德国的Bafin命令Ethena停止USDE Stablecoin销售，冻结储量

德国的金融监管机构Bafin命令Ethena GmbH立即停止销售其USDE Stablecoin和Freeze Reserves，理由是违反了Crypto-Assets法规（MICAR）的欧盟市场。由山姆·雷诺兹（Sam Reynolds）。 2024年4月18日上午1:13更新。

Germany’s financial watchdog, BaFin, has ordered Ethena GmbH to immediately halt sales of its USDe stablecoin and freeze the token’s reserves. The move comes after months of scrutiny over the project’s compliance with EU’s Markets in Crypto-Assets Regulation (MiCAR).

德国的金融监管机构巴芬（Bafin）已下令埃塞娜（Ethena）gmbh立即停止销售其USDE Stablecoin并冻结令牌的储量。此举是在对该项目遵守加密资产管理（Micar）的欧盟市场遵守几个月的审查之后进行的。

The March 21 directive follows an investigation that found Ethena GmbH to be in violation of MiCAR for selling USDe and sUSDe tokens without an approved prospectus. Moreover, BaFin identified potential violations of the German Securities Act, which could classify the tokens as unregistered securities.

3月21日指令进行了一项调查，该调查发现Ethena GmbH因未经批准的招股说明书而出售USDE和SUSDE代币违反了Micar。此外，巴芬确定了对《德国证券法》的潜在违规行为，该法可能将令牌归类为未注册的证券。

In response to the breaches, BaFin instituted several measures, including freezing the reserves backing USDe, shutting down Ethena’s website and new client acquisition activities. However, secondary trading of Ethena’s tokens will remain unaffected by the regulator’s actions.

为了应对违规行为，巴芬制定了几项措施，包括冻结储备金支持USDE，关闭Ethena的网站和新的客户获取活动。但是，Ethena代币的次要交易将不受监管机构的行为的影响。

The regulator’s actions are pertinent to Ethena’s strategy of issuing most of its USDe tokens under transitional rules before MiCAR came into effect. However, despite the large issuance volume, Ethena failed to meet the updated standards for ongoing token sales after MiCAR’s launch.

监管机构的行动与埃塞纳（Ethena）在MACAR生效之前在过渡规则下发行其大多数USD代币的战略有关。然而，尽管发行量很大，但埃塞纳仍未达到Micar推出后持续的代币销售的最新标准。

According to a report by Blockware, Ethena’s reliance on transitional rules for pre-MiCAR token issuance was insufficient, as BaFin found the company’s compliance framework inadequate for the updated regulations in 2023.

根据Blockware的一份报告，Ethena依赖Micar Prestrion发行的过渡规则不足，因为Bafin发现该公司的合规框架不足2023年的更新法规。

This finding is critical as it impacts the broader narrative of EU regulators cracking down on stablecoin transparency. Notably, MiCAR mandates complete transparency in stablecoin резерв and capital requirements. These efforts are geared toward prioritizing investor protection.

这一发现至关重要，因为它影响了欧盟监管机构对稳定透明度的更广泛叙述。值得注意的是，MICAR要求在Stablecoin ut和资本要求方面具有完全透明度。这些努力旨在优先考虑投资者的保护。

What Ethena Has to Say About USDe

Ethena对USDE的看法

Ethena Labs responded to BaFin’s actions with a statement on X, where it expressed disappointment but maintained that USDe’s reserves are unaffected.

Ethena Labs对Bafin的行为作出了X上的说法，在X上表示失望，但坚持认为USDE的储量不受影响。

The company clarified that its British Virgin Islands (BVI) entity, Ethena BVI Limited, continues to provide services for USDe minting and redemption.

该公司澄清说，其英属维尔京群岛（BVI）实体Ethena BVI Limited继续为USDE铸造和救赎提供服务。

Ethena further emphasized its commitment to regulatory compliance, highlighting that most of the 5.4 billion USDe tokens in circulation were issued outside Germany before MiCAR rules came into effect. However, BaFin’s decision has raised questions about the firm’s preparedness for the updated regulations.

