SEC 准备在 Terraform 试验中围堵加密货币的狂野西部

Is the SEC Poised to Rein in Crypto's Wild West?

美国证券交易委员会准备好控制加密货币的狂野西部了吗？

The Terraform trial, kicking off today in New York, has the crypto industry on edge. The outcome will have profound implications for the regulatory landscape of digital assets, particularly for algorithmic stablecoins like TerraUSD (UST).

今天在纽约启动的 Terraform 试验让加密行业感到紧张。这一结果将对数字资产的监管格局产生深远的影响，尤其是像 TerraUSD (UST) 这样的算法稳定币。

The SEC's Case: Deception and Downfall

美国证券交易委员会的案例：欺骗和垮台

The Securities and Exchange Commission (SEC) alleges that Terraform Labs and its founder, Do Kwon, misled investors about the stability of UST and its companion token, Luna. They claim that Terraform promoted UST as a stablecoin pegged 1:1 to the US dollar, but failed to disclose its algorithmic mechanism and alleged covert interventions to maintain the peg.

美国证券交易委员会 (SEC) 指控 Terraform Labs 及其创始人 Do Kwon 在 UST 及其配套代币 Luna 的稳定性方面误导了投资者。他们声称，Terraform 将 UST 推广为与美元 1:1 挂钩的稳定币，但未能披露其算法机制，并涉嫌秘密干预以维持挂钩。

The Collapse and Its Devastating Aftermath

崩溃及其毁灭性的后果

The collapse of UST and Luna in May 2022 sent shockwaves through the crypto market, wiping out over $40 billion in investor funds. It triggered a domino effect that led to the bankruptcy of numerous crypto firms.

2022 年 5 月，UST 和 Luna 的崩盘给加密市场带来了冲击，损失了超过 400 亿美元的投资者资金。它引发了多米诺骨牌效应，导致众多加密货币公司破产。

The SEC's Challenge: Navigating Uncharted Waters

美国证券交易委员会的挑战：探索未知领域

The SEC faces a unique challenge in this case. Typically, criminal prosecutions take precedence over civil suits. However, Kwon's ongoing extradition battle necessitates the civil proceedings, as a criminal trial in the US cannot commence until his return.

SEC 在本案中面临着独特的挑战。通常，刑事诉讼优先于民事诉讼。然而，权先生正在进行的引渡斗争需要民事诉讼，因为在他返回之前美国的刑事审判无法开始。

The Stakes for Terraform: Securities or Not?

Terraform 的赌注：是否有证券？

The crux of the trial revolves around whether Terraform's cryptocurrencies can be classified as securities and whether UST's claimed stability was genuine. Terraform maintains that its offerings are not securities, exempting them from SEC oversight. However, the presiding judge has already ruled in favor of the SEC on the securities classification.

此次审判的关键在于 Terraform 的加密货币是否可以归类为证券，以及 UST 声称的稳定性是否真实。 Terraform 坚称其产品不是证券，因此不受 SEC 的监管。不过，主审法官已经就证券分类做出了有利于 SEC 的裁决。

Jump Trading's Secret Role: A Twist in the Tale

Jump Trading 的秘密角色：故事的转折

Another key point of contention is the involvement of Jump Trading, a Chicago-based firm that allegedly provided covert support for UST a year before its collapse. The SEC seeks to present text messages between Terraform executives discussing a "depeg" event in May 2021, when UST deviated from its dollar peg. These messages may suggest that Terraform acknowledged Jump Trading's involvement in stabilizing UST.

另一个争论的关键点是总部位于芝加哥的 Jump Trading 公司的参与，据称该公司在 UST 倒闭前一年为其提供了秘密支持。 SEC 试图提供 Terraform 高管之间讨论 2021 年 5 月“脱钩”事件的短信，当时 UST 偏离了美元挂钩。这些消息可能表明 Terraform 承认 Jump Trading 参与稳定 UST。

The Wider Implications for Crypto Regulation

对加密货币监管的更广泛影响

The Terraform trial has significant implications for the crypto industry. A win for the SEC would solidify its authority to regulate cryptocurrencies deemed securities. It would also underscore the risks associated with algorithmic stablecoins and highlight the ongoing regulatory tussle within the cryptocurrency landscape.

Terraform 试验对加密行业具有重大影响。美国证券交易委员会的胜利将巩固其监管被视为证券的加密货币的权力。它还将强调与算法稳定币相关的风险，并突显加密货币领域持续存在的监管斗争。

Whistleblowers and the Bankman-Fried Verdict

举报人和班克曼·弗里德的判决

The SEC's case will also rely on testimony from whistleblowers, including a Jump executive and the chief product officer of the Chai payment app. Their accounts aim to prove that Terraform and Kwon deliberately misled investors.

SEC 的案件还将依赖举报人的证词，其中包括 Jump 高管和 Chai 支付应用程序的首席产品官。他们的账户旨在证明 Terraform 和 Kwon 故意误导投资者。

The trial is expected to last a minimum of two weeks, coinciding with the sentencing of FTX's Sam Bankman-Fried, who faces a potential 50-year prison term. His legal team has petitioned for a significantly reduced sentence of 6 1/2 years.

审判预计将持续至少两周，与 FTX 的 Sam Bankman-Fried 的量刑同时发生，他可能面临 50 年监禁。他的法律团队已请求大幅减刑 6 1/2 年。