dYdX 在美国监管打压中迁往开曼群岛

去中心化交易所 (DEX) dYdX 已投票决定将其业务迁至开曼群岛。在此之前，社区投票显示了对过渡的强烈支持，过渡旨在在美国监管收紧的情况下提供更坚实的法律和监管基础。过渡计划包括将 dYdX 运营基金会建立为开曼群岛基金会公司，授予社区更多控制权并终止 DOT（dYdX 运营信托）。开曼群岛有利的监管框架，包括《虚拟资产（服务提供商）法案》，使其成为加密货币初创公司的热门目的地。

dYdX Relocates Operations to Cayman Islands Amid Regulatory Uncertainty

由于监管不确定性，dYdX 将业务迁往开曼群岛

April 2, 2024

2024 年 4 月 2 日

Following an overwhelming community vote, decentralized exchange (DEX) dYdX has announced its decision to relocate its operations to the Cayman Islands. This strategic move comes in response to an increasingly stringent regulatory environment in the United States, particularly in light of recent Securities and Exchange Commission (SEC) actions and proposed rule changes.

经过压倒性的社区投票，去中心化交易所（DEX）dYdX 宣布决定将其业务迁至开曼群岛。这一战略举措是为了应对美国日益严格的监管环境，特别是考虑到美国证券交易委员会 (SEC) 最近的行动和拟议的规则变更。

Community Support for Transition

社区对过渡的支持

A poll conducted by the dYdX Foundation revealed overwhelming support for the relocation, with 93.1% of participating validators voting in favor. The decision garnered support from 77% of the community's active validators.

dYdX 基金会进行的一项民意调查显示，绝大多数人支持搬迁，93.1% 的参与验证者投了赞成票。该决定获得了 77% 的社区活跃验证者的支持。

Establishment of Cayman Islands Foundation Company

成立开曼群岛基金会公司

The transition involves establishing the dYdX Operations Foundation (DOF) as a Cayman Islands Foundation Company. This new structure aims to enhance community control and conclude the current Trust Period, thereby terminating the dYdX Operations Trust (DOT) in favor of a more decentralized governance model. The proposal has been described as "partial legal restructuring."

此次过渡涉及将 dYdX Operations Foundation (DOF) 建立为开曼群岛基金会公司。这一新结构旨在加强社区控制并结束当前的信托期，从而终止 dYdX 运营信托（DOT），转而采用更加去中心化的治理模式。该提案被描述为“部分合法重组”。

Regulatory Changes in the United States

美国的监管变化

In 2023, the SEC proposed classifying DEXs as exchanges, subjecting them to the same regulatory standards. Subsequently, the Treasury Department announced that DEXs, platforms facilitating Non-Fungible Token (NFT) trading, and wallet services involved in digital asset transactions would likely face categorization as brokers under the regulatory framework.

2023年，SEC提议将DEX归类为交易所，并使其遵守相同的监管标准。随后，美国财政部宣布，DEX、促进非同质代币（NFT）交易的平台以及涉及数字资产交易的钱包服务可能会在监管框架下被归类为经纪人。

In February 2024, the SEC adopted rules that would bring DEXs under its jurisdiction. Effective April 29, the SEC intends to regulate participants as dealers or government securities dealers, incorporating liquidity providers within its purview.

2024 年 2 月，美国证券交易委员会 (SEC) 通过了将 DEX 纳入其管辖范围的规则。自 4 月 29 日起，SEC 打算对交易商或政府证券交易商等参与者进行监管，将流动性提供者纳入其职权范围。

Cayman Islands: A Haven for Crypto Startups

开曼群岛：加密初创公司的天堂

The Cayman Islands has emerged as a popular destination for cryptocurrency startups seeking a favorable regulatory environment. According to Tracxn, the island nation hosts a significant number of web3 startups, including BitKeep, Polygon, and Wormhole.

开曼群岛已成为寻求有利监管环境的加密货币初创公司的热门目的地。据 Tracxn 称，这个岛国拥有大量 web3 初创公司，包括 BitKeep、Polygon 和 Wormhole。

The Cayman Islands Monetary Authority (CIMA) oversees a legal framework for virtual assets, known as the Virtual Asset (Service Providers) Act (VASP Act). This framework aligns with standards set by the Financial Action Task Force (FATF) and includes both licensing and registration requirements for virtual asset service providers (VASPs).

开曼群岛金融管理局 (CIMA) 负责监管虚拟资产的法律框架，即《虚拟资产（服务提供商）法》（VASP 法）。该框架符合金融行动特别工作组 (FATF) 制定的标准，并包括虚拟资产服务提供商 (VASP) 的许可和注册要求。

US Regulatory Landscape and Crypto Scrutiny

美国监管环境和加密货币审查

The dYdX Foundation's relocation to the Cayman Islands raises questions about the regulatory atmosphere in the United States. Increasing scrutiny of decentralized finance (DeFi) by regulatory agencies, SEC enforcement actions, and lawsuits have prompted crypto entities to explore alternative jurisdictions.

dYdX 基金会迁往开曼群岛引发了人们对美国监管氛围的质疑。监管机构对去中心化金融（DeFi）的日益严格的审查、SEC 的执法行动和诉讼促使加密货币实体探索替代司法管辖区。

Securities and Exchange Commission Commissioner Hester Peirce recently criticized the SEC's approach to crypto custody businesses, highlighting the ongoing litigation involving major crypto cases.

美国证券交易委员会委员 Hester Peirce 最近批评了 SEC 对加密货币托管业务的做法，强调了正在进行的涉及重大加密货币案件的诉讼。

Strategic Decisions for Web3 Companies

Web3 公司的战略决策

The dYdX Foundation's relocation points to the strategic decisions that web3 companies are making to navigate regulatory challenges and foster innovation. As the industry matures, the balance between regulatory compliance and technological advancement remains a central theme.

dYdX 基金会的搬迁表明了 web3 公司为应对监管挑战和促进创新而做出的战略决策。随着行业的成熟，监管合规性和技术进步之间的平衡仍然是一个中心主题。

For the time being, businesses are navigating regulatory hurdles and facing agency lawsuits, which have become increasingly prevalent in the United States. However, the evolving regulatory landscape could potentially provide a blueprint for future developments.

目前，企业正在克服监管障碍并面临机构诉讼，这种情况在美国越来越普遍。然而，不断变化的监管环境可能为未来的发展提供蓝图。