，建立了一套明確的加密資產分類法，釐清哪些是證券、哪些不是。我們也為引介經紀商建立了新的制度，因此我們現在允許數位錢包提供者來美國提供他們的軟體，而不需要向我們註冊成為引介經紀商。而這只是個開始，我們還有很多事情要做。而CFTC對於Bitcoin本身有一個特別的角色。So in my first hundred days as chairman, I made sure to work together with Chairman Atkins at the SEC to put in place a clear taxonomy for crypto assets, clarifying which is a security and which is not. We've put in place a new regime for introducing brokers, so we're allowing for digital wallet providers to come and offer their software here in the United States without registering with us as an introducing broker. And we're just getting started. We've got so much more to do. And the CFTC has a special role for Bitcoin itself.

1:39所以，當其他監管機構在早期要嘛忽視，要嘛有時對這個產業抱持敵意時，CFTC 早在 2014、2015、2016 年就已經在關注 Bitcoin，並且說，你知道嗎，這是一種商品。這應該要在我們的架構下，像對待其他所有商品一樣來對待。So when other regulators were either ignoring or sometimes hostile to the industry in the early days, the CFTC as early as 2014, 2015, 2016 was looking at Bitcoin and saying, you know what, this is a commodity. This should be treated like every other commodity within our framework.

1:59那段歷史是否影響你現在的做法，作為一個曾經在CFTC工作、現在又擔任主席的人？ 絕對有影響。很多年前，我有機會和Chris Giancarlo一起共事，他當時是該機構的委員，後來成為主席。我們兩個都對Bitcoin非常著迷。我其實在2011年左右就讀過那份白皮書，然後就一頭栽進去了。2013到2014年，我有機會到CFTC工作，當時我們看到了Bitcoin。它看起來真的不像是一種證券，對吧？Does that history inform your approach now, as someone who was previously at the CFTC and now as chairman? Absolutely. So many years ago, I had the opportunity to work with Chris Giancarlo, who was previously the chairman of the agency back when he was a commissioner, and we were both really fascinated by Bitcoin. I had actually read the white paper around 2011 and fallen down the rabbit hole. And had the opportunity in 2013-14 to come and work at the CFTC, and we saw Bitcoin. It really didn't look like a security, right?

2:31這個去中心化資產是全然嶄新的東西，而且它看起來非常像我們市場上的其他商品：黃金、白銀、石油，市場而非任何個人來決定價格。價格是根據供需來決定的。因此，幾年之後，CFTC 成為第一個批准加密資產聯邦監管框架的機構，允許 Bitcoin 期貨合約在我們受監管的交易所進行交易。It was this decentralized asset that was something entirely new, and it looks a lot like other commodities in our markets: gold, silver, oil, the markets as opposed to any individual controlled the price. Price based on supply and demand. And so years later, the CFTC became the first agency to greenlight a federal regulatory framework for crypto assets by allowing for Bitcoin futures contracts to be traded on our regulated exchanges.

3:01所以我確實相信，CFTC 在加密貨幣領域是屬於先行者，而我們真的很幸運，目前國會有相關立法正在審議，我們希望能夠順利通過，這將擴大我們的權限，並確保我們能夠為這個資產類別在美國建立明確的規則與監管架構，讓其具備未來發展的彈性。And so I do believe that the CFTC is the kind of first mover when it comes to crypto, and we're really lucky to have legislation pending in Congress that we're hoping to get across the line that will expand our authority and make sure that we future-proof the asset class here in the United States with clear rules of the road and a regulatory framework.

3:22Project Crypto：跨機關協作與監管協調

3:22你剛才提到你和Atkins主席一起工作的經歷，在你接任CFTC之前，你曾是他的首席法律顧問，同時也是SEC加密貨幣專案小組的首席法律顧問。在那段期間，你協助啟動了Project Crypto，並發布了許多重要的指引，包括針對proof-of-work挖礦的相關規範。今年一月，你到CFTC任職後，和SEC共同啟動了Project Crypto，並簽署了一份MOU，也就是合作備忘錄。這是為了促進跨機構的協調一致。對於法律界和政策制定者來說，這真的非常令人振奮。Now, you mentioned before your work with Chairman Atkins, and before you took over at the CFTC, you were his chief counsel, as well as chief counsel to the SEC's crypto task force. And when you were there, you helped launch Project Crypto, issued a lot of important guidance, including on proof-of-work mining. In January, after landing at the CFTC, you launched Project Crypto jointly with the SEC and signed an MOU, a memorandum of understanding. To bring together cross-agency harmonization. That's really exciting for lawyers and policy people.