Ethena进一步强调了其对监管合规性的承诺，强调指出，在MICAR规则生效之前，在德国以外发行了54亿美元的USD代币中的大多数。但是，巴芬的决定提出了有关公司为更新法规的准备的疑问。

Since the beginning of our journey, Ethena has been diligently exploring various options and jurisdictions around the world in search of the most suitable regulatory frameworks for our business to thrive. As a result of our efforts, we have carefully established multiple entities within our structure in multiple jurisdictions to handle the minting and redemption of USDe tokens. A MiCAR application is currently pending with another EU regulator. We are actively working with the regulator to process the application in a timely manner. Despite this setback, we are now exploring other interesting regulatory avenues in the EU to continue parts of our business in the long term. Our British Virgin Islands entity will continue to mint and redeem USDe tokens, and the token's peg to the dollar remains stable. We are also employing an algorithmic strategy for hedging purposes, which contributes to maintaining the stability of the USDe peg.

自从旅途开始以来，Ethena一直在努力探索世界各地的各种选择和管辖区，以寻找最合适的监管框架，以供我们的业务蓬勃发展。由于我们的努力，我们已经在多个司法管辖区认真建立了我们结构内的多个实体，以处理USDE代币的铸造和赎回。当前正在与另一个欧盟监管机构一起申请MICAR应用程序。我们正在与监管机构积极合作，以及时处理应用程序。尽管有这种挫折，但我们现在仍在探索欧盟其他有趣的监管途径，以长期继续我们的业务。我们的英属维尔京群岛实体将继续铸造和赎回USDE代币，而令牌的钉子仍然稳定。我们还采用算法策略来进行对冲，这有助于维持USDE PEG的稳定性。

Despite the setback, Ethena stated that it is exploring alternative regulatory frameworks to continue its operations. They said their British Virgin Islands (BVI) entity continues minting/redemption, claiming reserves are intact. The company also highlighted its reliance on algorithmic hedging to maintain USDe’s $1 peg, which has so far remained stable.

尽管遇到了挫折，但埃塞纳（Ethena）表示，它正在探索替代性监管框架以继续其运营。他们说，他们的英属维尔京群岛（BVI）实体继续铸造/救赎，声称储量完好无损。该公司还强调了其对算法对冲的依赖，以维持USDE的$ 1 PEG，到目前为止，它一直稳定。

EU Stablecoin Rules Tighten Oversight

欧盟Stablecoin规则收紧监督

The EU’s MiCAR rules are set to increase scrutiny on stablecoins like USDe as part of broader efforts to safeguard users and financial systems. These tokens combine aspects of cryptocurrency with traditional money, sparking discussion about how best to ensure their safety and oversight.

欧盟的MICAR规则将对USDE等Stablecoins进行审查，这是维护用户和金融系统的更广泛努力的一部分。这些令牌将加密货币的各个方面与传统资金相结合，引发了关于如何最好地确保其安全和监督的讨论。

Experts have pointed out potential issues with Ethena’s approach, noting that the algorithmic methods used by the firm to maintain USDe’s peg could fail during periods of severe market stress.

专家指出了埃塞纳（Ethena）方法的潜在问题，并指出该公司用于维持USDE PEG的算法方法在严重的市场压力期间可能会失败。

This factor is crucial as BaFin’s crackdown on Ethena showcases the EU’s broader focus on transparency in disclosed reserves and capital adequacy for stablecoins. These priorities are key components of MiCAR.

这一因素至关重要，因为巴芬对埃塞纳的镇压表明欧盟更加关注披露的储备金和稳定的资本充足性。这些优先级是Micar的关键组成部分。

On a global scale, regulators are taking steps to adjust and tighten regulations. In the United States, new legislation demands full reserves for all stablecoins. Meanwhile, Singapore is tightening rules on crypto firms for better control over token sales and redemption. These moves are part of a broader effort to mitigate the nascent risks in crypto markets and ensure greater accountability.

在全球范围内，监管机构正在采取措施调整和收紧法规。在美国，新的立法要求所有稳定的储备金。同时，新加坡正在收紧加密公司的规定，以更好地控制令牌销售和赎回。这些举动是减轻加密货币市场中新生风险并确保更大责任的更广泛努力的一部分。