بيتوايز هوغان: توجيهات هيئة الأوراق المالية والبورصات وهيئة تداول العقود الآجلة يمكن أن تبقي العملات

tags. We'll translate the text inside. Let's translate paragraph by paragraph. First paragraph: "Matt Hougan of Bitwise argues that regulatory guidance from the SEC and CFTC would keep the crypto industry moving even if Congress fails to pass market structure legislation this year. The statement comes as lawmakers continue to debate the bill, with no clear timeline for a vote." Translation: "يجادل مات هوغان من بيتوايز بأن التوجيهات التنظيمية من هيئة الأوراق المالية والبورصات (SEC) وهيئة تداول العقود الآجلة (CFTC) ستبقي صناعة العملات المشفرة في حراك حتى لو فشل الكونغرس في تمرير تشريع هيكل السوق هذا العام. ويأتي هذا التصريح في وقت يواصل فيه المشرعون مناقشة مشروع القانون، دون جدول زمني واضح للتصويت." But we need to keep proper nouns: Matt Hougan, Bitwise, SEC, CFTC, Congress. We can keep them as is. So: "يجادل مات هوغان من بيتوايز بأن التوجيهات التنظيمية من SEC وCFTC ستبقي صناعة العملات المشفرة في حراك حتى لو فشل الكونغرس في تمرير تشريع هيكل السوق هذا العام. ويأتي هذا التصريح في وقت يواصل فيه المشرعون مناقشة مشروع القانون، دون جدول زمني واضح للتصويت." We can also use "هيئة الأوراق المالية والبورصات" but we can keep SEC as is. The instruction says keep proper nouns in original form, so we can write SEC and CFTC. But for clarity, we might want to include the full name in Arabic? The instruction says "Keep proper nouns (names, company names) in original form" - so we should keep SEC, CFTC, Congress, Bitwise, Hougan as is. So we'll write "SEC" and "CFTC" as is. Also "Congress" as "الكونغرس" is fine because it's a proper noun but we can translate it? Actually "Congress" is a proper noun, but it's often translated as "الكونغرس" in Arabic. The instruction says keep proper nouns in original form, so we should keep "Congress" as "Congress"? But that would be odd. Usually we translate the name of the institution? The instruction says "Keep proper nouns (names, company names) in original form" - so for people and companies, we keep them. For institutions like SEC, CFTC, Congress, they are also proper nouns. But we can keep them as acronyms or as is. I think it's acceptable to keep "SEC", "CFTC", "Congress" as is. But "Congress" is an English word, we might want to write "الكونغرس" because it's a common translation. However, the instruction says "keep proper nouns in original form" - so we should keep "Congress" as "Congress"? That would be weird in Arabic. Actually, proper nouns like country names, institutions are often translated. But the instruction specifically says "names, company names" - so for people and companies, we keep. For institutions, it's ambiguous. I think it's safe to keep SEC and CFTC as acronyms, and for Congress we can use "الكونغرس" because it's a standard translation. But to be strict, we could keep "Congress" as is. However, the original article uses "Congress" as a proper noun. In Arabic, it's common to say "الكونغرس". I'll use "الكونغرس" for readability. Similarly, we can write "SEC" and "CFTC" as is, but we might want to add the full Arabic names in parentheses? The instruction says "Use appropriate Arabic terminology for crypto/tech terms" - but for these acronyms, we can keep them. I'll keep them as SEC and CFTC. Let's proceed. Second paragraph: "Congress has been working on market structure legislation for months, but progress has been slow. Hougan's view suggests that agency guidance could fill the void. He points to the SEC and CFTC as bodies that can provide the clarity businesses need to operate without waiting for a full legislative package." Translation: "يعمل الكونغرس على تشريع هيكل السوق منذ أشهر، لكن التقدم كان بطيئًا. يشير رأي هوغان إلى أن التوجيهات التنظيمية يمكن أن تملأ الفراغ. ويشير إلى SEC وCFTC كجهات يمكنها توفير الوضوح الذي تحتاجه الشركات للعمل دون انتظار حزمة تشريعية كاملة." Third paragraph: "Clear rules from the SEC and CFTC can help crypto firms navigate compliance, reduce legal uncertainty, and foster innovation. Without either legislation or guidance, the industry risks regulatory fragmentation and a patchwork of enforcement actions. Hougan's argument is a vote of confidence in the agencies' ability to act." Translation: "يمكن للقواعد الواضحة من SEC وCFTC أن تساعد شركات العملات المشفرة في التعامل مع الامتثال، وتقليل عدم اليقين القانوني، وتعزيز الابتكار. وبدون تشريع أو توجيهات، تخاطر الصناعة بتفتت تنظيمي ومجموعة متفرقة من إجراءات الإنفاذ. حجة هوغان هي تصويت بالثقة في قدرة الوكالات على التحرك." Fourth paragraph: "The crypto industry has been pushing for a comprehensive regulatory framework. If Congress stalls, the burden falls on the SEC and CFTC to issue formal guidance. Hougan believes that's enough to keep the sector moving forward. The timing isn't great — the industry has faced scrutiny over the past year, and any clarity is welcome." Translation: "دفعت صناعة العملات المشفرة نحو إطار تنظيمي شامل. إذا توقف الكونغرس، يقع العبء على SEC وCFTC لإصدار توجيهات رسمية. يعتقد هوغان أن ذلك كافٍ لإبقاء القطاع في تقدم. التوقيت ليس مثاليًا — فقد واجهت الصناعة تدقيقًا خلال العام الماضي، وأي وضوح مرحب به." Fifth paragraph: "It's unclear when Congress might act on the market structure bill. Meanwhile, the SEC and CFTC have been active in issuing statements and enforcement actions. The industry will watch for any formal guidance from either agency. Hougan's remarks add to the growing conversation about how to regulate crypto without waiting for lawmakers." Translation: "من غير الواضح متى قد يتحرك الكونغرس بشأن مشروع قانون هيكل السوق. وفي الوقت نفسه، كانت SEC وCFTC نشطتين في إصدار البيانات وإجراءات الإنفاذ. ستراقب الصناعة أي توجيهات رسمية من أي من الوكالتين. تضيف تصريحات هوغان إلى المحادثة المتزايدة حول كيفية تنظيم العملات