随着财政年度接近尾声，美国金融监管机构加大了加密货币执法力度

随着本财年结束的临近，美国金融监管机构正在加大对加密货币项目的执法力度，在过去 10 天内提起了一系列诉讼。美国证券交易委员会和美国商品期货交易委员会被指控通过执法进行监管，而不是提供明确的指导，一些案件引发了法律担忧，可能会开创危险的先例。一个案件​​指控市场操纵是通过空投和奖励计划进行的，而另一个案件则认为美国的以太坊节点赋予了 SEC 权力来控制网络上发生的一切。

U.S. Financial Regulators Intensify Crypto Enforcement as Fiscal Year Nears End

随着财政年度临近结束，美国金融监管机构加强了加密货币执法

As autumn approaches, U.S. financial regulators are accelerating their pursuit of alleged wrongdoings within the cryptocurrency industry. This surge in enforcement activity, traditionally observed at this time of year, is widely attributed to budgetary considerations and potential quotas that agencies seek to fulfill before the end of the fiscal year on September 30th.

随着秋季的临近，美国金融监管机构正在加紧追查加密货币行业内涉嫌的不当行为。执法活动的激增通常在每年的这个时候出现，这被广泛归因于预算考虑和各机构寻求在 9 月 30 日财政年度结束之前完成的潜在配额。

High-Profile Cases Setting Precedents

备受瞩目的案件开创先例

Notable examples include the SEC and CFTC lawsuit and settlement with EOS in September 2019, involving an initial coin offering (ICO) valued at $4 billion. In December 2020, the SEC announced an ongoing case against Ripple Labs, alleging unlawful token sales amounting to over $1 billion. Additionally, numerous lesser-known crypto projects face legal actions annually for various reasons.

著名的例子包括 SEC 和 CFTC 于 2019 年 9 月与 EOS 提起的诉讼和和解，涉及价值 40 亿美元的首次代币发行 (ICO)。 2020 年 12 月，SEC 宣布对 Ripple Labs 提起一起案件，指控其非法代币销售金额超过 10 亿美元。此外，许多鲜为人知的加密项目每年都会因各种原因面临法律诉讼。

Jake Chervinsky, head of policy at the Blockchain Association, noted on Twitter that the SEC and CFTC's fiscal year concludes on September 30th, providing them with a limited window to secure substantial victories that can bolster their budget requests to Congress. This observation aligns with previous remarks made by Chervinsky.

区块链协会政策主管 Jake Chervinsky 在 Twitter 上指出，SEC 和 CFTC 的财政年度将于 9 月 30 日结束，这为他们提供了一个有限的窗口来确保取得实质性胜利，从而支持他们向国会提交的预算请求。这一观察与切尔文斯基之前的言论一致。

Recent Litigation Raises Concerns

最近的诉讼引发担忧

Within the past ten days, multiple lawsuits have been filed against crypto projects, reflecting the heightened enforcement activity. One lawsuit accuses a company of market manipulation, while another charges a crypto influencer with failing to report income. A third lawsuit even involves a decentralized autonomous organization (DAO).

在过去的十天内，针对加密货币项目提起了多起诉讼，反映出执法活动的加强。一项诉讼指控一家公司操纵市场，另一项诉讼则指控一名加密货币影响者未能报告收入。第三起诉讼甚至涉及去中心化自治组织（DAO）。

Critics argue that the SEC's approach of regulating through enforcement, rather than providing clear guidance, has become increasingly prevalent. While the targeted projects in these recent cases may be relatively small, analysts express concerns over the legal ramifications, which could set adverse precedents.

批评者认为，美国证券交易委员会通过执法进行监管的做法，而不是提供明确的指导，已经变得越来越普遍。虽然最近这些案例中的目标项目可能相对较小，但分析人士对法律后果表示担忧，这可能会开创不利的先例。

CFTC Lawsuit against bXz Protocol and Ooki DAO

CFTC 针对 bXz Protocol 和 Ooki DAO 提起诉讼

The CFTC filed a lawsuit against the company and founders behind the bXz protocol, alleging the facilitation of unregulated derivatives trading. The founders reached a settlement with the agency, but the CFTC also sued the Ooki DAO, which was spun off to operate the protocol. This move raises concerns that the CFTC may be hindering efforts to decentralize governance of protocols and potentially criminalizing DAO participation.

