dYdX 在美國監理打壓中遷往開曼群島

去中心化交易所 (DEX) dYdX 已投票決定將其業務遷至開曼群島。在此之前，社區投票顯示了對過渡的強烈支持，過渡旨在在美國監管收緊的情況下提供更堅實的法律和監管基礎。過渡計畫包括將 dYdX 營運基金會成立為開曼群島基金會公司，授予社區更多控制權並終止 DOT（dYdX 營運信託）。開曼群島有利的監管框架，包括《虛擬資產（服務提供者）法案》，使其成為加密貨幣新創公司的熱門目的地。

dYdX Relocates Operations to Cayman Islands Amid Regulatory Uncertainty

由於監管不確定性，dYdX 將業務遷往開曼群島

April 2, 2024

2024 年 4 月 2 日

Following an overwhelming community vote, decentralized exchange (DEX) dYdX has announced its decision to relocate its operations to the Cayman Islands. This strategic move comes in response to an increasingly stringent regulatory environment in the United States, particularly in light of recent Securities and Exchange Commission (SEC) actions and proposed rule changes.

經過壓倒性的社區投票，去中心化交易所（DEX）dYdX 宣布決定將業務遷至開曼群島。這項策略性舉措是為了回應美國日益嚴格的監管環境，特別是考慮到美國證券交易委員會 (SEC) 最近的行動和擬議的規則變更。

Community Support for Transition

社區對過渡的支持

A poll conducted by the dYdX Foundation revealed overwhelming support for the relocation, with 93.1% of participating validators voting in favor. The decision garnered support from 77% of the community's active validators.

dYdX 基金會進行的一項民意調查顯示，絕大多數人支持搬遷，93.1% 的參與驗證者投了贊成票。該決定獲得了 77% 的社區活躍驗證者的支持。

Establishment of Cayman Islands Foundation Company

成立開曼群島基金會公司

The transition involves establishing the dYdX Operations Foundation (DOF) as a Cayman Islands Foundation Company. This new structure aims to enhance community control and conclude the current Trust Period, thereby terminating the dYdX Operations Trust (DOT) in favor of a more decentralized governance model. The proposal has been described as "partial legal restructuring."

此次過渡涉及將 dYdX Operations Foundation (DOF) 建立為開曼群島基金會公司。這個新架構旨在加強社區控制並結束目前的信託期，從而終止 dYdX 營運信託（DOT），轉而採用更去中心化的治理模式。該提案被描述為“部分合法重組”。

Regulatory Changes in the United States

美國的監管變化

In 2023, the SEC proposed classifying DEXs as exchanges, subjecting them to the same regulatory standards. Subsequently, the Treasury Department announced that DEXs, platforms facilitating Non-Fungible Token (NFT) trading, and wallet services involved in digital asset transactions would likely face categorization as brokers under the regulatory framework.

2023年，SEC提議將DEX歸類為交易所，並使其遵守相同的監管標準。隨後，美國財政部宣布，DEX、促進非同質代幣（NFT）交易的平台以及涉及數位資產交易的錢包服務可能會在監管框架下被歸類為經紀人。

In February 2024, the SEC adopted rules that would bring DEXs under its jurisdiction. Effective April 29, the SEC intends to regulate participants as dealers or government securities dealers, incorporating liquidity providers within its purview.

2024 年 2 月，美國證券交易委員會 (SEC) 通過了將 DEX 納入其管轄範圍的規則。自 4 月 29 日起，SEC 打算對交易商或政府證券交易商等參與者進行監管，將流動性提供者納入其職權範圍。

Cayman Islands: A Haven for Crypto Startups

開曼群島：加密新創公司的天堂

The Cayman Islands has emerged as a popular destination for cryptocurrency startups seeking a favorable regulatory environment. According to Tracxn, the island nation hosts a significant number of web3 startups, including BitKeep, Polygon, and Wormhole.

開曼群島已成為尋求有利監管環境的加密貨幣新創公司的熱門目的地。據 Tracxn 稱，這個島國擁有大量 web3 新創公司，包括 BitKeep、Polygon 和 Wormhole。

The Cayman Islands Monetary Authority (CIMA) oversees a legal framework for virtual assets, known as the Virtual Asset (Service Providers) Act (VASP Act). This framework aligns with standards set by the Financial Action Task Force (FATF) and includes both licensing and registration requirements for virtual asset service providers (VASPs).

開曼群島金融管理局 (CIMA) 負責監管虛擬資產的法律框架，即《虛擬資產（服務提供者）法》（VASP 法）。該框架符合金融行動特別工作組 (FATF) 制定的標準，並包括虛擬資產服務提供者 (VASP) 的許可和註冊要求。

US Regulatory Landscape and Crypto Scrutiny

美國監管環境和加密貨幣審查

The dYdX Foundation's relocation to the Cayman Islands raises questions about the regulatory atmosphere in the United States. Increasing scrutiny of decentralized finance (DeFi) by regulatory agencies, SEC enforcement actions, and lawsuits have prompted crypto entities to explore alternative jurisdictions.

dYdX 基金會遷往開曼群島引發了人們對美國監管氛圍的質疑。監管機構對去中心化金融（DeFi）的日益嚴格的審查、SEC 的執法行動和訴訟促使加密貨幣實體探索替代司法管轄區。

Securities and Exchange Commission Commissioner Hester Peirce recently criticized the SEC's approach to crypto custody businesses, highlighting the ongoing litigation involving major crypto cases.

美國證券交易委員會成員 Hester Peirce 最近批評了 SEC 對加密貨幣託管業務的做法，強調了正在進行的涉及重大加密貨幣案件的訴訟。

Strategic Decisions for Web3 Companies

Web3 公司的策略決策

The dYdX Foundation's relocation points to the strategic decisions that web3 companies are making to navigate regulatory challenges and foster innovation. As the industry matures, the balance between regulatory compliance and technological advancement remains a central theme.

dYdX 基金會的搬遷顯示了 web3 公司為應對監管挑戰和促進創新而做出的策略決策。隨著行業的成熟，監管合規性和技術進步之間的平衡仍然是一個中心主題。

For the time being, businesses are navigating regulatory hurdles and facing agency lawsuits, which have become increasingly prevalent in the United States. However, the evolving regulatory landscape could potentially provide a blueprint for future developments.

目前，企業正在克服監管障礙並面臨機構訴訟，這種情況在美國越來越普遍。然而，不斷變化的監管環境可能為未來的發展提供藍圖。