World Liberty Financial 揭露其 3 億美元的代幣發行主要在海外進行行銷

World Liberty 總部位於特拉華州威爾明頓，但在波多黎各運營，本周向美國監管機構提交了有關此次發行的通知

World Liberty Financial, a crypto project promoted by former President Donald Trump and his sons, has disclosed that its $300 million offering of tokens is being marketed primarily offshore, with fewer than 350 US investors buying the digital asset so far.

由前總統川普及其兒子推動的加密貨幣項目World Liberty Financial 透露，其3 億美元的代幣發行主要在海外銷售，到目前為止，只有不到350 名美國投資者購買了該數位資產。

The Delaware-based company, which is run from Puerto Rico, filed a notice with American regulators this week on the offering, stating that it “currently only plans” to sell $30 million of tokens in the US. After reaching the $30 million threshold, World Liberty will terminate the US offering, even though the company has some $288.5 million of tokens available for sale, according to the document.

這家總部位於特拉華州、在波多黎各營運的公司本周向美國監管機構提交了有關此次發行的通知，稱其「目前僅計劃」在美國出售 3000 萬美元的代幣。文件稱，在達到 3,000 萬美元的門檻後，World Liberty 將終止在美國的發行，儘管該公司還有約 2.885 億美元的代幣可供出售。

Zachary Folkman, a World Liberty co-founder, said during a September interview streamed on Elon Musk’s X that the company would sell some tokens through an exemption to the stringent US requirements for companies raising capital. The exemption, known as Regulation S, is only available for tokens sold to non-US investors.

World Liberty 聯合創始人扎卡里·福克曼(Zachary Folkman) 在9 月接受 Elon Musk X 直播的採訪時表示，該公司將透過豁免美國對公司融資的嚴格要求來出售一些代幣。這項豁免被稱為 S 條例，僅適用於出售給非美國投資者的代幣。

World Liberty representatives didn’t respond to requests for comment.

世界自由組織的代表沒有回應置評請求。

Most token issuances are done offshore because the industry has been subject to heavy scrutiny in the US, where the Securities and Exchange Commission has sought to regulate these assets as securities. In addition, trading in tokens is usually much more robust offshore, another reason that companies such as World Liberty prefer to market their offerings to non-US investors.

大多數代幣發行都是在海外進行的，因為該行業在美國受到嚴格審查，美國證券交易委員會試圖將這些資產作為證券進行監管。此外，代幣交易通常在海外更為活躍，這也是 World Liberty 等公司更願意向非美國投資者推銷其產品的另一個原因。

World Liberty Financial is being promoted by Trump and his sons as part of the decentralized finance movement, democratizing access to financial services. The filing lists Trump and two of his sons, Don Jr. and Eric, while adding a caveat that says “this person is included for informational purposes and does not reflect a determination” that they are officially promoting the offering itself.

川普和他的兒子們正在推動世界自由金融作為去中心化金融運動的一部分，使金融服務的獲取民主化。文件列出了川普和他的兩個兒子小唐（Don Jr.）和埃里克（Eric）的名單，同時添加了一個警告，稱「此人僅供參考，並不反映他們正式宣傳該產品本身的決定」。

Folkman and Chase Herro, another World Liberty co-founder, are listed as its executive officers in the filing. They also run a company called Axiom Management that is located in Dorado, Puerto Cruz, which offers big breaks from US taxes to people who set up businesses there.

文件中將福克曼和另一位世界自由聯合創始人 Chase Herro 列為該公司的執行長。他們還經營著一家名為 Axiom Management 的公司，該公司位於克魯斯港的多拉多，為在那裡創辦企業的人提供美國稅收的大幅減免。

The token sale started soon after Trump launched his fourth collection of nonfungible tokens, which are digital depictions of himself. The former president headlined the world’s largest Bitcoin conference this summer in an effort to appeal to crypto voters and donors.

在川普推出他的第四個不可替代代幣系列後不久，代幣銷售就開始了，這些代幣是他本人的數位化描述。這位前總統在今年夏天主持了全球最大的比特幣會議，以吸引加密貨幣選民和捐助者。

During the Sept. 16 interview streamed on X, formerly known as Twitter, Folkman said that any potential non-US sale would be conducted through Regulation S. But he didn’t give a breakdown on the number of tokens that would be sold domestically or overseas.

在 9 月 16 日在 X（前身為 Twitter）上進行的採訪中，Folkman 表示任何潛在的非美國銷售都將透過 S 條例進行。海外。

World Liberty is tapping US investors through a different exemption, known as Regulation D. This exemption permits US companies to raise as much money as they want from an unlimited number of US investors, as long as they are institutions or wealthy individuals who meet certain financial criteria, such as having a net worth of more than $1 million, excluding the value of their home.

World Liberty 正在透過一項不同的豁免（稱為D 條例）吸引美國投資者。條件的機構或富有的個人。

Both Regulation D and Regulation S are intended to help companies save time and money when they raise capital. But Regulation D has more investor protections and disclosure requirements.

D 條例和 S 條例旨在幫助公司在籌集資金時節省時間和金錢。但 D 條例有更多的投資者保護和揭露要求。

For example, companies that sell securities through Regulation D must file a public notice that provides some details on the offering, such as the amount raised, the number of investors involved, and the principal officers and sponsors of the sale. It also requires issuers to make sure each buyer is wealthy enough to participate in the offering, a task that Folkman alluded to in the X interview when he said World Liberty could only sell tokens to US buyers “if they have been reasonably verified as accredited investors.”

例如，透過 D 條例出售證券的公司必須提交一份公告，提供有關發行的一些詳細信息，例如籌集的金額、涉及的投資者數量以及出售的主要官員和保薦人。它還要求發行人確保每個買家都有足夠的財富來參與發行，福克曼在X 採訪中提到了這一任務，當時他表示World Liberty 只能向美國買家出售代幣，「如果他們已被合理地驗證為合格投資者」。

World Liberty said in the filing that, since Oct. 15, it has raised $2.7 million under Regulation D by selling tokens to 348 investors. Roughly 17,000 addresses have held the asset once, according to analytics firm Kaiko.

World Liberty 在文件中表示，自 10 月 15 日以來，它已根據 D 條例向 348 名投資者出售代幣，籌集了 270 萬美元。據分析公司 Kaiko 稱，大約 17,000 個地址曾經持有過該資產。

The gap may be partly explained by sales through Regulation S.

這一差距的部分原因可能是透過 S 條例進行的銷售。

US private companies don’t have to report any information on capital-raising through Regulation S. Nor is there any requirement to determine whether buyers are rich enough to qualify as accredited investors under US law. The catch: the offering can only raise money from foreign investors.

美國私人公司不必透過 S 條例報告任何有關融資的資訊。問題是：此次發行只能向外國投資者籌集資金。

“We would expect that any potential non-US token sale would be limited to non-US persons and comply with applicable restrictions under what is known as Regulation S,” Folkman said during the X interview.

Folkman 在 X 採訪中表示：“我們預計任何潛在的非美國代幣銷售都將僅限於非美國人，並遵守所謂的 S 條例的適用限制。”

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