3:56但是對於在場的市場參與者以及你自己來說，為什麼這種協調對於未來這麼重要？這不僅關係到Bitcoin、加密貨幣以及其他受監管的市場，更關係到我們如何建立良好的政府和良好的政策。But for market participants in the audience and yourself, why is this harmonization so important for the future, not only of Bitcoin and crypto and the other markets that are governed, but generally how we build good government and good policy?

4:13我們在前一屆政府時期看到，SEC將其執法部門武器化，並且真的試圖把加密產業趕到海外。接著我們又看到審慎監管機構出面，讓那些在這個產業工作的公司被去銀行化，讓他們幾乎不可能開設銀行帳戶。這就是所謂的「Operation Choke Point 2.0」，當然，在我們這一屆政府下我們終結了這種做法。但我們必須確保未來我們的機構不會再被武器化來對付這個產業。因此，Atkins主席和我共同發起了一個名為「Project Crypto」的新倡議，這個計畫最初是Atkins主席在SEC時期的個人倡議，而我當然也有參與協助。Well, we saw under the prior administration, the SEC weaponized its enforcement division and really tried to draw crypto offshore. And then we saw the prudential regulators come and debank those that were working in the industry and made it really impossible to get a banking account. This was Operation Choke Point 2.0, and of course, we ended that under this administration. But we need to make sure that our agencies are not weaponized against the industry in the future. And so Chairman Atkins and I have come together to create this new initiative called Project Crypto, which began as Chairman Atkins' own initiative at the SEC, which of course I was able to help.

4:51當我還在那邊的時候，現在我們已經跨越這兩個機構共同合作，來協助強化我們在美國的加密資產產業，並確保像前一屆政府對加密產業發動的戰爭這種事情永遠不會再發生。但同時，非常重要的是，我們也必須制定相關立法，來協助將這些原則明文規定，並鞏固我們美國在加密議題上的領導地位。When I was over there, and now we've come together across both agencies to help strengthen our crypto asset industry here in the United States and make sure that something like the prior administration's war on crypto never happens again. But it's really important that we get some legislation in place as well to help codify that and solidify our leadership here in the United States on crypto issues.

5:12監管協調：DeFi、穩定幣與市場一致性

5:12Project Crypto 以及我們各機構之間的合作備忘錄，主要目的是確保 SEC 在加密貨幣相關事務上，不會做出與 CFTC 完全不同的事情。我們需要協調我們的做法，確保在去中心化金融、區塊鏈交易，以及使用穩定幣和 Bitcoin 作為擔保品等方面，我們的做法是一致的。我們已經做到這一點。我上任至今剛超過一百天，我們已經協調了我們的做法，例如針對不同穩定幣和加密資產作為擔保品以及保證金用途的規範。我們的資本要求也很相似。Project Crypto and our memorandum of understanding across the agencies is really intended to make sure that the SEC is not doing something completely different from the CFTC when it comes to crypto. We need to harmonize our approach, make sure that when it comes to, for example, decentralized finance and blockchain-based transactions and the use of stablecoins and Bitcoin as collateral, that our approaches are similar. And we've done so. In the seat now just over 100 days, and we've harmonized our approach, for example, to the use of different stablecoins and crypto assets as collateral, and for margin purposes. Our capital requirements are similar.

5:48所以我們真的在共同努力，確保無論你是在證券領域還是商品領域進行交易，你都不需要遵守不同類型的標準，以及真正不一致的規則和法規。So we're really working together to make sure that whether you're dealing in the securities world or in the commodities world, you don't have to comply with different types of standards and really inconsistent rules and regulations.

