SEC 威脅反對 FTX 用穩定幣償還用戶的計劃

美國證券交易委員會（SEC）威脅反對 FTX 以穩定幣償還用戶的計畫。

The U.S. Securities and Exchange Commission (SEC) is threatening to oppose FTX's plan to repay users in stablecoins. In a filing last week, the agency reaffirmed its authority to "challenge transactions involving crypto assets," even when those assets, like stablecoins, are pegged to the U.S. dollar. This move could further complicate the bankrupt crypto exchange’s efforts to return funds to its creditors.

美國證券交易委員會（SEC）威脅反對 FTX 以穩定幣償還用戶的計畫。在上週的一份文件中，該機構重申其有權“質疑涉及加密資產的交易”，即使這些資產（如穩定幣）與美元掛鉤。此舉可能會使破產的加密貨幣交易所向債權人返還資金的努力更加複雜。

This spring, FTX proposed a plan to repay up to $16.3 billion to users who have been unable to access their funds since the platform's collapse in November 2022. Creditors prefer in-kind payments that would have allowed them to capture cryptocurrencies’ 122% gain since the collapse, but FTX’s liquidation plan aims to settle claims either in cash or stablecoins, based on the dollar value of assets at the time of bankruptcy.

今年春天，FTX 提出了一項計劃，向自2022 年11 月該平台崩潰以來無法動用資金的用戶償還高達163 億美元的資金。 11 月以來122% 的收益。

No specific stablecoin has been selected for the repayment plan. The two largest by market value are Tether Tether (USDT) and USD Coin (USDC USDC ), with market capitalizations of $118 billion and $35 billion, respectively. However, both have faced controversy. Industry leader Tether has yet to provide financial statements audited by certified public accountants. On the other hand, while USDC issuer, Circle, has built a reputation for being more transparent and friendly to regulators, it faced a $3.3 billion exposure when its deposits at Silicon Valley Bank temporarily became inaccessible during the bank's collapse in March 2023. All uninsured assets were eventually covered, preventing any loss to Circle's reserves. Although multiple efforts have been made to pass stablecoin legislation in Congress, none have materialized so far.

還款計劃尚未選擇特定的穩定幣。市值最大的兩個是Tether Tether（USDT）和USD Coin（USDC USDC），市值分別為1,180億美元和350億美元。然而，兩者都面臨爭議。產業領導者 Tether 尚未提供經註冊會計師審計的財務報表。另一方面，雖然USDC 發行人Circle 因對監管機構更加透明和友好而享有盛譽，但在2023 年3 月矽谷銀行倒閉期間，其在矽谷銀行的存款暫時無法使用，該公司面臨著33 億美元的風險。儘管國會為通過穩定幣立法做出了多種努力，但迄今尚未實現。

This regulatory ambiguity could delay payouts or impact how they are processed.

這種監管模糊性可能會延遲付款或影響付款的處理方式。

“The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and reserves its rights to challenge transactions involving crypto assets,” the regulator stated in an August 30 filing. This stance mirrors its earlier filing in June, where it also objected to a provision in the plan that would protect the exchange from future legal liabilities.

該監管機構在8 月30 日提交的文件中表示：「根據聯邦證券法，美國證券交易委員會不會對該計劃中概述的交易的合法性發表意見，並保留質疑涉及加密資產的交易的權利。 」這一立場與該公司早前於 6 月提交的文件一致，該公司還反對該計劃中保護該交易所免受未來法律責任的條款。

The SEC also raised concerns that FTX has yet to designate a "distribution agent"—the entity responsible for handling the payouts.

SEC 也擔心 FTX 尚未指定「分銷代理商」——負責處理付款的實體。

FTX has not responded to Forbes’ request for comment at press time.

截至發稿時，FTX 尚未回應《富比士》的置評請求。

Industry insiders have expressed frustration with the SEC’s approach. Alex Thorn, head of research at Galaxy Digital, which was hired in September 2023 as an investment manager for FTX, took to X to express his discontent: “The SEC doesn’t even make a case here. They are just unwilling to let it go. It’s a bludgeon they must keep sharp, lest any legitimate actors deign to wield these (boringly above-board) instruments.”

