World Liberty Financial 披露其 3 亿美元的代币发行主要在海外销售

World Liberty 总部位于特拉华州威尔明顿，但在波多黎各运营，本周向美国监管机构提交了有关此次发行的通知

World Liberty Financial, a crypto project promoted by former President Donald Trump and his sons, has disclosed that its $300 million offering of tokens is being marketed primarily offshore, with fewer than 350 US investors buying the digital asset so far.

由前总统唐纳德·特朗普及其儿子推动的加密货币项目 World Liberty Financial 透露，其 3 亿美元的代币发行主要在海外销售，到目前为止，只有不到 350 名美国投资者购买了该数字资产。

The Delaware-based company, which is run from Puerto Rico, filed a notice with American regulators this week on the offering, stating that it “currently only plans” to sell $30 million of tokens in the US. After reaching the $30 million threshold, World Liberty will terminate the US offering, even though the company has some $288.5 million of tokens available for sale, according to the document.

这家总部位于特拉华州、在波多黎各运营的公司本周向美国监管机构提交了有关此次发行的通知，称其“目前仅计划”在美国出售 3000 万美元的代币。文件称，在达到 3000 万美元的门槛后，World Liberty 将终止在美国的发行，尽管该公司还有约 2.885 亿美元的代币可供出售。

Zachary Folkman, a World Liberty co-founder, said during a September interview streamed on Elon Musk’s X that the company would sell some tokens through an exemption to the stringent US requirements for companies raising capital. The exemption, known as Regulation S, is only available for tokens sold to non-US investors.

World Liberty 联合创始人扎卡里·福克曼 (Zachary Folkman) 在 9 月份接受埃隆·马斯克 (Elon Musk) X 直播的采访时表示，该公司将通过豁免美国对公司融资的严格要求来出售一些代币。这项豁免被称为 S 条例，仅适用于出售给非美国投资者的代币。

World Liberty representatives didn’t respond to requests for comment.

世界自由组织的代表没有回应置评请求。

Most token issuances are done offshore because the industry has been subject to heavy scrutiny in the US, where the Securities and Exchange Commission has sought to regulate these assets as securities. In addition, trading in tokens is usually much more robust offshore, another reason that companies such as World Liberty prefer to market their offerings to non-US investors.

大多数代币发行都是在海外进行的，因为该行业在美国受到严格审查，美国证券交易委员会试图将这些资产作为证券进行监管。此外，代币交易通常在海外更为活跃，这也是 World Liberty 等公司更愿意向非美国投资者推销其产品的另一个原因。

World Liberty Financial is being promoted by Trump and his sons as part of the decentralized finance movement, democratizing access to financial services. The filing lists Trump and two of his sons, Don Jr. and Eric, while adding a caveat that says “this person is included for informational purposes and does not reflect a determination” that they are officially promoting the offering itself.

特朗普和他的儿子们正在推动世界自由金融作为去中心化金融运动的一部分，使金融服务的获取民主化。该文件列出了特朗普和他的两个儿子小唐（Don Jr.）和埃里克（Eric）的名单，同时添加了一个警告，称“此人仅供参考，并不反映他们正式宣传该产品本身的决定”。

Folkman and Chase Herro, another World Liberty co-founder, are listed as its executive officers in the filing. They also run a company called Axiom Management that is located in Dorado, Puerto Cruz, which offers big breaks from US taxes to people who set up businesses there.

文件中将福克曼和另一位世界自由联合创始人蔡斯·赫罗 (Chase Herro) 列为该公司的执行官。他们还经营着一家名为 Axiom Management 的公司，该公司位于克鲁斯港的多拉多，为在那里创办企业的人提供美国税收的大幅减免。

The token sale started soon after Trump launched his fourth collection of nonfungible tokens, which are digital depictions of himself. The former president headlined the world’s largest Bitcoin conference this summer in an effort to appeal to crypto voters and donors.

特朗普推出他的第四个不可替代代币系列后不久，代币销售就开始了，这些代币是他本人的数字化描述。这位前总统在今年夏天主持了全球最大的比特币会议，以吸引加密货币选民和捐助者。

During the Sept. 16 interview streamed on X, formerly known as Twitter, Folkman said that any potential non-US sale would be conducted through Regulation S. But he didn’t give a breakdown on the number of tokens that would be sold domestically or overseas.

在 9 月 16 日在 X（前身为 Twitter）上进行的采访中，Folkman 表示任何潜在的非美国销售都将通过 S 条例进行。但他没有详细说明将在国内或在美国销售的代币数量。海外。

World Liberty is tapping US investors through a different exemption, known as Regulation D. This exemption permits US companies to raise as much money as they want from an unlimited number of US investors, as long as they are institutions or wealthy individuals who meet certain financial criteria, such as having a net worth of more than $1 million, excluding the value of their home.

World Liberty 正在通过一项不同的豁免（称为 D 条例）吸引美国投资者。这项豁免允许美国公司从无限数量的美国投资者那里筹集尽可能多的资金，只要这些投资者是满足某些财务条件的机构或富有的个人。标准，例如净资产超过 100 万美元（不包括房屋价值）。

Both Regulation D and Regulation S are intended to help companies save time and money when they raise capital. But Regulation D has more investor protections and disclosure requirements.

D 条例和 S 条例旨在帮助公司在筹集资金时节省时间和金钱。但 D 条例有更多的投资者保护和披露要求。

For example, companies that sell securities through Regulation D must file a public notice that provides some details on the offering, such as the amount raised, the number of investors involved, and the principal officers and sponsors of the sale. It also requires issuers to make sure each buyer is wealthy enough to participate in the offering, a task that Folkman alluded to in the X interview when he said World Liberty could only sell tokens to US buyers “if they have been reasonably verified as accredited investors.”

例如，通过 D 条例出售证券的公司必须提交一份公告，提供有关发行的一些详细信息，例如筹集的金额、涉及的投资者数量以及出售的主要官员和保荐人。它还要求发行人确保每个买家都有足够的财富来参与发行，福克曼在 X 采访中提到了这一任务，当时他表示 World Liberty 只能向美国买家出售代币，“如果他们已被合理地验证为合格投资者”。

World Liberty said in the filing that, since Oct. 15, it has raised $2.7 million under Regulation D by selling tokens to 348 investors. Roughly 17,000 addresses have held the asset once, according to analytics firm Kaiko.

World Liberty 在文件中表示，自 10 月 15 日以来，它已根据 D 条例向 348 名投资者出售代币，筹集了 270 万美元。据分析公司 Kaiko 称，大约 17,000 个地址曾经持有过该资产。

The gap may be partly explained by sales through Regulation S.

这一差距的部分原因可能是通过 S 条例进行的销售。

US private companies don’t have to report any information on capital-raising through Regulation S. Nor is there any requirement to determine whether buyers are rich enough to qualify as accredited investors under US law. The catch: the offering can only raise money from foreign investors.

美国私营公司不必通过 S 条例报告任何有关融资的信息。也没有任何要求来确定买家是否足够富有，有资格成为美国法律规定的合格投资者。问题是：此次发行只能从外国投资者那里筹集资金。

“We would expect that any potential non-US token sale would be limited to non-US persons and comply with applicable restrictions under what is known as Regulation S,” Folkman said during the X interview.

Folkman 在 X 采访中表示：“我们预计任何潜在的非美国代币销售都将仅限于非美国人，并遵守所谓的 S 条例的适用限制。”

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