6:00這是一個很微妙的重點，我認為對於不熟悉立法的人來說很容易忽略，那就是立法有其特定的目的。而CFTC所依據的立法是《Commodities Exchange Act》，SEC則是聯邦證券法。我們大概還有二十種不同的銀行法規，以及稅法。所以，Bitcoin在不同的立法下可以被視為不同的事物。因此，這種協調能讓市場參與者更方便，讓使用者、中介機構、所有相關方都更容易運作，同時如果你們一起合作，對主席們來說也更容易。沒錯，我們希望市場摩擦更少。我們不希望因為你是在證券環境還是商品環境下操作，就有不一致的標準。And it's a subtle point that I think is easily lost on people who aren't familiar with legislation, that legislation has a specific purpose. And the CFTC's governing legislation is the Commodities Exchange Act. The SEC is the federal securities laws. We've got probably 20 different banking laws, the tax code. So Bitcoin can be treated as different things under different legislation. So that harmonization makes it easier for market participants, makes it easier for, you know, users, intermediaries, the whole nine yards, and it makes it easier also for chairman if you're working together. That's right. We want less friction in our markets. We don't want inconsistent standards because you're dealing in a securities environment versus a commodities environment.

6:46有時候這樣做是有道理的，但如果我們能夠協調一致，並且在各個機構之間實現像是替代合規這樣的措施，這對市場參與者來說會更好，最終也會對美國民眾帶來好處。Sometimes that makes sense, but where we can harmonize and have things like substitute compliance across the agencies, that's going to be better for the market participants and ultimately for the American people.

6:57分類指引：產業明確性與合規成本

6:57是的，你剛才提到了你們發布的分類指引。為什麼這很重要？而且，這是聯合指引，這點非常棒，但你認為這對整個產業來說會帶來什麼突破？ CFTC 很早就出來，像我們剛才說的，並且宣告 Bitcoin 是一種商品，但很遺憾，對於其他許多資產並不是這樣的情況。所以我們看到很多這些新型的加密資產，比如 Ether、Solana、Zcash 等等。而 SEC 過去一直認為這些資產大多是證券，當然這個看法也在法庭上受到挑戰。Yeah, and you mentioned earlier the taxonomy guidance that you released. Why is that important, and why, you know, it's joint guidance, which was fantastic, but what do you think that unlocks for the broader industry? Well, the CFTC came out really early, as we said, and declared Bitcoin to be a commodity, but that wasn't the case with many of these other assets, unfortunately. So we saw so many of these novel crypto assets like Ether and Solana and Zcash and so on and so forth. And the SEC took the view historically that many of these were securities, and that was, of course, challenged in court.

7:34而這些訴訟案件中，很多其實是因為SEC對像Coinbase、Gemini等交易所提起訴訟，而我們現在正共同努力，確保這兩個機構在什麼是證券、什麼不是證券的認定上能夠統一立場，這樣就能為所有市場參與者帶來更多明確性。過去有很多企業害怕在美國設立業務，因為他們發行一個代幣，結果這個代幣被認定為證券，然後他們就必須去登記，還要提供揭露資訊。要遵循這些規定會變得非常昂貴。因此，明確性對於企業能否有信心經營、了解自己的義務來說，真的非常關鍵。And many of these court cases were actually brought because the SEC sued exchanges like Coinbase and Gemini and others, and we're now coming together to make sure that the two agencies are unified on their approach to what's a security and what's not, and that just creates more clarity for market participants across the board. So many businesses were afraid to set up here in the United States because they go and issue a token, and the token is characterized as a security, and then they have to go register that, they have to provide disclosures. It becomes very expensive to comply. So clarity really is critical to be able to have surety in your business and understand what your obligations are.

8:15當然，商品法其實並不是為這些資產設計的——它們是為像石油、天然氣、黃金和白銀這類資產設計的，這些資產並不是基於某個集中的發行者或公司。而許多這些加密資產……其中有一些，沒錯，是和某家公司有關聯，但大多數加密資產是在更去中心化的環境中運作，你是信任程式碼和網路本身來運作。因此，提供這樣的明確性真的很重要。我們也針對你要推出一個新的加密資產時，什麼時候需要遵守證券法，提供了明確指引。因為有時候，這個銷售行為本身會受到證券法規範，因為你是在和資產一起銷售某些承諾和義務。And of course, the commodities laws are really not designed for—they're designed for assets like oil and gas and gold and silver, things that aren't based on, you know, a centralized issuer or company. And many of these crypto assets... So some of them, sure, are tied to a company, but most of them operate more in more of a decentralized environment where you're trusting in the code and the network to function. So providing this clarity really is important. We've also provided clarity on when you're coming to market with a sale of a new crypto asset. Sometimes the sale itself is subject to the securities laws because you're selling certain promises and commitments together with the asset.

