SEC 威胁反对 FTX 用稳定币偿还用户的计划

美国证券交易委员会（SEC）威胁反对 FTX 以稳定币偿还用户的计划。

The U.S. Securities and Exchange Commission (SEC) is threatening to oppose FTX's plan to repay users in stablecoins. In a filing last week, the agency reaffirmed its authority to "challenge transactions involving crypto assets," even when those assets, like stablecoins, are pegged to the U.S. dollar. This move could further complicate the bankrupt crypto exchange’s efforts to return funds to its creditors.

美国证券交易委员会（SEC）威胁反对 FTX 以稳定币偿还用户的计划。在上周的一份文件中，该机构重申其有权“质疑涉及加密资产的交易”，即使这些资产（如稳定币）与美元挂钩。此举可能会使破产的加密货币交易所向债权人返还资金的努力进一步复杂化。

This spring, FTX proposed a plan to repay up to $16.3 billion to users who have been unable to access their funds since the platform's collapse in November 2022. Creditors prefer in-kind payments that would have allowed them to capture cryptocurrencies’ 122% gain since the collapse, but FTX’s liquidation plan aims to settle claims either in cash or stablecoins, based on the dollar value of assets at the time of bankruptcy.

今年春天，FTX 提出了一项计划，向自 2022 年 11 月该平台崩溃以来无法动用资金的用户偿还高达 163 亿美元的资金。债权人更喜欢实物支付，这将使他们能够获得加密货币自 2022 年 11 月以来 122% 的收益。但 FTX 的清算计划旨在根据破产时资产的美元价值，以现金或稳定币解决索赔。

No specific stablecoin has been selected for the repayment plan. The two largest by market value are Tether Tether (USDT) and USD Coin (USDC USDC ), with market capitalizations of $118 billion and $35 billion, respectively. However, both have faced controversy. Industry leader Tether has yet to provide financial statements audited by certified public accountants. On the other hand, while USDC issuer, Circle, has built a reputation for being more transparent and friendly to regulators, it faced a $3.3 billion exposure when its deposits at Silicon Valley Bank temporarily became inaccessible during the bank's collapse in March 2023. All uninsured assets were eventually covered, preventing any loss to Circle's reserves. Although multiple efforts have been made to pass stablecoin legislation in Congress, none have materialized so far.

还款计划尚未选择特定的稳定币。市值最大的两个是Tether Tether（USDT）和USD Coin（USDC USDC），市值分别为1180亿美元和350亿美元。然而，两者都面临着争议。行业领导者 Tether 尚未提供经注册会计师审计的财务报表。另一方面，虽然 USDC 发行人 Circle 因对监管机构更加透明和友好而享有盛誉，但在 2023 年 3 月硅谷银行倒闭期间，其在硅谷银行的存款暂时无法使用，该公司面临着 33 亿美元的风险。资产最终得到了保障，避免了 Circle 储备金遭受任何损失。尽管国会为通过稳定币立法做出了多种努力，但迄今为止尚未实现。

This regulatory ambiguity could delay payouts or impact how they are processed.

这种监管模糊性可能会延迟付款或影响付款的处理方式。

“The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and reserves its rights to challenge transactions involving crypto assets,” the regulator stated in an August 30 filing. This stance mirrors its earlier filing in June, where it also objected to a provision in the plan that would protect the exchange from future legal liabilities.

该监管机构在 8 月 30 日提交的文件中表示：“根据联邦证券法，美国证券交易委员会不会对该计划中概述的交易的合法性发表意见，并保留质疑涉及加密资产的交易的权利。”这一立场与该公司早前于 6 月份提交的文件一致，该公司还反对该计划中保护该交易所免受未来法律责任的条款。

The SEC also raised concerns that FTX has yet to designate a "distribution agent"—the entity responsible for handling the payouts.

SEC 还担心 FTX 尚未指定“分销代理”——负责处理支付的实体。

FTX has not responded to Forbes’ request for comment at press time.

截至发稿时，FTX 尚未回应《福布斯》的置评请求。

Industry insiders have expressed frustration with the SEC’s approach. Alex Thorn, head of research at Galaxy Digital, which was hired in September 2023 as an investment manager for FTX, took to X to express his discontent: “The SEC doesn’t even make a case here. They are just unwilling to let it go. It’s a bludgeon they must keep sharp, lest any legitimate actors deign to wield these (boringly above-board) instruments.”

