隨著財政年度接近尾聲，美國金融監管機構加強了加密貨幣執法力度

隨著本財年結束的臨近，美國金融監管機構正在加強對加密貨幣項目的執法力度，在過去 10 天內提起了一系列訴訟。美國證券交易委員會和美國商品期貨交易委員會被指控透過執法進行監管，而不是提供明確的指導，一些案件引發了法律擔憂，可能會開創危險的先例。一個案件指控市場操縱是透過空投和獎勵計劃進行的，而另一個案件則認為美國的以太坊節點賦予了 SEC 權力來控製網路上發生的一切。

U.S. Financial Regulators Intensify Crypto Enforcement as Fiscal Year Nears End

隨著財政年度接近結束，美國金融監管機構加強了加密貨幣執法

As autumn approaches, U.S. financial regulators are accelerating their pursuit of alleged wrongdoings within the cryptocurrency industry. This surge in enforcement activity, traditionally observed at this time of year, is widely attributed to budgetary considerations and potential quotas that agencies seek to fulfill before the end of the fiscal year on September 30th.

隨著秋季的臨近，美國金融監管機構正在加緊追查加密貨幣產業內涉嫌的不當行為。執法活動的激增通常在每年的這個時候出現，這被廣泛歸因於預算考慮和各機構尋求在 9 月 30 日財政年度結束之前完成的潛在配額。

High-Profile Cases Setting Precedents

備受矚目的案件開創先例

Notable examples include the SEC and CFTC lawsuit and settlement with EOS in September 2019, involving an initial coin offering (ICO) valued at $4 billion. In December 2020, the SEC announced an ongoing case against Ripple Labs, alleging unlawful token sales amounting to over $1 billion. Additionally, numerous lesser-known crypto projects face legal actions annually for various reasons.

著名的例子包括 SEC 和 CFTC 於 2019 年 9 月與 EOS 提起的訴訟和和解，涉及價值 40 億美元的首次代幣發行 (ICO)。 2020 年 12 月，SEC 宣布對 Ripple Labs 提起案件，指控其非法代幣銷售金額超過 10 億美元。此外，許多鮮為人知的加密項目每年都會因各種原因面臨法律訴訟。

Jake Chervinsky, head of policy at the Blockchain Association, noted on Twitter that the SEC and CFTC's fiscal year concludes on September 30th, providing them with a limited window to secure substantial victories that can bolster their budget requests to Congress. This observation aligns with previous remarks made by Chervinsky.

區塊鏈協會政策主管Jake Chervinsky 在Twitter 上指出，SEC 和CFTC 的財政年度將於9 月30 日結束，這為他們提供了一個有限的窗口來確保取得實質勝利，從而支持他們向國會提交的預算請求。這項觀察與切爾文斯基先前的言論一致。

Recent Litigation Raises Concerns

最近的訴訟引發擔憂

Within the past ten days, multiple lawsuits have been filed against crypto projects, reflecting the heightened enforcement activity. One lawsuit accuses a company of market manipulation, while another charges a crypto influencer with failing to report income. A third lawsuit even involves a decentralized autonomous organization (DAO).

在過去的十天內，針對加密貨幣項目提起了多起訴訟，反映出執法活動的加強。一項訴訟指控一家公司操縱市場，另一項訴訟則指控一名加密貨幣影響者未能報告收入。第三起訴訟甚至涉及去中心化自治組織（DAO）。

Critics argue that the SEC's approach of regulating through enforcement, rather than providing clear guidance, has become increasingly prevalent. While the targeted projects in these recent cases may be relatively small, analysts express concerns over the legal ramifications, which could set adverse precedents.

批評者認為，美國證券交易委員會透過執法進行監管的做法，而不是提供明確的指導，已經變得越來越普遍。雖然最近這些案例中的目標項目可能相對較小，但分析師對法律後果表示擔憂，這可能會開創不利的先例。

CFTC Lawsuit against bXz Protocol and Ooki DAO

CFTC 針對 bXz Protocol 和 Ooki DAO 提起訴訟

The CFTC filed a lawsuit against the company and founders behind the bXz protocol, alleging the facilitation of unregulated derivatives trading. The founders reached a settlement with the agency, but the CFTC also sued the Ooki DAO, which was spun off to operate the protocol. This move raises concerns that the CFTC may be hindering efforts to decentralize governance of protocols and potentially criminalizing DAO participation.