8:55但當資產開始在市場上交易，且這些承諾不再附加於資產本身時，這個資產就可以在商品市場中進行交易，而不需要遵守揭露義務和證券法的相關規範。所以，這對於提供該資產類別的流動性以及對美國人民的保障來說，是非常重要的。But after the asset starts to trade in the market and those promises are no longer attached to the asset, then the asset itself can trade in a commodities market without the disclosure obligations and securities law overlay. So that's really important to provide liquidity in the asset class and surety for the American people.

9:13保護開發者與自我託管：新指引與創新空間

9:13你們最近也針對軟體開發者發布了指引，像介紹經紀商的無行動函，根本上就是在保護開發者。您對這議題特別有熱情，怎麼讓美國成為開發者安心創新的環境？同時又能維護自我託管和非託管服務？And you've also provided recently guidance for software developers. You mentioned it on the introducing broker no-action letter. Really fundamentally, that was about protecting devs. I know this is an issue that you're particularly passionate about, but how do we foster an environment in America that ensures that the software developers can feel comfortable building here? And also can maintain this environment where we're protecting self-custody and non-custodial services.

9:46在美國，必須保護自我託管和軟體開發。我們國家是建立在私有財產這個理念之上，而政府或任何其他人試圖沒收某人的加密資產、取消銀行服務或切斷對金融體系的存取權，這確實是我們必須防範的事情。因此，為軟體開發者以及各類自我託管軟體應用程式的提供者創造安全港和明確規範，必須成為我們在美國建立並作為監管機關重點關注的事項。Well, self-custody and software development here in the United States has to be protected. Our country was founded on the idea of private property, and the concept of a government or anybody else trying to seize someone's crypto assets or de-bank or choke off access to the financial system really is something that we've got to guard against. And so creating safe harbors and clarity for software developers and providers of different types of self-custodial software applications has to be something that we establish here in the United States and focus on as regulators.

10:20所以我剛上任後，委員會做的第一件事之一，就是針對自我託管錢包領域的軟體服務發布了一項不採取行動的立場。一般來說，為了進入我們的衍生性商品市場，你通常會透過一個經紀商，然後經紀商會連接到交易所，這整個流程都是以託管的方式進行。你需要投入資本、繳交保證金，並且以託管的方式在衍生性商品市場進行交易。So one of the first things that the Commission did once I came on board was issue a no-action position when it comes to software services in the self-custodial wallet space. So, in order to access our derivatives markets, typically you would go through a broker, and the broker would connect into the exchange, and that's all done in a custodial way. You're putting up capital, you're putting up margin, and transacting in the derivatives markets in a custodial way.

10:50我們從來沒有辦法以自我託管的方式來做到這一點，也就是說，你自己持有你的資產，並且根據你的交易活動，把這些資產轉移到交易所，而保證金可以在你的錢包和交易所之間流動。所以現在我們有了一個新的規範，如果你是一個提供自我託管錢包產品的軟體開發者，只要這個產品和軟體開發者符合某些標準，這個產品和軟體開發公司就不需要向委員會註冊。We've never had the ability to do so in a self-custodial way, where you hold your own assets and you're moving those assets into the exchange on a, you know, basis of your trading activity, and margin can pass between your wallet and the exchange itself. So now we have this new regime where if you're a software developer offering a self-custodial wallet product, that product and the software developer don't have to be registered with the commission, provided that the software development company meets certain standards.

