Do Kwon的巨额罚款表明SEC正加大对加密公司的处罚力度
作者：Daniel Kuhn，CoinDesk；编译：陶朱，虚拟币交易所平台,数字货币,NFT
The author compiles digital currency, the platform of Taozhu Virtual Coin Exchange. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台
美国证券交易委员会正寻求对加密货币项目处以迄今为止最严厉的罚款，对 Do Kwon 和 Terraform Labs 处以 53 亿美元的罚款，Do Kwon 和 Terraform Labs 是存在致命缺陷的算法稳定币背后的人和公司，该稳定币的内爆引发了一场价值数十亿美元的全行业蔓延事件。
The U.S. Securities and Exchange Commission is seeking to impose the most severe fines to date on a cryptocurrency project, with a $53 billion penalty against Do Kwon and Terraform Labs, the individuals and company behind the fatally flawed algorithmic stablecoin whose collapse triggered a multi-billion-dollar industry-wide contagion.
本月早些时候，在纽约进行了一场旷日持久的调查和相对较短的两周审判后，Kwon和Terraform被发现有欺诈责任——掩盖了交易计划中潜藏的明显危险，据称该计划将保持其UST稳定币的偿付能力，以及Terraform的Anchor贷款平台提供的不可持续的20%收益率。去年，因持有假护照在黑山被捕的Kwon没有出席审判。他目前正在等待引渡到美国或他的祖国韩国。
Earlier this month, following a protracted investigation and a relatively short two-week trial in New York, Kwon and Terraform were found liable for fraud—hiding apparent dangers in the trading scheme that was supposed to maintain the solvency of their UST stablecoin, as well as the unsustainable 20% yield offered by Terraform's Anchor lending platform. Kwon, who was arrested in Montenegro last year for holding a fake passport, did not attend the trial. He is currently awaiting extradition to either the U.S. or his home country of South Korea.
罚款并非板上钉钉的事情； 法院将决定最终的处罚。 但根据 4 月 19 日的一份法庭文件，美国证券交易委员会表示，其寻求的是发出“明确的信息”。
The fine is not set in stone; the courts will determine the final penalty. However, according to a court filing on April 19, the U.S. Securities and Exchange Commission stated that it seeks to send a "clear message."
对于专家来说，巨额罚款表明 SEC 不会再玩，因为 SEC 已提议对 Ripple 处以 18 亿美元的罚款。 （在此之前，美国监管机构对币安处以 43 亿美元的罚款，尽管 SEC 显然没有参与该和解协议，而且检察官本周要求币安前首席执行官赵长鹏入狱三年 。)
For experts, the massive fines suggest that the SEC is no longer playing around, as it has proposed an $18 billion fine against Ripple. (Previously, U.S. regulators imposed a $4.3 billion fine on Binance, though the SEC apparently didn't participate in that settlement agreement, and prosecutors this week requested a three-year prison sentence for Binance's former CEO, Zhao Changpeng.)
宾夕法尼亚大学助理法学教授 Andrea Tosato 在接受采访时表示：“最近针对 Terra/Do Kwon 和 Ripple 的备受瞩目的案件，处罚金额高达数亿甚至数十亿美元，这确实标志着 SEC 策略的改变。” “总的来说，我想说，美国证券交易委员会似乎试图传达这样的信息……回报不值得冒险。”
Andrea Tosato, Assistant Professor of Law at the University of Pennsylvania, stated in an interview: "Recent high-profile cases against Terra/Do Kwon and Ripple with fines in the hundreds of millions to tens of billions suggest a shift in the SEC's strategy." "Overall, I would say that the U.S. Securities and Exchange Commission seems to be trying to convey a message... that the returns are not worth the risk."
尽管 SEC 主席加里·詹斯勒 (Gary Gensler) 自 2021 年上任以来或多或少一直反对加密货币，但 2022 年 Terra、三箭资本和 FTX 的倒闭造成的金融大屠杀，使得尝试让该行业参与进来成为国家优先事项 。 例如，拜登政府发出了一份备忘录，指出监管加密货币将是“整个政府”的事务。
Although SEC Chairman Gary Gensler has been more or less against cryptocurrency since he took office in 2021, the financial carnage caused by the 2022 collapses of Terra, Three Arrows Capital, and FTX made engaging with the industry a national priority. For instance, the Biden administration issued a memorandum indicating that regulating cryptocurrencies would be an "all-of-government" affair.
因此，Binance、Ripple 以及现在的 Kwon 和 Terraform 都感受到了这一点的重要性。
Thus, Binance, Ripple, and now Kwon and Terraform have all felt the importance of this shift.
尽管 Terraform 律师辩称美国缺乏管辖权，但他们现在主张将罚款上限限制在 350 万美元。 Kwon 的国防委员会建议最高仅处以 100 万美元的罚款。 Ripple 则提出不超过 1000 万美元的民事罚款，认为 SEC 的建议罚款过高，因为这是迄今为止从加密货币和解中收取的罚款的 20 倍多。
Despite Terraform's lawyers arguing that the U.S. lacks jurisdiction, they are now advocating for a fine limit of $3.5 million. Kwon's defense counsel suggested a maximum fine of only $1 million. Ripple proposed a civil penalty of no more than $10 million, arguing that the SEC's suggested fine is excessive, as it's more than 20 times what has been collected from previous cryptocurrency settlements.
在某种程度上，确实如此。 美国证券交易委员会从 Telegram 收取了超过 12 亿美元的资金，但几乎所有金额都将退还给投资者，而这家受欢迎的通讯公司只需支付 1850 万美元的民事罚款。 这与 Block.one 2019 年 2400 万美元的民事罚款一致。（CoinDesk 由 Bullish 所有，而 Bullish 又由 Block.one 持有多数股权）2022 年，美国证券交易委员会 (SEC) 从执法行动中获得的收入最多，为 64 亿美元。平均民事罚款略高于 900 万美元。
To some extent, this is true. The U.S. Securities and Exchange Commission collected over $1.2 billion from Telegram, but almost all the funds were returned to investors, with the popular messaging company only required to pay a $18.5 million civil penalty. This is consistent with the $24 million civil fine imposed on Block.one in 2019. (CoinDesk is owned by Bullish, which is majority-owned by Block.one.) In 2022, the SEC's total revenue from enforcement actions reached its peak at $6.4 billion, with the average civil fine slightly over $9 million.
那么，是什么导致了 SEC 看似咄咄逼人的转变呢？ 罗格斯大学法学院教授 Yuliya Guseva 表示，这可能是多种因素综合作用的结果，其中包括随着加密货币项目规模的扩大，非法所得的可能性也随之增加。 但还有“恐怖”的法律策略，它的目的是对整个行业产生恐惧，以激励合规。
So, what led to the SEC's seemingly aggressive shift? Yuliya Guseva, a professor at Rutgers Law School, suggests it could be a result of multiple factors, including the increased possibility of illicit gains as cryptocurrency projects grow in scale. However, there's also a "fear-driven" legal strategy aimed at instilling fear across the industry to incentivize compliance.
Guseva 在采访时表示：“后一种做法表明 SEC 的选择可能具有战略性，因为它试图将加密货币行业纳入证券法的范围内。”
Guseva stated in an interview:
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