CFTC 專員 Pham 對 KuCoin SEC 執法提出管轄權擔憂

為了回應 CFTC 對 KuCoin 的訴訟，專員 Caroline D. Pham 提出了對基金份額（通常是受 SEC 監管的證券）與 CFTC 管轄範圍內的槓桿交易混為一談的擔憂。她警告說，這種做法可能會侵犯美國證券交易委員會的權威，並因未能區分擁有股票和交易衍生性商品而破壞投資者保護法。

CFTC Commissioner Pham Raises Concerns Over KuCoin Enforcement Action, Potential Conflict with SEC Jurisdiction

CFTC 專員 Pham 對 KuCoin 執法行動以及與 SEC 管轄權的潛在衝突表示擔憂

April 1, 2024, 2:07 pm UTC

世界標準時間 2024 年 4 月 1 日下午 2:07

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Washington, D.C. - Commissioner Caroline D. Pham of the Commodity Futures Trading Commission (CFTC) has issued a statement expressing reservations about the recent enforcement action against crypto exchange KuCoin, citing potential jurisdictional conflicts with the Securities and Exchange Commission (SEC) and the undermining of investor protection laws.

華盛頓特區- 商品期貨交易委員會(CFTC) 專員Caroline D. Pham 發表聲明，對最近針對加密貨幣交易所KuCoin 的執法行動表示保留，理由是與美國證券交易委員會(SEC) 存在潛在的管轄權衝突以及破壞行為。投資者保護法。

In a complaint filed last week, the CFTC alleged that KuCoin, operated by four entities, engaged in illegal off-exchange commodity futures transactions and failed to register with the agency as a futures commission merchant (FCM) or a swap execution facility (SEF). However, Pham's concerns stem from the complaint's interpretation of fund shares held by investors as constituting leveraged trading under the Commodity Exchange Act.

在上週提交的投訴中，CFTC 指控由四個實體運營的 KuCoin 從事非法場外商品期貨交易，並且未能向該機構註冊為期貨佣金商（FCM）或掉期執行設施（SEF） 。然而，Pham 的擔憂源於投訴將投資者持有的基金份額解釋為構成《商品交易法》下的槓桿交易。

"This interpretation fails to distinguish between an investment in a fund, which would typically be a security under the jurisdiction of the SEC, and the trading activities of a fund, alleged here to be under the CFTC's jurisdiction," Pham stated.

範表示：“這種解釋未能區分基金投資（通常是受 SEC 管轄的證券）和基金的交易活動（此處據稱受 CFTC 管轄）。”

She emphasized that the CFTC's approach could infringe upon the SEC's authority and undermine decades of robust investor protection laws. "Owning shares is not the same thing as trading derivatives," Pham asserted.

她強調，CFTC 的做法可能會侵犯 SEC 的權威，並破壞數十年來穩健的投資者保護法。 「擁有股票與交易衍生性商品不同，」範斷言。

The CFTC's complaint alleges that KuCoin offered and executed commodity derivatives and leveraged, margined, or financed commodity transactions to and for people in the U.S. from approximately July 2019 to approximately June 2023. The agency also claims that KuCoin failed to implement required know-your-customer (KYC) compliance procedures and allowed people who identified themselves as being U.S. customers to trade commodity interests and derivatives on the platform, in violation of the CEA and CFTC regulations.

CFTC 的投訴稱，KuCoin 在2019 年7 月左右至2023 年6 月左右向美國人提供和執行商品衍生品以及槓桿、保證金或融資商品交易。該機構還聲稱KuCoin 未能實施所需的「了解你的資訊」客戶（KYC）合規程序，並允許自稱是美國客戶的人在平台上交易商品權益和衍生品，這違反了 CEA 和 CFTC 的規定。

KuCoin's Response and Potential Regulatory Risks

KuCoin的因應措施及潛在的監管風險

Following the lawsuit, KuCoin announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event. However, the move has raised concerns from a regulatory standpoint, as the SEC has previously stated that airdrops could meet the criteria of an "investment of money" under the Howey test, potentially classifying them as securities distributions.

訴訟結束後，KuCoin 宣布計劃透過空投活動分發價值 1,000 萬美元的比特幣及其原生 KCS 代幣。然而，此舉引起了監管角度的擔憂，因為美國證券交易委員會此前曾表示，空投可能符合豪伊測試下的「資金投資」標準，可能將其歸類為證券發行。

Data from Spot on Chain indicates that net outflow from KuCoin surpassed $1.19 billion after the lawsuit, indicating growing concerns among investors. Despite the withdrawals, KuCoin still holds assets worth roughly $4.02 billion.

Spot on Chain數據顯示，訴訟後KuCoin的淨流出超過11.9億美元，顯示投資人的擔憂日益加劇。儘管提款，KuCoin 仍持有價值約 40.2 億美元的資產。

Conclusion

結論

The CFTC's enforcement action against KuCoin has sparked concerns over the potential conflict between the agency's jurisdiction and that of the SEC, as well as the implications for investor protection laws. Commissioner Pham's statement highlights the need for clarity in the regulation of digital assets and the importance of ensuring that different regulatory agencies work together to effectively protect investors.

CFTC 針對 KuCoin 的執法行動引發了人們對該機構管轄權與 SEC 管轄權之間潛在衝突以及對投資者保護法的影響的擔憂。範委員的聲明強調了數位資產監管的明確性以及確保不同監管機構共同努力有效保護投資者的重要性。

As the crypto industry continues to evolve, it remains to be seen how these jurisdictional issues will be resolved and how the regulatory landscape will adapt to the unique challenges posed by digital assets.

隨著加密產業的不斷發展，這些管轄權問題將如何解決，監管環境將如何適應數位資產帶來的獨特挑戰，還有待觀察。