SEC 準備在 Terraform 試驗中圍堵加密貨幣的狂野西部

Is the SEC Poised to Rein in Crypto's Wild West?

美國證券交易委員會準備好控制加密貨幣的狂野西部了嗎？

The Terraform trial, kicking off today in New York, has the crypto industry on edge. The outcome will have profound implications for the regulatory landscape of digital assets, particularly for algorithmic stablecoins like TerraUSD (UST).

今天在紐約啟動的 Terraform 試驗讓加密產業感到緊張。這一結果將對數位資產的監管格局產生深遠的影響，尤其是像 TerraUSD (UST) 這樣的演算法穩定幣。

The SEC's Case: Deception and Downfall

美國證券交易委員會的案例：欺騙與垮台

The Securities and Exchange Commission (SEC) alleges that Terraform Labs and its founder, Do Kwon, misled investors about the stability of UST and its companion token, Luna. They claim that Terraform promoted UST as a stablecoin pegged 1:1 to the US dollar, but failed to disclose its algorithmic mechanism and alleged covert interventions to maintain the peg.

美國證券交易委員會 (SEC) 指控 Terraform Labs 及其創始人 Do Kwon 在 UST 及其配套代幣 Luna 的穩定性方面誤導了投資者。他們聲稱，Terraform 將 UST 推廣為與美元 1:1 掛鉤的穩定幣，但未能披露其演算法機制​​，並涉嫌秘密幹預以維持掛鉤。

The Collapse and Its Devastating Aftermath

崩潰及其毀滅性的後果

The collapse of UST and Luna in May 2022 sent shockwaves through the crypto market, wiping out over $40 billion in investor funds. It triggered a domino effect that led to the bankruptcy of numerous crypto firms.

2022 年 5 月，UST 和 Luna 的崩盤為加密市場帶來了衝擊，損失了超過 400 億美元的投資者資金。它引發了多米諾骨牌效應，導致許多加密貨幣公司破產。

The SEC's Challenge: Navigating Uncharted Waters

美國證券交易委員會的挑戰：探索未知領域

The SEC faces a unique challenge in this case. Typically, criminal prosecutions take precedence over civil suits. However, Kwon's ongoing extradition battle necessitates the civil proceedings, as a criminal trial in the US cannot commence until his return.

SEC 在本案中面臨獨特的挑戰。通常，刑事訴訟優先於民事訴訟。然而，權先生正在進行的引渡鬥爭需要民事訴訟，因為在他返回之前美國的刑事審判無法開始。

The Stakes for Terraform: Securities or Not?

Terraform 的賭注：是否有證券？

The crux of the trial revolves around whether Terraform's cryptocurrencies can be classified as securities and whether UST's claimed stability was genuine. Terraform maintains that its offerings are not securities, exempting them from SEC oversight. However, the presiding judge has already ruled in favor of the SEC on the securities classification.

這次審判的關鍵在於 Terraform 的加密貨幣是否可以歸類為證券，以及 UST 聲稱的穩定性是否真實。 Terraform 堅稱其產品不是證券，因此不受 SEC 的監管。不過，主審法官已經就證券分類做出了有利於 SEC 的裁決。

Jump Trading's Secret Role: A Twist in the Tale

Jump Trading 的秘密角色：故事的轉折

Another key point of contention is the involvement of Jump Trading, a Chicago-based firm that allegedly provided covert support for UST a year before its collapse. The SEC seeks to present text messages between Terraform executives discussing a "depeg" event in May 2021, when UST deviated from its dollar peg. These messages may suggest that Terraform acknowledged Jump Trading's involvement in stabilizing UST.

另一個爭論的關鍵點是總部位於芝加哥的 Jump Trading 公司的參與，據稱該公司在 UST 倒閉前一年為其提供了秘密支持。 SEC 試圖提供 Terraform 高管之間討論 2021 年 5 月“脫鉤”事件的短信，當時 UST 偏離了美元掛鉤。這些消息可能表明 Terraform 承認 Jump Trading 參與穩定 UST。

The Wider Implications for Crypto Regulation

對加密貨幣監管的更廣泛影響

The Terraform trial has significant implications for the crypto industry. A win for the SEC would solidify its authority to regulate cryptocurrencies deemed securities. It would also underscore the risks associated with algorithmic stablecoins and highlight the ongoing regulatory tussle within the cryptocurrency landscape.

Terraform 試驗對加密產業有重大影響。美國證券交易委員會的勝利將鞏固其監管被視為證券的加密貨幣的權力。它還將強調與演算法穩定幣相關的風險，並突顯加密貨幣領域持續存在的監管鬥爭。

Whistleblowers and the Bankman-Fried Verdict

舉報人和班克曼·弗里德的判決

The SEC's case will also rely on testimony from whistleblowers, including a Jump executive and the chief product officer of the Chai payment app. Their accounts aim to prove that Terraform and Kwon deliberately misled investors.

SEC 的案件還將依賴舉報人的證詞，其中包括 Jump 高層和 Chai 支付應用程式的首席產品長。他們的帳戶旨在證明 Terraform 和 Kwon 故意誤導投資者。

The trial is expected to last a minimum of two weeks, coinciding with the sentencing of FTX's Sam Bankman-Fried, who faces a potential 50-year prison term. His legal team has petitioned for a significantly reduced sentence of 6 1/2 years.

審判預計將持續至少兩週，與 FTX 的 Sam Bankman-Fried 的量刑同時發生，他可能面臨 50 年監禁。他的法律團隊已請求大幅減刑 6 1/2 年。