CFTC 专员 Pham 对 KuCoin SEC 执法提出管辖权担忧

为了回应 CFTC 对 KuCoin 的诉讼，专员 Caroline D. Pham 提出了对基金份额（通常是受 SEC 监管的证券）与 CFTC 管辖范围内的杠杆交易混为一谈的担忧。她警告说，这种做法可能会侵犯美国证券交易委员会的权威，并因未能区分拥有股票和交易衍生品而破坏投资者保护法。

CFTC Commissioner Pham Raises Concerns Over KuCoin Enforcement Action, Potential Conflict with SEC Jurisdiction

CFTC 专员 Pham 对 KuCoin 执法行动以及与 SEC 管辖权的潜在冲突表示担忧

April 1, 2024, 2:07 pm UTC

世界标准时间 2024 年 4 月 1 日下午 2:07

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Washington, D.C. - Commissioner Caroline D. Pham of the Commodity Futures Trading Commission (CFTC) has issued a statement expressing reservations about the recent enforcement action against crypto exchange KuCoin, citing potential jurisdictional conflicts with the Securities and Exchange Commission (SEC) and the undermining of investor protection laws.

华盛顿特区 - 商品期货交易委员会 (CFTC) 专员 Caroline D. Pham 发表声明，对最近针对加密货币交易所 KuCoin 的执法行动表示保留，理由是与美国证券交易委员会 (SEC) 存在潜在的管辖权冲突以及破坏行为。投资者保护法。

In a complaint filed last week, the CFTC alleged that KuCoin, operated by four entities, engaged in illegal off-exchange commodity futures transactions and failed to register with the agency as a futures commission merchant (FCM) or a swap execution facility (SEF). However, Pham's concerns stem from the complaint's interpretation of fund shares held by investors as constituting leveraged trading under the Commodity Exchange Act.

在上周提交的一份投诉中，CFTC 指控由四个实体运营的 KuCoin 从事非法场外商品期货交易，并且未能向该机构注册为期货佣金商（FCM）或掉期执行设施（SEF） 。然而，Pham 的担忧源于投诉将投资者持有的基金份额解释为构成《商品交易法》下的杠杆交易。

"This interpretation fails to distinguish between an investment in a fund, which would typically be a security under the jurisdiction of the SEC, and the trading activities of a fund, alleged here to be under the CFTC's jurisdiction," Pham stated.

范表示：“这种解释未能区分基金投资（通常是受 SEC 管辖的证券）和基金的交易活动（此处据称受 CFTC 管辖）。”

She emphasized that the CFTC's approach could infringe upon the SEC's authority and undermine decades of robust investor protection laws. "Owning shares is not the same thing as trading derivatives," Pham asserted.

她强调，CFTC 的做法可能会侵犯 SEC 的权威，并破坏数十年来稳健的投资者保护法。 “拥有股票与交易衍生品不同，”范断言。

The CFTC's complaint alleges that KuCoin offered and executed commodity derivatives and leveraged, margined, or financed commodity transactions to and for people in the U.S. from approximately July 2019 to approximately June 2023. The agency also claims that KuCoin failed to implement required know-your-customer (KYC) compliance procedures and allowed people who identified themselves as being U.S. customers to trade commodity interests and derivatives on the platform, in violation of the CEA and CFTC regulations.

CFTC 的投诉称，KuCoin 在 2019 年 7 月左右至 2023 年 6 月左右向美国人提供和执行商品衍生品以及杠杆、保证金或融资商品交易。该机构还声称 KuCoin 未能实施所需的“了解你的信息”客户（KYC）合规程序，并允许自称是美国客户的人在平台上交易商品权益和衍生品，这违反了 CEA 和 CFTC 的规定。

KuCoin's Response and Potential Regulatory Risks

KuCoin的应对措施及潜在的监管风险

Following the lawsuit, KuCoin announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event. However, the move has raised concerns from a regulatory standpoint, as the SEC has previously stated that airdrops could meet the criteria of an "investment of money" under the Howey test, potentially classifying them as securities distributions.

诉讼结束后，KuCoin 宣布计划通过空投活动分发价值 1000 万美元的比特币及其原生 KCS 代币。然而，此举引起了监管角度的担忧，因为美国证券交易委员会此前曾表示，空投可能符合豪伊测试下的“资金投资”标准，可能将其归类为证券发行。

Data from Spot on Chain indicates that net outflow from KuCoin surpassed $1.19 billion after the lawsuit, indicating growing concerns among investors. Despite the withdrawals, KuCoin still holds assets worth roughly $4.02 billion.

Spot on Chain数据显示，诉讼后KuCoin的净流出超过11.9亿美元，这表明投资者的担忧日益加剧。尽管提款，KuCoin 仍持有价值约 40.2 亿美元的资产。

Conclusion

结论

The CFTC's enforcement action against KuCoin has sparked concerns over the potential conflict between the agency's jurisdiction and that of the SEC, as well as the implications for investor protection laws. Commissioner Pham's statement highlights the need for clarity in the regulation of digital assets and the importance of ensuring that different regulatory agencies work together to effectively protect investors.

CFTC 针对 KuCoin 的执法行动引发了人们对该机构管辖权与 SEC 管辖权之间潜在冲突以及对投资者保护法的影响的担忧。范委员的声明强调了数字资产监管的明确性以及确保不同监管机构共同努力有效保护投资者的重要性。

As the crypto industry continues to evolve, it remains to be seen how these jurisdictional issues will be resolved and how the regulatory landscape will adapt to the unique challenges posed by digital assets.

随着加密行业的不断发展，这些管辖权问题将如何解决，监管环境将如何适应数字资产带来的独特挑战，还有待观察。