DOGE的新價值週期：政治流動潛力與馬斯克的「政府效率部」（DOGE）政治生涯

我們知道這句話：「買謠言，賣新聞」。 10月大選前，我發表的文章《DOGE的新價值週期：政治流動潛力與馬斯克的「政府效率部」（DOGE）政治生涯》得到了很好的反響，達到了預期

With the upcoming presidential transition and the potential resignation of SEC Chairman Gary Gensler, market speculation has shifted toward cryptocurrency. In this article, we'll explore the cryptocurrency that stands to benefit directly as expectations for an improved regulatory environment rise.

隨著即將到來的總統換屆和美國證券交易委員會主席加里·詹斯勒（Gary Gensler）可能辭職，市場猜測已轉向加密貨幣。在本文中，我們將探討隨著監管環境改善的預期上升而直接受益的加密貨幣。

Last week, a noteworthy phenomenon emerged: Gary Gensler's potential resignation from his position as SEC Chairman has sparked market speculation on the rumor of his departure. Most mainstream media outlets have covered this development, highlighting potential successors and discussing the implications for the cryptocurrency industry.

上週，出現了一個值得注意的現象：Gary Gensler 可能辭去 SEC 主席一職，引發了市場對其離職傳聞的猜測。大多數主流媒體都報導了這一發展，強調了潛在的繼任者並討論了對加密貨幣行業的影響。

In this article, we'll analyze which cryptocurrency will benefit the most directly as expectations for an improved regulatory environment increase. To conclude, I believe the ETH Staking sector will be the one to benefit the most directly, and Lido, as the leading project, may also escape its current price predicament.

在本文中，我們將分析隨著對改善監管環境的期望增加，哪種加密貨幣將最直接受益。總而言之，我認為ETH Stake領域將是最直接受益的領域，而Lido作為龍頭項目也可能擺脫目前的價格困境。

Review of Lido's Regulatory Dilemma: Samuels v. Lido DAO Lawsuit

麗都監管困境回顧：Samuels v. Lido DAO 訴訟

First, let's provide some basic information. We know that Lido is the leading project in the ETH Staking sector, offering non-custodial technical services to help users participate in Ethereum PoS and earn returns, while lowering the technical threshold and the funding threshold of 32 ETH for Ethereum Native Staking. The project has raised a total of $170 million through three rounds of funding. After its launch in 2022, Lido maintained a market share of around 30% due to its first-mover advantage. As of now, according to Dune's data, Lido still holds a 27% market share, with no significant decline, indicating strong business demand for Lido.

首先，讓我們提供一些基本資訊。我們知道，Lido是ETH Stake領域的領先項目，提供非託管技術服務幫助用戶參與以太坊PoS並獲得回報，同時降低了以太坊原生Stake的技術門檻和32 ETH的資金門檻。該項目已透過三輪融資總計籌集1.7億美元。 2022年上市後，麗都憑藉先發優勢，維持了30%左右的市佔率。截至目前，根據Dune的數據，Lido仍佔據27%的市場份額，沒有明顯下降，顯示Lido的業務需求強勁。

The reason for Lido's current price slump can be traced back to the end of 2023, when its governance token LDO reached an all-time high, with a market cap of $4 billion. At that time, a lawsuit changed the entire price trend: the Samuels v. Lido DAO case, case number 3:23-cv-06492.

Lido目前價格暴跌的原因可以追溯到2023年底，當時其治理代幣LDO創下歷史新高，市值達到40億美元。當時，一場訴訟改變了整個價格走勢：Samuels訴Lido DAO案，案件編號3:23-cv-06492。

On December 17, 2023, an individual named Andrew Samuels filed a lawsuit against Lido DAO in the U.S. District Court for the Northern District of California, accusing the defendant Lido DAO and its partnered venture capital firms of selling LDO tokens to the public without registration, violating the Securities Act of 1933. Additionally, Lido DAO created a highly profitable business model by pooling users' Ethereum assets for staking but failed to register its LDO tokens with the SEC as required. The plaintiff Andrew Samuels and other investors, who purchased LDO tokens believing in the potential of this business model, ultimately suffered financial losses, and thus they sought legal compensation.

