模因幣熱潮「過度監管」的背後

模因硬幣的趨勢已經不僅僅是一種時尚；它已經成為一種趨勢。它已成為對美國證券交易委員會（SEC）過度虛擬資產監管的諷刺和嘲笑。

In the realm of cryptocurrencies, a curious phenomenon has emerged, aptly named "meme coins." These coins, lacking practical utility or clear legal definitions, have nevertheless managed to capture the attention of traders and amass a collective market capitalization in the tens of billions of dollars. What drives this seemingly irrational exuberance?

在加密貨幣領域，出現了一種奇怪的現象，恰如其分地命名為「迷因幣」。這些代幣缺乏實用性或明確的法律定義，但卻成功地吸引了交易者的注意力，並累積了數百億美元的集體市值。是什麼推動了這種看似非理性的繁榮？

According to Kim Min-seung, head of the Korbit Research Center, the genesis of this trend can be traced back to the overly stringent regulations imposed by the United States Securities and Exchange Commission (SEC) on virtual assets. The SEC's broad application of the "Howey Test" has led to difficulties in determining which coins constitute unregistered securities.

Korbit研究中心負責人Kim Min-seung表示，這一趨勢的根源可以追溯到美國證券交易委員會（SEC）對虛擬資產過於嚴格的監管。 SEC 廣泛應用「Howey 測試」導致難以確定哪些代幣構成未註冊證券。

In an attempt to clamp down on issuers and traders, the SEC has filed lawsuits against several virtual asset-related companies. However, these actions have also hindered the business development of coin-issuing entities. As a result, despite the launch of numerous coins, only a handful have achieved widespread real-world usage, aside from stablecoins.

為了打擊發行人和交易商，美國證券交易委員會已對多家虛擬資產相關公司提起訴訟。然而，這些行為也阻礙了發幣實體的業務發展。因此，儘管推出了眾多加密貨幣，但除了穩定幣之外，只有少數加密貨幣在現實世界中得到了廣泛使用。

This limited market growth can be attributed to the inability of most issuers to withstand lawsuits from U.S. government agencies. Faced with litigation risks, many issuers have scaled back or abandoned their operations, leaving ambitiously launched coins to flounder without significant business achievements beyond technical milestones.

市場成長有限可歸因於大多數發行人無力承受美國政府機構的訴訟。面對訴訟風險，許多發行人縮減或放棄了業務，使得雄心勃勃的發行代幣陷入困境，沒有取得超越技術里程碑的重大業務成就。

In a normal market environment, coins would be valued based on their business performance or utility. However, due to the SEC's excessive regulations, coin prices have become heavily influenced by future expectations or market interest, rendering them vulnerable to manipulation.

在正常的市場環境中，貨幣將根據其業務績效或效用來定價。然而，由於 SEC 的過度監管，代幣價格已嚴重受到未來預期或市場興趣的影響，使其容易受到操縱。

The Ripple lawsuit has had a profound impact worldwide. As legal risks associated with Initial Coin Offerings (ICOs) escalated, global market fundraising through ICOs plummeted, paving the way for crypto venture capital (VC).

Ripple訴訟在全球產生了深遠影響。隨著首次代幣發行（ICO）相關的法律風險升級，全球市場透過 ICO 籌集的資金大幅下降，為加密貨幣風險投資（VC）鋪平了道路。

Instead of the public participating in ICOs during the initial coin offering, a small group of VCs became the investors, leading to a phenomenon where coin prices crashed after exchange listings due to large-scale cash-outs by VCs.

首次代幣發行時，並非公眾參與ICO，而是一小部分VC成為投資者，導致交易所上市後，由於VC大規模套現，導致幣價暴跌的現象。

Last year and the year before, many coins were designed with "low float and high fully diluted value (FDV)" to facilitate VC exits (investment recovery). This created another structure where VCs dumped coins bought at low prices onto retail investors at high prices after exchange listings, similar to the "foundation holdings dumping" frequently observed on domestic exchanges.