業內人士對 SEC 的做法表示失望。 Galaxy Digital 研究主管 Alex Thorn 於 2023 年 9 月被聘為 FTX 投資經理，他向 X 表達了他的不滿：「SEC 甚至沒有在這裡提出理由。他們只是不願意放手。他們必須保持鋒利，以免任何合法行為者屈尊使用這些（令人厭煩的光明正大的）工具。

“Why provide clarity to the market when threats and aspersions will do?” wrote Paul Grewal, chief legal officer at Coinbase, on X. “Investors, consumers and markets deserve better. Way better.” Coinbase has served as a distribution agent in other high-profile crypto bankruptcies, including Celsius and BlockFi.

“當威脅和誹謗會產生影響時，為什麼要向市場提供清晰的信息？” Coinbase 首席法律長 Paul Grewal 在 X 上寫道：「投資者、消費者和市場應該得到更好的待遇。好多了。 Coinbase 曾在其他備受矚目的加密貨幣破產案中擔任分銷代理，其中包括攝氏度和 BlockFi。

The SEC’s actions parallel its involvement in the bankruptcy of Voyager Digital, a crypto brokerage that filed for Chapter 11 in New York in July 2022. In that case, judge Michael Wiles criticized the SEC for initially refusing to state its position publicly. Once forced to address the matter, the SEC suggested that Voyager's VGX token had aspects of a security, although the agency never took a definitive stance. Voyager had planned to repay customers using the same types of cryptocurrencies they had in their accounts, with USDC being used for unsupported assets or the proprietary VGX token. Wiles condemned the SEC’s vague objections, stating, “I cannot simply put the entire case into an indeterminate and expensive deep freeze while regulators figure out whether they do or do not think there is any problem with the transactions that are being proposed. If there is a problem, I expect a regulator to tell me that it has an actual objection (as opposed to saying that there "might" be an issue), and also to tell me what the issue is and why it is an issue.”

SEC 的行動與其參與了Voyager Digital 的破產案類似，該公司是一家加密貨幣經紀公司，於2022 年7 月在紐約申請破產法第11 章。其立場。一旦被迫解決這個問題，SEC 就表示 Voyager 的 VGX 代幣具有證券的某些方面，儘管該機構從未採取明確立場。 Voyager 計劃使用客戶帳戶中相同類型的加密貨幣來償還客戶，其中 USDC 用於不支援的資產或專有的 VGX 代幣。懷爾斯譴責了美國證券交易委員會模糊的反對意見，他表示：「當監管機構弄清楚他們是否認為擬議的交易存在任何問題時，我不能簡單地將整個案件置於不確定且昂貴的深度凍結狀態。如果出現問題，我希望監管機構告訴我它確實有反對意見（而不是說“可能”存在問題），並告訴我問題是什麼以及為什麼會出現問題。

The increased attention on the SEC’s stance in this case may be politically driven, according to bankruptcy specialist and FTX creditor advocate Kyle (last name withheld), known as "Mr. Purple" on X: “I think the reason it's getting more news today is because, in theory, if there was a political reset with regards to crypto, as announced by Kamala Harris’s campaign, you would think that the SEC would back off on bringing more enforcement actions, not keep adding to the fire.”

破產專家兼FTX 債權人倡導者凱爾（隱姓氏）（在X 上被稱為“紫色先生”）表示，對SEC 在此案中立場的日益關注可能是出於政治原因：“我認為這是今天獲得更多新聞的原因是因為，從理論上講，如果像卡馬拉·哈里斯競選團隊宣布的那樣，對加密貨幣進行政治重置，你會認為美國證券交易委員會會放棄採取更多執法行動，而不是繼續火上澆油。

FTX creditor Sunil Kavuri voiced optimism for a swift resolution: “We're hopeful judge Dorsey will follow the same school of thought as the Voyager judge.”

FTX 債權人 Sunil Kavuri 對迅速解決問題表示樂觀：“我們希望 Dorsey 法官能夠遵循與 Voyager 法官相同的思路。”

Key upcoming dates in the case include the anticipated release of an independent examiner’s

該案即將到來的關鍵日期包括獨立審查員的預期發布