Bafin介入以阻止Ethena Labs向公眾提供USD的USD Stablecoin

Bafin在公司對Stablecoin的授權過程中發現了重大問題的原因引起了停頓，這使監管機構指示Ethena凍結其USDE資產儲備。

Germany’s financial regulator, BaFin, has intervened to halt Ethena GmbH, a subsidiary of the Frankfurt-based Ethena Labs, from offering its USD-pegged stablecoin, USDe, to the public.

德國的金融監管機構巴芬（Bafin）干預了總部位於法蘭克福的埃塞納實驗室（Ethena Labs）的子公司Ethena GmbH，從向USD的USDE，USDE提供給公眾。

The move follows BaFin’s discovery of issues with the company’s authorization process for the stablecoin, leading the regulator to instruct Ethena to freeze its USDe asset reserves and cease offering the stablecoin.

此舉是在巴芬在公司對Stablecoin的授權過程中發現問題之後，導致監管機構指示Ethena凍結其USDE資產儲備並停止提供StableCoin。

The conflict arises from the European Union’s new regulatory framework for digital assets, MiCA (Markets in Crypto-Assets), which came into effect on August 18, 2024. MiCA governs the issuance of asset-referenced tokens such as USDe.

衝突源於歐盟針對數字資產的新監管框架，雲母（加密資產的市場），該框架於2024年8月18日生效。雲母管理於USDE等資產引用的代幣的發行。

According to the MiCA rules, issuers of such tokens, if they are not credit institutions, must obtain authorization to issue their tokens. Ethena had submitted an application for authorization before the deadline of July 30, 2024, which would allow them to continue operating under a transitional arrangement until their application was approved or denied.

根據云母規則，如果這些代幣不是信貸機構，則必須獲得簽發其令牌的授權。埃塞納（Ethena）在2024年7月30日的截止日期之前提交了授權申請，這將使他們能夠在過渡安排下繼續運營，直到他們的申請被批准或拒絕為止。

However, BaFin claims that Ethena began offering USDe earlier than allowed, specifically on June 28, 2024, which would fall afoul of the regulator’s mandate to supervise the legal and compliant operation of financial services in Germany.

但是，巴芬聲稱，埃塞納（Ethena）開始提供比允許的早期USDE，特別是在2024年6月28日，這將屬於監管機構的任務，以監督德國金融服務的法律和合規性運營。

Additionally, BaFin suspects that Ethena may have marketed its Ethena Staked sUSDe token as a security without the mandatory prospectus required under German law. This suspicion arose from Ethena’s own website, which BaFin notes appears to be targeted at a German audience.

此外，巴芬（Bafin）懷疑埃塞納（Ethena）可能已經將其ethaked susde token銷售為安全，而沒有根據德國法律要求的強制招股說明書。這種懷疑來自Ethena自己​​的網站，Bafin指出這似乎是針對德國觀眾的。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“財務監管機構根據法律授權監督金融服務的法律和合規運營，對威脅到德國財務監督領域的正常運作的威脅，與新的歐盟法律框架有關（對加密貨幣的新法律框架）（在Crypto-Assets規範中的'or Mica'或“ MICA”中的委員會中，以使其在秩序中逐步劃定，以使其在秩序中逐步劃定，以使其逐步劃定，以使其在秩序中進行劃定，以使其在秩序中進行劃定，以使其在秩序中逐步行動，並在逐漸劃分，以使其在秩序中逐步行動，以使其在秩序中逐步行動，並在工作中逐步行動。對法律命令構成威脅的事件。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在這種具體情況下，巴芬根據《德國銀行法》第15條採取財務監管權，並根據《德國證券交易法》第48條採取行政措施，以介入財務監管領域，以恢復適當的職能並根據法律秩序進行憲法授權，以恢復適當的職能。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依據是對德國財務監管適當運作的即將來臨的威脅，這一事實是，金融服務提供商似乎正在違反法律框架並繼續在德國提供金融服務。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“財務監管機構根據監督法律和合規運營的法律授權，正在對威脅到德國財務監督領域的正確運作的威脅，這與新的歐盟法律框架有關（對加密貨幣的新法律框架）（在Crypto-Assets規定的“或MICA”中，以符合“或“ MICA”的行動），以使其在“或“ MICA”中的劃分），以使其在秩序中逐漸劃分），以使其在秩序中逐步行動，並在工作中逐步行動，並以實行的方式行事對法律命令構成威脅的事件。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在這種具體情況下，巴芬根據《德國銀行法》第15條採取財務監管權，並根據《德國證券交易法》第48條採取行政措施，以介入財務監管領域，以恢復適當的職能並根據法律秩序進行憲法授權，以恢復適當的職能。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依據是對德國財務監管適當運作的即將來臨的威脅，這一事實是，金融服務提供商似乎正在違反法律框架並繼續在德國提供金融服務。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to freeze the offering of financial services and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“財務監管機構根據法律授權監督金融服務的法律和合規運營，對德國財務監督領域的正常運作的威脅產生了反應在對法律命令構成威脅時進行干預。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to freeze the offering of financial services and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在這種特定情況下，巴芬根據《德國銀行法》第15條採取財務監管權，並根據《德國證券貿易法》第48條採取行政措施，以介入財務監管領域，以凍結金融服務的發行並根據法律命令的法律命令，以應對法律命令採取行動。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依據是對德國財務監管適當運作的即將來臨的威脅，這一事實是，金融服務提供商似乎正在違反法律框架並繼續在德國提供金融服務。

"The financial supervisory authority

“財務監督管理局