去年和前年，很多幣都被設計成“低流通量、高完全稀釋價值（FDV）”，以方便VC退出（投資回收）。這就形成了另一種結構，即VC在交易所上市後，將低價購買的幣高價拋給散戶，類似於國內交易所經常出現的「基礎持股拋售」。

The meme coin craze unfolded against this backdrop. The SEC fostered an environment where coin prices were determined solely by expectations or interest rather than business performance, leading to a proliferation of coins with provocative names and logos but no clear business plans or specified utility.

模因幣熱潮就是在這種背景下展開的。美國證券交易委員會創造了一種環境，使代幣價格僅由預期或興趣而不是業務績效決定，導致具有挑釁性名稱和徽標但沒有明確商業計劃或指定用途的代幣激增。

The SEC attempted to punish issuers and traders simultaneously but failed to regulate the behavior of VCs using their financial power to gain unfair profits in the market. As a backlash against this practice and the lack of investor protection measures, many meme coins adopted a "fair launch" approach, distributing the majority of the coins to the market immediately upon issuance without the issuer retaining a large holding.

美國證券交易委員會試圖同時懲罰發行人和交易者，但未能規範創投公司利用其財務實力在市場上獲取不公平利潤的行為。作為對這種做法的強烈反對以及缺乏投資者保護措施，許多模因幣採取了「公平發行」的方式，在發行後立即將大部分代幣分配到市場，而發行人不保留大量股份。

The fact that tens of thousands of "useless" meme coins are issued and traded daily, with the surviving coins' total market capitalization exceeding $100 billion, serves as a biting satire and mockery of the SEC's regulatory failure.

每天有數以萬計的「無用」迷因幣發行和交易，倖存的幣總市值超過1000億美元，這是對SEC監管失敗的辛辣諷刺和嘲諷。

Governments worldwide should have established order in the rapidly growing market and protected investors rather than making moral judgments that "coins are bad." However, the SEC went too far in its attempt to "suffocate" all coins except Bitcoin by considering them "unregistered securities," and other countries followed the SEC's direction. And that attempt ended in failure.

世界各國政府應該在快速成長的市場中建立秩序並保護投資者，而不是做出「硬幣不好」的道德判斷。然而，美國證券交易委員會試圖透過將除比特幣之外的所有貨幣視為「未註冊證券」來「窒息」它們，這一做法太過分了，其他國家也紛紛效仿美國證券交易委員會的指示。而這次嘗試以失敗告終。

While governments failed to establish market order, powerful forces with capital exploited investors' pockets. The "Kimchi coin foundation holdings dumping" frequently occurring on domestic exchanges, the recent intensification of "pump and dump volatility," and the cashing out of "low float and high FDV" coins after listing are all in the same context. Insiders are profiting from retail investors in a market with inadequate investor protection measures.

儘管政府未能建立市場秩序，但強大的資本勢力卻剝削了投資者的腰包。國內交易所頻頻發生的「泡菜幣基礎拋售」、近期「拉高拋售」的加劇以及上市後「低流通高FDV」幣的套現，都是同一背景。在投資人保護措施不充分的市場上，內部人士正從散戶投資者身上獲利。

The meme coin craze is a message from the market to financial authorities worldwide. The SEC's approach of considering coins as "bad" and trying to suppress them was wrong and failed. The coin market is still growing, and the countless dog, cat, and frog coins pouring in daily hope for reasonable regulation to establish market order, protect investors, and nurture sound business entities.

模因幣熱潮是市場向全球金融當局發出的信息。美國證券交易委員會將代幣視為「壞」並試圖壓制它們的做法是錯誤的，也是失敗的。錢幣市場仍在成長，每天都有無數的狗貓青蛙幣湧入，希望得到合理監管，建立市場秩序，保護投資者，培育良性經營主體。