Crypto.com 起訴 SEC，而 Tether 則努力適應歐洲法規下的生活

Crypto.com 已對美國證券監管機構提起先發製人的訴訟，而 Tether 則發現歐洲監管下的生活難以應對。

Crypto exchange Crypto.com has filed a pre-emptive lawsuit against the U.S. Securities and Exchange Commission over the classification of certain cryptocurrencies, while stablecoin issuer Tether is facing challenges in Europe due to its non-compliance with new regulations.

加密貨幣交易所Crypto.com已就某些加密貨幣的分類問題向美國證券交易委員會提起先發製人的訴訟，而穩定幣發行商Tether則因不遵守新法規而在歐洲面臨挑戰。

Crypto.com’s Lawsuit Against SEC

Crypto.com 針對 SEC 的訴訟

On October 8, Crypto.com announced that it had filed a lawsuit against the SEC and its chairman, Gary Gensler, following the exchange’s receipt of a Wells notice on August 22. A Wells notice typically indicates that the SEC has concluded its investigation and found sufficient evidence of wrongdoing to pursue an enforcement action.

10 月 8 日，Crypto.com 宣布，在 8 月 22 日收到 Wells 通知後，該交易所已對 SEC 及其主席 Gary Gensler 提起訴訟。證據以採取執法行動。

The 48-page lawsuit was filed by Crypto.com’s parent company Foris Dax in the U.S. District Court for the Eastern District of Texas, Tyler Division. The suit centers on Crypto.com’s assertion that the SEC has no jurisdiction over “secondary-market sales of certain network tokens” offered on the exchange.

這份長達 48 頁的訴訟由 Crypto.com 的母公司 Foris Dax 向美國德州東區地方法院泰勒分院提起。該訴訟的核心是 Crypto.com 聲稱 SEC 對交易所提供的「某些網路代幣的二級市場銷售」沒有管轄權。

The cryptocurrencies in question are SOL, ADA, BNB, FIL, FLOW, ICP, ATOM, ALGO, NEAR, and DASH, which the SEC apparently believes constitute an investment contract under the Howey test for identifying securities.

涉及的加密貨幣包括 SOL、ADA、BNB、FIL、FLOW、ICP、ATOM、ALGO、NEAR 和 DASH，SEC 顯然認為這些加密貨幣構成了 Howey 證券識別測試下的投資合約。

(The SEC has named some but not all of the above tokens in earlier enforcement actions, including those against Binance, Coinbase (NASDAQ:COIN), and Kraken exchanges, as well as a suit charging insider trading against an ex-Coinbase staffer and his accomplices. A suit filed against the Ethereum-focused blockchain software outfit Consensys cited additional tokens not listed above.)

（美國證券交易委員會在早期的執法行動中列出了部分但不是全部上述代幣，包括針對幣安、Coinbase（納斯達克股票代碼：COIN）和Kraken 交易所的行動，以及針對一名前Coinbase員工及其員工指控內線交易的訴訟。

Crypto.com wants the court to declare that the above tokens “are not securities or sold as part of a securities transaction and that it does not operate as an unregistered securities broker-dealer or securities clearing agency with respect to those sales.”

Crypto.com 希望法院宣布上述代幣“不是證券，也不是作為證券交易的一部分出售的，並且它在這些銷售方面不作為未註冊的證券經紀交易商或證券清算機構運營。”

The exchange is adopting a stance similar to that taken by Ripple Labs, which secured a favorable federal court ruling in July 2023 regarding the legality of retail customers purchasing Ripple’s XRP token on exchanges. However, the SEC is appealing that ruling, and multiple court rulings involving other platforms have rejected the view that only sales to institutional investors constitute securities transactions.