CFTC 對 bXz 協議背後的公司和創始人提起訴訟，指控其為不受監管的衍生性商品交易提供便利。創始人與該機構達成和解，但 CFTC 也起訴了 Ooki DAO，後者被分拆出來運作該協議。此舉引發了人們的擔憂，即 CFTC 可能會阻礙協議治理去中心化的努力，並可能將參與 DAO 定為刑事犯罪。

SEC Charges against Crypto Influencer Ian Balina

SEC 對加密貨幣影響者 Ian Balina 提出指控

In another case, the SEC charged crypto influencer Ian Balina with allegedly failing to disclose income from a 2018 ICO called SPRK. While the specific allegations are less significant, the SEC's reasoning for filing the case has raised eyebrows. The agency asserts that because Ethereum nodes are more concentrated in the United States than in any other country, the SEC should have oversight authority over all network activities.

在另一起案件中，SEC 指控加密貨幣影響者 Ian Balina 涉嫌未能披露 2018 年名為 SPRK 的 ICO 的收入。雖然具體指控不太重要，但美國證券交易委員會的立案理由卻引起了人們的關注。該機構聲稱，由於以太坊節點比其他國家更集中在美國，因此 SEC 應該對所有網路活動擁有監督權。

Adam Cochran, a partner at Cinneamhain Ventures, criticized this overreach on Twitter, emphasizing the unacceptable nature of such a broad interpretation of jurisdiction over the entire cryptocurrency space.

Cinneamhain Ventures 合夥人 Adam Cochran 在 Twitter 上批評了這種越權行為，強調對整個加密貨幣領域的管轄權進行如此寬泛的解釋是不可接受的。

SEC Accuses Hydrogen Technology Corp. of Market Manipulation

美國證券交易委員會指控氫能科技公司操縱市場

The SEC recently accused fintech firm Hydrogen Technology Corp. and its former CEO, Michael Ross Kane, of unlawful market manipulation of "crypto asset securities." Hydrogen allegedly utilized various methods to distribute its HYDRO token, including an airdrop and a bounty program for token promotion.

美國證券交易委員會最近指控金融科技公司 Hydrogen Technology Corp. 及其前執行長 Michael Ross Kane 非法操縱「加密資產證券」市場。據稱，Hydrogen 使用各種方法來分發其 HYDRO 代幣，包括空投和代幣推廣的賞金計劃。

The complaint alleges that Kane and Hydrogen hired Moonwalkers Trading to use bots to create an illusion of robust market activity. Notably, Hydrogen's market capitalization is below $500,000, and the SEC alleges that Hydrogen "reaped profits of more than $2 million as a result of the defendants' conduct."

投訴稱，凱恩和 Hydrogen 聘請 Moonwalkers Trading 使用機器人來製造市場活動強勁的假象。值得注意的是，Hydrogen 的市值低於 50 萬美元，SEC 聲稱 Hydrogen「因被告的行為而獲得了超過 200 萬美元的利潤」。

While the allegations of unregistered securities offerings and market manipulation are common in the altcoin market, the Hydrogen case raises concerns due to ambiguous language surrounding the airdrop and rewards program.

雖然未經註冊的證券發行和市場操縱的指控在山寨幣市場上很常見，但 Hydrogen 案件由於圍繞空投和獎勵計劃的含糊語言而引發了擔憂。

Carolyn Welshhans, associate director of the SEC's Enforcement Division, stressed that companies cannot evade federal securities laws by structuring unregistered offers and sales as bounties or rewards.

美國證券交易委員會執法部門副主任卡洛琳·威爾士漢斯（Carolyn Welshhans）強調，公司不能通過將未經註冊的要約和銷售作為賞金或獎勵來規避聯邦證券法。

Legal experts have pointed out that the airdrop does not fall within the scope of the SEC's Howey analysis. However, the complaint appears to focus on the promotional scheme. Tyler Ostern, CEO of Moonwalkers, has agreed to repay illicit gains from the bot army.

法律專家指出，此次空投並不屬於SEC Howey分析的範圍。然而，投訴似乎集中在促銷計劃上。 Moonwalkers 執行長 Tyler Ostern 已同意償還機器人大軍的非法所得。

Chilling Effect on Innovation

對創新的寒蟬效應

While SEC settlements do not establish legal precedent, these enforcement actions nevertheless convey a message and may have a deterrent effect on innovation in the cryptocurrency industry.

儘管 SEC 的和解並未確立法律先例，但這些執法行動仍然傳達了一個訊息，並可能對加密貨幣產業的創新產生威懾作用。