11:19這將允許在我們的衍生性金融商品市場中，使用 Bitcoin 以及其他加密資產作為擔保品，而且你可以自行保管這些資產，不像我們目前某些市場，必須透過與交易所連結的託管錢包服務提供者。在這裡，你可以使用你自己的自我保管錢包，我們認為這將真正有助於驗證加密貨幣和區塊鏈的應用案例，因為這個想法一直都是讓你能夠自行持有資產，並且依賴鏈上的技術，也就是信任程式碼，而不是信任你的中介機構。And this will allow for the use of Bitcoin and other crypto assets as collateral in our derivatives markets, and you'd be able to self-custody that, unlike in some of our markets today where you'd go through a custodial wallet provider attached to the exchange. Here you can use your own self-custodial wallet, and we think that's going to really help prove out the use case for crypto and blockchain writ large, because the idea was always that you'd be able to hold your own assets and rely on chain technology to kind of trust in code rather than, you know, your intermediaries.

11:52立法與未來：明確性、保護與聯邦監管

11:52那是監管方面。至於在華盛頓特區的立法方面，所有人都關注在於清晰性。我認為，清晰性是一個非常複雜的議題。但大家應該注意的一點是，它對中介機構建立了健全的監管，同時也保障了個人自我託管的權利。它保護軟體開發者，實際上應該能夠促進產業成長。CFTC 在這方面扮演著非常重要的角色。你能談談你怎麼看待清晰性對於 CFTC 在 Bitcoin 及其他加密貨幣市場來說是一種解鎖嗎？And that's the regulation side. The legislation side in D.C., all eyes are on clarity. And I think, you know, clarity is a very complex topic. But one of the things that people should note is it creates robust regulation on intermediaries, but it also protects the individual rights to self-custody. It protects software developers, and in practice, it ought to be able to grow the industry. The CFTC has a really important role in that. Can you talk about how you view clarity is an unlock for the CFTC when it comes to Bitcoin and other crypto markets.

12:28正如我一開始所說，我確實相信美國目前是全球加密貨幣的首都，這要歸功於川普總統的領導。不過，我們必須維持這個地位。讓我們制定相關法規來保護軟體開發者、保護這個資產類別、訂定明確的規則，這真的非常重要。因為如果我們不把握這次機會，設立真正的法定防護措施，我們身為監管機構所做的許多事情，都可能被下一屆政府推翻。所以，如果像 Gary Gensler 這樣的人回到 SEC 或 CFTC，他就能夠把我們所做的一切全部推翻。Well, as I said at the outset, I do believe that the United States is the crypto capital of the world today, thanks to the leadership of President Trump. But we've got to keep it that way. It's really important that we get legislation in place that protects software developers, protects the asset class, sets clear rules of the road, because if we don't take this opportunity to put some real statutory guardrails in place. A lot of what we do as regulators can be taken down by the next administration. So you get a Gary Gensler back in the SEC or the CFTC, and he can undo everything that we've done.

13:03而這對這個資產類別來說是真正的威脅。當然，這個資產類別本來就可以在某種程度上脫離政府體系運作。它的設計就是基於程式碼等等來運作。但現實是，政府擁有大量權力，他們真的可以將執法機關武器化。他們可以將監管機構武器化，來追查這個產業裡的人。所以我們不能再讓這種情況發生。And that's a real threat to the asset class. Of course, the asset class can function kind of outside of a government apparatus. It's designed to function based on code and all of that. But the reality is that governments have a ton of power, and they can really weaponize the law enforcement agencies. They can weaponize the regulatory agencies to go after people in this industry. And so we can't allow that to happen again.

13:08我認為，要讓這個資產類別在美國具備未來發展的保障，最好的方式就是制定相關法規，明確宣示加密資產是合法的技術，可以被一般美國民眾在商業和金融領域中使用，而這樣的立法，將真正為這個資產類別在美國的蓬勃發展奠定基礎。And I think the best way to future-proof the asset class here in the United States is to get legislation in place that clearly declares crypto assets to be legal technology that can be used by everyday Americans in commerce and in finance, and that really will set the foundation for this asset class to flourish here in the United States.