該交易所採取的立場與 Ripple Labs 類似，Ripple Labs 於 2023 年 7 月就零售​​客戶在交易所購買 Ripple 的 XRP 代幣的合法性獲得了聯邦法院有利的裁決。然而，美國證券交易委員會正在對該裁決提出上訴，涉及其他平台的多個法院裁決都駁回了只有向機構投資者出售才構成證券交易的觀點。

Crypto.com also wants to force the SEC to publicly state why the ‘Targeted’ tokens are securities while BTC and ETH are (allegedly) commodities not subject to SEC oversight. Foris Dax has filed a petition with both the SEC and the Commodity Futures Trading Commission "to confirm via joint interpretation that certain cryptocurrency derivative products are solely regulated by the CFTC." Rostin Behnam, who chairs the CFTC, previously declared his belief that BTC and ETH are commodities.

Crypto.com 也希望迫使 SEC 公開說明為什麼「目標」代幣是證券，而 BTC 和 ETH（據稱）是不受 SEC 監管的商品。 Foris Dax 已向 SEC 和商品期貨交易委員會提交請願書，「透過聯合解釋確認某些加密貨幣衍生產品僅受 CFTC 監管」。 CFTC 主席 Rostin Behnam 先前曾表示，他相信 BTC 和 ETH 是商品。

Coinbase to Delist USDT, Other Non-MiCA Stablecoins

Coinbase 將下架 USDT 和其他非 MiCA 穩定幣

In related news, major U.S. crypto exchange Coinbase is preparing to delist several stablecoins, including Tether’s USDT, due to their non-compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations.

相關消息稱，美國主要加密貨幣交易所 Coinbase 正準備下架多種穩定幣，其中包括 Tether 的 USDT，因為它們不符合歐盟加密資產市場 (MiCA) 法規。

On October 3, EU customers reported receiving messages from Coinbase that the exchange will “restrict services for stablecoins that do not meet MiCA requirements by 30 December 2024 for customers in the European Economic Area (EEA).”

10 月 3 日，歐盟客戶報告收到來自 Coinbase 的消息，稱該交易所將“在 2024 年 12 月 30 日之前限制為歐洲經濟區 (EEA) 客戶提供不符合 MiCA 要求的穩定幣服務。”

MiCA’s stablecoin provisions took effect June 30, and many stablecoin issuers, including Tether, have yet to secure the EU’s stamp of approval. To do so, issuers must meet certain criteria, including holding at least 30% of their fiat reserves in cash at EU banks, a requirement that rises to 60% for issuers like Tether, which are deemed to be of "systematic importance."

MiCA 的穩定幣條款於 6 月 30 日生效，包括 Tether 在內的許多穩定幣發行人尚未獲得歐盟的批准。為此，發行人必須滿足某些標準，包括在歐盟銀行持有至少30% 的法定儲備現金，對於像Tether 這樣被認為具有「系統重要性」的發行人來說，這項要求上升到60% 。

The first stablecoin issuer to receive an Electronic Money Institution (EMI) license from an EU member state was Tether’s rival, Circle, issuer of USDC. Notably, Circle’s partner for USDC is none other than Coinbase, and Coinbase’s heads-up to EU customers indicated that these customers could convert their USDT to USDC or Circle’s Euro-denominated stablecoin EURC.

第一個獲得歐盟成員國電子貨幣機構（EMI）許可證的穩定幣發行人是 Tether 的競爭對手、USDC 發行人 Circle。值得注意的是，Circle 的 USDC 合作夥伴不是別人，正是 Coinbase，Coinbase 對歐盟客戶的提示表明，這些客戶可以將其 USDT 轉換為 USDC 或 Circle 的歐元計價穩定幣 EURC。

With USDC’s market cap less than 30% of USDT’s, that gap would likely shrink should Tether continue to find itself banned from major markets like the EU. And with every week bringing fresh reports of tradfi institutions launching their own stablecoins, the world may soon undergo a black-and-white/good-and-evil separation of stables—a world in which Tether definitely wears a none-more-black hat.

由於 USDC 的市值不到 USDT 的 30%，如果 Tether 繼續發現自己被禁止進入歐盟等主要市場，那麼這一差距可能會縮小。隨著每週都會有關於tradfi 機構推出自己的穩定幣的新報告，世界可能很快就會經歷穩定幣的黑白/善惡分離——在這個世界中，Tether 絕對戴著一頂不再是黑帽子的世界。