CFTC 对 bXz 协议背后的公司和创始人提起诉讼，指控其为不受监管的衍生品交易提供便利。创始人与该机构达成和解，但 CFTC 还起诉了 Ooki DAO，后者被分拆出来运营该协议。此举引发了人们的担忧，即 CFTC 可能会阻碍协议治理去中心化的努力，并可能将参与 DAO 定为刑事犯罪。

SEC Charges against Crypto Influencer Ian Balina

SEC 对加密货币影响者 Ian Balina 提出指控

In another case, the SEC charged crypto influencer Ian Balina with allegedly failing to disclose income from a 2018 ICO called SPRK. While the specific allegations are less significant, the SEC's reasoning for filing the case has raised eyebrows. The agency asserts that because Ethereum nodes are more concentrated in the United States than in any other country, the SEC should have oversight authority over all network activities.

在另一起案件中，SEC 指控加密货币影响者 Ian Balina 涉嫌未能披露 2018 年名为 SPRK 的 ICO 的收入。虽然具体指控不太重要，但美国证券交易委员会立案的理由却引起了人们的关注。该机构声称，由于以太坊节点比任何其他国家都更集中在美国，因此 SEC 应该对所有网络活动拥有监督权。

Adam Cochran, a partner at Cinneamhain Ventures, criticized this overreach on Twitter, emphasizing the unacceptable nature of such a broad interpretation of jurisdiction over the entire cryptocurrency space.

Cinneamhain Ventures 合伙人 Adam Cochran 在 Twitter 上批评了这种越权行为，强调对整个加密货币领域的管辖权进行如此宽泛的解释是不可接受的。

SEC Accuses Hydrogen Technology Corp. of Market Manipulation

美国证券交易委员会指控氢能科技公司操纵市场

The SEC recently accused fintech firm Hydrogen Technology Corp. and its former CEO, Michael Ross Kane, of unlawful market manipulation of "crypto asset securities." Hydrogen allegedly utilized various methods to distribute its HYDRO token, including an airdrop and a bounty program for token promotion.

美国证券交易委员会最近指控金融科技公司 Hydrogen Technology Corp. 及其前首席执行官迈克尔·罗斯·凯恩 (Michael Ross Kane) 非法操纵“加密资产证券”市场。据称，Hydrogen 使用各种方法来分发其 HYDRO 代币，包括空投和代币推广的赏金计划。

The complaint alleges that Kane and Hydrogen hired Moonwalkers Trading to use bots to create an illusion of robust market activity. Notably, Hydrogen's market capitalization is below $500,000, and the SEC alleges that Hydrogen "reaped profits of more than $2 million as a result of the defendants' conduct."

投诉称，凯恩和 Hydrogen 聘请 Moonwalkers Trading 使用机器人来制造市场活动强劲的假象。值得注意的是，Hydrogen 的市值低于 50 万美元，SEC 声称 Hydrogen“因被告的行为而获得了超过 200 万美元的利润”。

While the allegations of unregistered securities offerings and market manipulation are common in the altcoin market, the Hydrogen case raises concerns due to ambiguous language surrounding the airdrop and rewards program.

虽然未经注册的证券发行和市场操纵的指控在山寨币市场上很常见，但 Hydrogen 案件由于围绕空投和奖励计划的含糊语言而引发了担忧。

Carolyn Welshhans, associate director of the SEC's Enforcement Division, stressed that companies cannot evade federal securities laws by structuring unregistered offers and sales as bounties or rewards.

美国证券交易委员会执法部门副主任卡罗琳·威尔士汉斯（Carolyn Welshhans）强调，公司不能通过将未经注册的要约和销售作为赏金或奖励来规避联邦证券法。

Legal experts have pointed out that the airdrop does not fall within the scope of the SEC's Howey analysis. However, the complaint appears to focus on the promotional scheme. Tyler Ostern, CEO of Moonwalkers, has agreed to repay illicit gains from the bot army.

法律专家指出，此次空投并不属于SEC Howey分析的范围。然而，投诉似乎集中在促销计划上。 Moonwalkers 首席执行官泰勒·奥斯特恩 (Tyler Ostern) 已同意偿还机器人大军的非法所得。

Chilling Effect on Innovation

对创新的寒蝉效应

While SEC settlements do not establish legal precedent, these enforcement actions nevertheless convey a message and may have a deterrent effect on innovation in the cryptocurrency industry.

尽管 SEC 的和解并未确立法律先例，但这些执法行动仍然传达了一个信息，并可能对加密货币行业的创新产生威慑作用。