13:48而明確性讓中介機構的監管從州層級提升上來，在美國及其屬地，如果你想要全國營運，必須面對54個不同的執照管轄區，而現在大部分的權限都交由CFTC負責。我認為這對市場參與者來說是一個非常受歡迎的結果。沒錯，這絕對是必要的。如果你回顧加密資產的發展歷史，其實一開始都是由各州的制度主導。And clarity brings the regulation of the intermediaries up from the state level, where there are 54 different licensing jurisdictions if you want to work across the U.S. and its territories, and it seats most of that authority at the CFTC. I think that's a very welcome outcome for market participants. That's right. It's absolutely essential. If you think about the arc of history for crypto assets, it really started off with all these state regimes.

14:19你有了紐約的BitLicense，你還有所有這些州的資金轉移法規適用於加密貨幣交易所，所以他們必須去迎合五十個不同的州，並且如果他們想要推出一個交易所或是託管錢包，就得搞清楚他們的義務是什麼，甚至有些非託管軟體提供商也曾經在各州遇到麻煩。而我們現在看到的是，隨著聯邦對加密貨幣的監管變得比較寬容，這些州反過來開始對許多交易所提起訴訟。You had the New York BitLicense, you had all these state money transmitter laws applied to crypto exchanges, and so they had to go cater to 50 different states and figure out what their obligations were if they wanted to launch an exchange or a custodial wallet, or even some of the non-custodial software providers have had trouble with the states. And what we're seeing now that we have a more accommodating federal regime for crypto is the states are turning around and suing a lot of the exchanges.

14:46我們剛剛看到紐約州對我們美國這裡的兩家大型加密貨幣交易所提起訴訟，他們其實是在延續Gary Gensler和SEC留下來的法律戰。因此，擁有一個聯邦層級的監管體系，讓你受到保護，擁有聯邦執照，並且各州沒有權限再來事後監管這些交易所和資產，對於這個資產類別能夠在美國運作來說，將會非常重要。We just saw New York bring litigation against two of our big crypto exchanges here in the United States, and they're really picking up where Gary Gensler and the SEC left off with the lawfare. So having a federal regime where you're protected, you've got a federal license, and the states don't have the authority to then come and regulate on the back end these exchanges and assets is going to be really important for the asset class to work here in the United States.

15:11創新任務小組：歡迎比特幣社群參與監管

15:11現在我們時間快到了，所以針對在場的比特幣支持者、開發者、使用者，你們成立了一個創新任務小組。比特幣社群應該如何看待與CFTC互動並參與其中呢？其實積極參與非常重要。我們希望了解你們正在打造什麼、你們在做什麼、你們業務上遇到哪些阻力，以及我們可以如何協助你們。過去的情況就像我剛剛說的，你一進來就會收到傳票，政府會試圖動用所有法律武器對付你。但這不是我們現在想做的事情。Now we're running out of time, so for the Bitcoiners in the room, the developers, the users, you formed an innovation task force. How should the Bitcoin community think about coming in and engaging with the CFTC? Well, it's really important to engage. We want to understand what you're building, what you're doing, what's the frictions in your business and how we can help. And it used to be the case, as I said, where you come in and you get a subpoena and the government's trying to, you know, weaponize the full force of the law against you. And that's not what we're trying to do here.

15:42我已經成立了一個創新工作小組，並且我們有許多來自產業界的領導者，他們從私人部門加入，從政策的角度在政府內部處理這些議題。我們也從我們的機構內部挑選了一些最優秀、最聰明的人才來協助處理這些問題。所以我們誠摯邀請你們來與這個工作小組會面，告訴我們你們正在進行的項目，讓我們一起找出方法，協助你們的業務落地美國，並且長久地在這裡發展。I've created an innovation task force, and we have a number of leaders from the industry who have come from the private sector to come and work on these issues from a policy perspective within government. We've also pulled some of the best and brightest within our agency to help work on these issues. So we invite you to come in and meet with the task force. Tell us about what you're working on, and let's find a way to help get your business here in the United States and onshore here for good.

16:11主席，感謝您的公共服務和堅持原則的領導。今天能和您對談、看到您在華府推動這些工作，真的很榮幸。謝謝，很高興來到這裡。Chairman, thank you for your public service and your principled leadership. It's an honor to sit with you today and an honor to see you get your work done in D.C. Well, thank you. Glad to be here. Indeed.