去中心化金融与美国监管：KYC 会摧毁 DeFi 吗？

美国国税局的举动引发了 DeFi 的生存问题。以下是 KYC 可以改变现状的一些关键方法。

The U.S. Internal Revenue Service (IRS) has announced new rules that will require cryptocurrency exchanges and decentralized finance (DeFi) front ends to report customer transactions above $10,000 to the agency.

美国国税局 (IRS) 宣布了新规则，要求加密货币交易所和去中心化金融 (DeFi) 前端向该机构报告超过 10,000 美元的客户交易。

The move is part of a broader effort to close the tax gap and generate an additional $124 billion in tax revenue over the next decade.

此举是缩小税收差距并在未来十年增加 1,240 亿美元税收的更广泛努力的一部分。

While centralized exchanges are already subject to KYC (Know Your Customer) regulations, DeFi platforms have largely operated in a gray area due to their decentralized nature.

虽然中心化交易所已经受到 KYC（了解你的客户）法规的约束，但 DeFi 平台由于其去中心化的性质，很大程度上处于灰色地带。

However, the IRS's new rule effectively extends KYC to DeFi, a move that has sparked widespread debate within the crypto community.

然而，美国国税局的新规定实际上将 KYC 延伸到了 DeFi，此举引发了加密社区的广泛争论。

In this article, we will delve into the clash between KYC and DeFi, exploring its origins, potential consequences, and the strategies that crypto enthusiasts and regulators may adopt in the face of these new regulations.

在本文中，我们将深入探讨 KYC 和 DeFi 之间的冲突，探讨其起源、潜在后果，以及加密货币爱好者和监管机构面对这些新规定可能采取的策略。

What is KYC and Why is it Important in Traditional Finance?

什么是 KYC？为什么它在传统金融中很重要？

KYC laws were created as part of a global effort to fight money laundering and terrorism financing, and they’ve been around in traditional finance for decades.

KYC 法是作为全球打击洗钱和恐怖主义融资努力的一部分而制定的，它们在传统金融领域已经存在了数十年。

In practice, KYC means financial institutions are legally required to verify the identities of their customers.

实际上，KYC 意味着金融机构必须依法验证其客户的身份。

When you sign up for a bank account, provide a copy of your driver’s license, or submit a utility bill to prove your address, that’s KYC in action. Makes sense, can’t really argue its necessity in most use cases. That’s why it’s a contentious topic.

当您注册银行账户、提供驾驶执照副本或提交水电费账单来证明您的地址时，KYC 就在发挥作用。有道理，在大多数用例中无法真正论证其必要性。这就是为什么它是一个有争议的话题。

For centralized crypto exchanges like Coinbase and Gemini, KYC rules have long been a fact of life.

对于像 Coinbase 和 Gemini 这样的中心化加密货币交易所来说，KYC 规则早已成为现实。

Platforms like these are registered businesses with identifiable owners, so they comply with KYC regulations to stay in the good graces of governments.

此类平台是拥有可识别所有者的注册企业，因此它们遵守 KYC 法规以保持政府的青睐。

But DeFi? It operates in the gray space between finance and tech, built on permissionless, decentralized protocols.

但 DeFi 呢？它在金融和科技之间的灰色空间中运作，建立在未经许可的去中心化协议之上。

The idea of slapping KYC on a DeFi app isn’t just a logistical headache—it’s an existential threat.

在 DeFi 应用程序上实施 KYC 的想法不仅是一个后勤问题，而且是一个生存威胁。

The Origins of the DeFi and KYC Feud

DeFi 和 KYC 之争的起源

The clash between KYC and DeFi has been brewing since 2018.

KYC 与 DeFi 之间的冲突自 2018 年以来就一直在酝酿。

Protocols like Uniswap, Compound, and Aave changed crypto trading, lending, and borrowing by eliminating the need for a central authority.

Uniswap、Compound 和 Aave 等协议消除了对中央机构的需求，从而改变了加密货币交易、借贷。

Instead, users interacted with smart contracts— self-executing code that runs on the blockchain.

相反，用户与智能合约（在区块链上运行的自动执行代码）进行交互。

No forms, no IDs, no approvals.

没有表格，没有身份证，没有批准。

To regulators, this anonymity was an obvious red flag. Without KYC, bad actors could use DeFi platforms to launder money or evade taxes.