2023 年 12 月 17 日，一位名叫 Andrew Samuels 的個人向美國加州北區地方法院對 Lido DAO 提起訴訟，指控被告 Lido DAO 及其合作風險投資公司未經註冊向公眾出售 LDO 代幣，違反了1933 年《證券法》。原告Andrew Samuels和其他投資者相信這種商業模式的潛力而購買了LDO代幣，最終遭受了經濟損失，因此他們尋求法律賠償。

This case not only involves Lido DAO but also includes accusations against its major investors, such as AH Capital Management LLC, Dragonfly Digital Management LLC, Lido DAO, Paradigm Operations LP, and Robot Ventures LP. According to information on the case's progress, these institutions received subpoenas from the court in January 2024, when LDO's price was at its peak. After that, the legal process was limited to the lawyers of the investment institutions and Andrew Samuels, so the related influence did not spread.

此案不僅涉及 Lido DAO，還包括對其主要投資者的指控，如 AH Capital Management LLC、Dragonfly Digital Management LLC、Lido DAO、Paradigm Operations LP 和 Robot Ventures LP。根據案件進度訊息，這些機構在2024年1月收到了法院的傳票，當時LDO的價格處於最高點。此後，法律程序僅限於投資機構的律師和Andrew Samuels，因此相關影響並未擴散。

It wasn't until the first motion hearing on March 28, 2024, that the ruling was confirmed on April 10, 2024, and after modifying some relevant terms, the case was factually accepted.

直到2024年3月28日第一次動議聽證會，才於2024年4月10日確認該裁決，並修改了部分相關條款後，案件才得到事實受理。

Subsequently, on May 28, 2024, Andrew Samuels' legal team unilaterally announced a motion for a default judgment against Lido DAO. The reason for this action was that Lido DAO believed it was not operating as a company and thus ignored the lawsuit. If ultimately declared in default, it would expose Lido to unfavorable judgments, such as not being able to defend itself, and based on previous similar cases like Ooki DAO, the results for the absent party are generally unfavorable. This motion was approved by the court on June 27, requiring Lido DAO to respond within 14 days. Consequently, Lido DAO had to propose a community proposal on July 2, 2024, to hire Dolphin CL, LLC, based in Nevada, as its defense attorney and requested a budget of 200,000 DAI. At this point, the case became widely known in the community. After several rebuttals from both sides, the case seemed to enter a cooling-off period after September.

隨後，2024年5月28日，Andrew Samuels的法律團隊單方面宣布了對Lido DAO缺席判決的動議。採取這一行動的原因是 Lido DAO 認為自己不是作為公司運營，因此忽視了訴訟。如果最終被宣告違約，Lido將面臨無法為自己辯護等不利判決，而根據先前Ooki DAO等類似案件，缺席方的結果普遍是不利的。該動議於6月27日獲得法院批准，要求Lido DAO在14天內回應。因此，Lido DAO 不得不在 2024 年 7 月 2 日提出社區提案，聘請位於內華達州的 Dolphin CL, LLC 作為其辯護律師，並要求預算為 200,000 DAI。至此，該案在社會上廣為人知。經過雙方的多次反駁，案件在9月後似乎進入了冷靜期。

Meanwhile, another case had a substantial impact on Lido: the SEC's lawsuit against Consensys Software Inc. on June 28, 2024, case number 24-civ-04578. Note that this date is just one day after the ruling in the Lido case, where Lido DAO was fully informed of the lawsuit's judgment. In this lawsuit, the SEC alleged that Consensys Software Inc. engaged in unregistered securities issuance and sales through its service called MetaMask Staking, and operated

同時，另一起案件對Lido產生了重大影響：SEC於2024年6月28日對Consensys Software Inc.提起訴訟，案件編號24-civ-04578。請注意，這一日期距離 Lido 案裁決僅一天后，Lido DAO 已完全獲悉訴訟判決。在這起訴訟中，SEC 指控 Consensys Software Inc. 透過其名為 MetaMask Stake 的服務從事未經註冊的證券發行和銷售，並經營