业内人士对 SEC 的做法表示失望。 Galaxy Digital 研究主管 Alex Thorn 于 2023 年 9 月被聘为 FTX 投资经理，他向 X 表达了他的不满：“SEC 甚至没有在这里提出理由。他们只是不愿意放手。他们必须保持锋利，以免任何合法行为者屈尊使用这些（令人厌烦的光明正大的）工具。”

“Why provide clarity to the market when threats and aspersions will do?” wrote Paul Grewal, chief legal officer at Coinbase, on X. “Investors, consumers and markets deserve better. Way better.” Coinbase has served as a distribution agent in other high-profile crypto bankruptcies, including Celsius and BlockFi.

“当威胁和诽谤会产生影响时，为什么要向市场提供清晰的信息呢？” Coinbase 首席法律官 Paul Grewal 在 X 上写道：“投资者、消费者和市场应该得到更好的待遇。好多了。” Coinbase 曾在其他备受瞩目的加密货币破产案中担任分销代理，其中包括摄氏度和 BlockFi。

The SEC’s actions parallel its involvement in the bankruptcy of Voyager Digital, a crypto brokerage that filed for Chapter 11 in New York in July 2022. In that case, judge Michael Wiles criticized the SEC for initially refusing to state its position publicly. Once forced to address the matter, the SEC suggested that Voyager's VGX token had aspects of a security, although the agency never took a definitive stance. Voyager had planned to repay customers using the same types of cryptocurrencies they had in their accounts, with USDC being used for unsupported assets or the proprietary VGX token. Wiles condemned the SEC’s vague objections, stating, “I cannot simply put the entire case into an indeterminate and expensive deep freeze while regulators figure out whether they do or do not think there is any problem with the transactions that are being proposed. If there is a problem, I expect a regulator to tell me that it has an actual objection (as opposed to saying that there "might" be an issue), and also to tell me what the issue is and why it is an issue.”

SEC 的行动与其参与了 Voyager Digital 的破产案类似，该公司是一家加密货币经纪公司，于 2022 年 7 月在纽约申请破产法第 11 章。在该案中，法官 Michael Wiles 批评 SEC 最初拒绝公开表明其立场。一旦被迫解决这个问题，SEC 就表示 Voyager 的 VGX 代币具有证券的某些方面，尽管该机构从未采取明确立场。 Voyager 计划使用客户账户中相同类型的加密货币来偿还客户，其中 USDC 用于不支持的资产或专有的 VGX 代币。怀尔斯谴责了美国证券交易委员会模糊的反对意​​见，他表示：“当监管机构弄清楚他们是否认为拟议的交易存在任何问题时，我不能简单地将整个案件置于不确定且昂贵的深度冻结状态。如果出现问题，我希望监管机构告诉我它确实有反对意见（而不是说“可能”存在问题），并告诉我问题是什么以及为什么会出现问题。 ”

The increased attention on the SEC’s stance in this case may be politically driven, according to bankruptcy specialist and FTX creditor advocate Kyle (last name withheld), known as "Mr. Purple" on X: “I think the reason it's getting more news today is because, in theory, if there was a political reset with regards to crypto, as announced by Kamala Harris’s campaign, you would think that the SEC would back off on bringing more enforcement actions, not keep adding to the fire.”

破产专家兼 FTX 债权人倡导者凯尔（隐姓氏）（在 X 上被称为“紫色先生”）表示，对 SEC 在此案中立场的日益关注可能是出于政治原因：“我认为这是今天获得更多新闻的原因是因为，从理论上讲，如果像卡马拉·哈里斯竞选团队宣布的那样，对加密货币进行政治重置，你会认为美国证券交易委员会会放弃采取更多执法行动，而不是继续火上浇油。”

FTX creditor Sunil Kavuri voiced optimism for a swift resolution: “We're hopeful judge Dorsey will follow the same school of thought as the Voyager judge.”

FTX 债权人 Sunil Kavuri 对迅速解决问题表示乐观：“我们希望 Dorsey 法官能够遵循与 Voyager 法官相同的思路。”

Key upcoming dates in the case include the anticipated release of an independent examiner’s

该案即将到来的关键日期包括独立审查员的预期发布