对于监管机构来说，这种匿名是一个明显的危险信号。如果没有 KYC，不良行为者可能会利用 DeFi 平台洗钱或逃税。

For DeFi enthusiasts, though, anonymity was the whole point. The system was designed to be trustless and borderless—a financial system for everyone, no matter who or where they were.

不过，对于 DeFi 爱好者来说，匿名才是重点。该系统的设计是去信任和无国界的——一个适合所有人的金融系统，无论他们是谁或在哪里。

The real fireworks began in 2021 when the U.S. Treasury flagged DeFi as a potential hub for illicit activity in its “Anti-Money Laundering and Countering the Financing of Terrorism” (AML/CFT) priorities.

真正的烟火始于 2021 年，当时美国财政部将 DeFi 标记为其“反洗钱和打击资助恐怖主义”(AML/CFT) 优先事项中潜在的非法活动中心。

While regulators didn’t move immediately, the writing was on the wall: DeFi was in their crosshairs.

虽然监管机构没有立即采取行动，但不祥之兆是：DeFi 已成为他们的瞄准目标。

The IRS KYC Rule: What’s Happening Now?

IRS KYC 规则：现在发生了什么？

Fast forward to 2024, and the IRS has officially dropped the hammer. The new rule, set to take full effect by 2027, requires DeFi front-end platforms to:

快进到 2024 年，美国国税局 (IRS) 正式放弃了这一举措。新规则将于 2027 年全面生效，要求 DeFi 前端平台：

- Collect and verify the name, address, Social Security number, and other identifying information of any U.S. customer whose transactions exceed $10,000 in a calendar year. This includes transactions made on behalf of another person, such as a nominee or agent.

- 收集并验证一年内交易额超过 10,000 美元的任何美国客户的姓名、地址、社会安全号码和其他身份信息。这包括代表他人（例如代理人或代理人）进行的交易。

- Report these transactions to the IRS annually, using a standardized format.

- 每年使用标准化格式向 IRS 报告这些交易。

- Maintain the collected customer information for at least five years and make it available to the IRS upon request.

- 将收集到的客户信息保留至少五年，并根据要求提供给 IRS。

If it sounds familiar, it’s because centralized exchanges were hit with a similar mandate earlier this year.

如果这听起来很熟悉，那是因为今年早些时候中心化交易所也受到了类似的要求。

But while Coinbase and its ilk have the infrastructure to handle compliance, DeFi platforms don’t. Most don’t even have employees, customer service desks, or compliance officers.

但是，虽然 Coinbase 及其同类产品拥有处理合规性的基础设施，但 DeFi 平台却没有。大多数甚至没有员工、客户服务台或合规官员。

Many DeFi front ends may simply shut down rather than comply. Others might try to adapt but risk alienating users, who could seamlessly switch over to another DeFi platform that doesn’t comply.

许多 DeFi 前端可能只是关闭而不是遵守规定。其他人可能会尝试适应，但可能会疏远用户，他们可能会无缝切换到另一个不合规的 DeFi 平台。

Here are a few key ways KYC could shake things up in the world of DeFi.

以下是 KYC 可以改变 DeFi 世界的一些关键方式。

1. Liquidity could dry up

1.流动性可能枯竭

DeFi runs on liquidity. When users provide funds to protocols in exchange for rewards, those funds create the pools that power lending, borrowing, and trading.

DeFi 依靠流动性运行。当用户向协议提供资金以换取奖励时，这些资金就会创建为借贷和交易提供动力的资金池。

But if KYC requirements spook users, or just don’t want their details shared with the IRS, they might withdraw their liquidity, shrinking the ecosystem.

但如果 KYC 要求吓到了用户，或者只是不想与 IRS 共享他们的详细信息，他们可能会撤回流动性，从而缩小生态系统。

2. DeFi could lose its decentralized soul

2. DeFi 可能会失去去中心化灵魂

Sounds dramatic; the beauty of DeFi lies in its decentralization. Enforcing KYC would likely push DeFi platforms toward centralization.

听起来很戏剧化； DeFi 的美妙之处在于它的去中心化。执行 KYC 可能会推动 DeFi 平台走向中心化。

Platforms might have to partner with intermediaries or centralize their operations to comply,

平台可能必须与中介机构合作或集中其运营以遵守，