模因币热潮“过度监管”的背后

模因硬币的趋势已经不仅仅是一种时尚；它已经成为一种趋势。它已成为对美国证券交易委员会（SEC）过度虚拟资产监管的讽刺和嘲笑。

In the realm of cryptocurrencies, a curious phenomenon has emerged, aptly named "meme coins." These coins, lacking practical utility or clear legal definitions, have nevertheless managed to capture the attention of traders and amass a collective market capitalization in the tens of billions of dollars. What drives this seemingly irrational exuberance?

在加密货币领域，出现了一种奇怪的现象，恰如其分地命名为“模因币”。这些代币缺乏实用性或明确的法律定义，但却成功地吸引了交易者的注意力，并积累了数百亿美元的集体市值。是什么推动了这种看似非理性的繁荣？

According to Kim Min-seung, head of the Korbit Research Center, the genesis of this trend can be traced back to the overly stringent regulations imposed by the United States Securities and Exchange Commission (SEC) on virtual assets. The SEC's broad application of the "Howey Test" has led to difficulties in determining which coins constitute unregistered securities.

Korbit研究中心负责人Kim Min-seung表示，这一趋势的根源可以追溯到美国证券交易委员会（SEC）对虚拟资产过于严格的监管。 SEC 广泛应用“Howey 测试”导致难以确定哪些代币构成未注册证券。

In an attempt to clamp down on issuers and traders, the SEC has filed lawsuits against several virtual asset-related companies. However, these actions have also hindered the business development of coin-issuing entities. As a result, despite the launch of numerous coins, only a handful have achieved widespread real-world usage, aside from stablecoins.

为了打击发行人和交易商，美国证券交易委员会已对多家虚拟资产相关公司提起诉讼。然而，这些行为也阻碍了发币实体的业务发展。因此，尽管推出了众多加密货币，但除了稳定币之外，只有少数加密货币在现实世界中得到了广泛使用。

This limited market growth can be attributed to the inability of most issuers to withstand lawsuits from U.S. government agencies. Faced with litigation risks, many issuers have scaled back or abandoned their operations, leaving ambitiously launched coins to flounder without significant business achievements beyond technical milestones.

市场增长有限可归因于大多数发行人无力承受美国政府机构的诉讼。面对诉讼风险，许多发行人缩减或放弃了业务，使得雄心勃勃的发行代币陷入困境，没有取得超越技术里程碑的重大业务成就。

In a normal market environment, coins would be valued based on their business performance or utility. However, due to the SEC's excessive regulations, coin prices have become heavily influenced by future expectations or market interest, rendering them vulnerable to manipulation.

在正常的市场环境中，货币将根据其业务绩效或效用来定价。然而，由于 SEC 的过度监管，代币价格已严重受到未来预期或市场兴趣的影响，使其容易受到操纵。

The Ripple lawsuit has had a profound impact worldwide. As legal risks associated with Initial Coin Offerings (ICOs) escalated, global market fundraising through ICOs plummeted, paving the way for crypto venture capital (VC).

Ripple诉讼在全球范围内产生了深远影响。随着首次代币发行（ICO）相关的法律风险升级，全球市场通过 ICO 筹集的资金大幅下降，为加密货币风险投资（VC）铺平了道路。

Instead of the public participating in ICOs during the initial coin offering, a small group of VCs became the investors, leading to a phenomenon where coin prices crashed after exchange listings due to large-scale cash-outs by VCs.

首次代币发行时，并不是公众参与ICO，而是一小部分VC成为投资者，导致交易所上市后，由于VC大规模套现，导致币价暴跌的现象。

Last year and the year before, many coins were designed with "low float and high fully diluted value (FDV)" to facilitate VC exits (investment recovery). This created another structure where VCs dumped coins bought at low prices onto retail investors at high prices after exchange listings, similar to the "foundation holdings dumping" frequently observed on domestic exchanges.

去年和前年，很多币都被设计成“低流通量、高完全稀释价值（FDV）”，以方便VC退出（投资回收）。这就形成了另一种结构，即VC在交易所上市后，将低价购买的币高价抛给散户，类似于国内交易所经常出现的“基础持股抛售”。

The meme coin craze unfolded against this backdrop. The SEC fostered an environment where coin prices were determined solely by expectations or interest rather than business performance, leading to a proliferation of coins with provocative names and logos but no clear business plans or specified utility.

模因币热潮就是在这种背景下展开的。美国证券交易委员会营造了一种环境，使代币价格仅由预期或兴趣而不是业务绩效决定，导致具有挑衅性名称和徽标但没有明确商业计划或指定用途的代币激增。

The SEC attempted to punish issuers and traders simultaneously but failed to regulate the behavior of VCs using their financial power to gain unfair profits in the market. As a backlash against this practice and the lack of investor protection measures, many meme coins adopted a "fair launch" approach, distributing the majority of the coins to the market immediately upon issuance without the issuer retaining a large holding.

美国证券交易委员会试图同时惩罚发行人和交易者，但未能规范风险投资公司利用其财务实力在市场上获取不公平利润的行为。作为对这种做法的强烈反对以及缺乏投资者保护措施，许多模因币采取了“公平发行”的方式，在发行后立即将大部分代币分配到市场，而发行人不保留大量股份。

The fact that tens of thousands of "useless" meme coins are issued and traded daily, with the surviving coins' total market capitalization exceeding $100 billion, serves as a biting satire and mockery of the SEC's regulatory failure.

每天有数以万计的“无用”模因币发行和交易，幸存的币总市值超过1000亿美元，这是对SEC监管失败的辛辣讽刺和嘲讽。

Governments worldwide should have established order in the rapidly growing market and protected investors rather than making moral judgments that "coins are bad." However, the SEC went too far in its attempt to "suffocate" all coins except Bitcoin by considering them "unregistered securities," and other countries followed the SEC's direction. And that attempt ended in failure.

世界各国政府应该在快速增长的市场中建立秩序并保护投资者，而不是做出“硬币不好”的道德判断。然而，美国证券交易委员会试图通过将除比特币之外的所有货币视为“未注册证券”来“窒息”它们，这一做法太过分了，其他国家也纷纷效仿美国证券交易委员会的指示。而这次尝试以失败告终。

While governments failed to establish market order, powerful forces with capital exploited investors' pockets. The "Kimchi coin foundation holdings dumping" frequently occurring on domestic exchanges, the recent intensification of "pump and dump volatility," and the cashing out of "low float and high FDV" coins after listing are all in the same context. Insiders are profiting from retail investors in a market with inadequate investor protection measures.

尽管政府未能建立市场秩序，但强大的资本势力却剥削了投资者的腰包。国内交易所频频发生的“泡菜币基础抛售”、近期“拉高抛售”的加剧以及上市后“低流通高FDV”币的套现，都是同一背景。在投资者保护措施不充分的市场上，内部人士正在从散户投资者身上获利。

The meme coin craze is a message from the market to financial authorities worldwide. The SEC's approach of considering coins as "bad" and trying to suppress them was wrong and failed. The coin market is still growing, and the countless dog, cat, and frog coins pouring in daily hope for reasonable regulation to establish market order, protect investors, and nurture sound business entities.

模因币热潮是市场向全球金融当局发出的信息。美国证券交易委员会将代币视为“坏”并试图压制它们的做法是错误的，也是失败的。钱币市场还在不断成长，每天都有无数的狗猫青蛙币涌入，希望得到合理监管，建立市场秩序，保护投资者，培育良性经营主体。