美國證券交易委員會現在正在研究加密貨幣資本漏斗的起點—創投公司

據熟悉美國證券交易委員會調查的消息人士透露，美國證券交易委員會今年已傳喚至少三家加密貨幣創投公司。

The US Securities and Exchange Commission has subpoenaed at least three crypto venture capital firms this year, a source familiar with the SEC’s investigation told DL News.

一位熟悉 SEC 調查的消息人士告訴 DL News，美國證券交易委員會今年已傳喚至少三家加密貨幣創投公司。

One subpoena was titled “in the matter of certain crypto asset offering intermediaries,” according to the first page viewed by DL News.

根據 DL News 查看的第一頁，其中一張傳票的標題是「關於某些加密資產提供中介機構的問題」。

“The staff of the United States Securities and Exchange Commission is conducting an investigation relating to the above-referenced matter to determine if violations of the federal securities laws may have occurred,” the page reads.

該頁面寫道：“美國證券交易委員會的工作人員正在對上述事項進行調查，以確定是否可能發生違反聯邦證券法的情況。”

DL News viewed the subpoena on the condition that it not reveal whom the SEC targeted.

DL News 查看傳票的條件是不透露 SEC 的目標對象。

The SEC’s investigation of crypto VCs signals that the agency is now looking at the beginning of the crypto capital funnel — the investors from whom the vast majority of crypto startups get their initial cash.

美國證券交易委員會對加密貨幣創投公司的調查表明，該機構現在正在關注加密貨幣資本漏斗的起點——絕大多數加密新創公司從投資者那裡獲得初始現金。

At least two other crypto VCs received essentially identical document requests, said the person, who declined to be named citing restrictions on commenting publicly on the matter.

這位不願透露姓名的人士表示，至少還有另外兩家加密貨幣創投公司收到了基本上相同的文件請求，理由是對此事公開評論受到限制。

The subpoenas sent to the crypto VCs asked for any contract for any token deal the investors have ever done, the source added.

消息人士補充說，發送給加密貨幣創投公司的傳票要求投資者提供曾經做過的任何代幣交易的任何合約。

“It’s an overreaching fishing expedition and an incredibly expensive one,” said a lawyer at a crypto VC unaffected by the subpoenas.

一家未受傳票影響的加密貨幣風險投資公司的律師表示：“這是一次過度的釣魚探險，而且成本極其昂貴。”

The lawyer, who had previously heard about the investigation before he spoke with DL News, asked not to be named speaking publicly about the SEC.

這位律師在接受 DL News 採訪之前就已經聽說過這項調查，在公開談論 SEC 時要求不透露姓名。

Elisha Kobre, an attorney at Bradley Arant Boult Cummings who specializes in securities and commodities fraud, said that SEC scrutiny of VCs is plausible.

Bradley Arant Boult Cummings 專門從事證券和商品詐欺的律師 Elisha Kobre 表示，SEC 對創投公司的審查是合理的。

“It’s a natural additional enforcement area that the SEC would consider pursuing,” he told DL News.

「這是 SEC 自然會考慮追求的額外執法領域，」他告訴 DL News。

Widening crypto crackdown

擴大加密貨幣打擊力度

The development follows earlier hints that the SEC crackdown on crypto is widening.

先前有跡象顯示美國證券交易委員會對加密貨幣的打擊正在擴大。

In July, Ari Paul, the chief investment officer of institutional investor BlockTower Capital, said in a podcast that the agency is investigating crypto VCs.

7 月，機構投資者 BlockTower Capital 的首席投資長 Ari Paul 在播客中表示，該機構正在調查加密貨幣創投公司。

However, Paul did not elaborate on who is being targeted or the nature of the investigations.

然而，保羅沒有詳細說明誰是目標或調查的性質。

And he did not respond to a request for comment from DL News.

他沒有回應 DL News 的置評請求。

“The SEC does not comment on the existence or nonexistence of a possible investigation,” an SEC spokesperson told DL News.

「SEC 不會對是否存在可能的調查發表評論，」SEC 發言人告訴 DL News。

After the fall of crypto exchange FTX in November 2022, the SEC has cracked down on the digital assets industry.

2022年11月加密貨幣交易所FTX倒閉後，SEC對數位資產產業進行了打擊。

It targeted influencers and projects including billionaire Justin Sun, founder of the Tron blockchain, and Do Kwon, the founder of Terraform Labs awaiting extradition to his native South Korea.

它針對的影響者和項目包括億萬富翁孫宇晨（Tron 區塊鏈創始人）和等待引渡到祖國韓國的 Terraform Labs 創始人 Do Kwon。

In June 2023, it sued Binance and Coinbase, and it recently told Uniswap, a decentralized exchange, that it was the target of pending litigation.

2023 年 6 月，它起訴了幣安和 Coinbase，最近告訴去中心化交易所 Uniswap，它是未決訴訟的目標。

Statutory underwriters

法定承銷商

Paul, the BlockTower Capital executive, speculated that the SEC’s investigation was prompted because the agency suspected that VCs may be acting as marketers of tokens.

BlockTower Capital 高層保羅推測，SEC 的調查是因為該機構懷疑創投公司可能充當代幣行銷商。

When some investors hype up a token, that could be construed as acting as a securities dealer, Paul said.

保羅說，當一些投資者炒作某種代幣時，這可能會被理解為充當證券交易商。

The source familiar with the investigation said the financial regulator may be interested in whether crypto VCs are “statutory underwriters.”

熟悉調查的消息人士表示，金融監管機構可能對加密貨幣創投公司是否是「法定承銷商」感興趣。

Statutory underwriters are broker dealers that buy securities with the intent to distribute them to the public.

法定承銷商是購買證券並意圖分發給公眾的經紀交易商。

Many crypto startups submit records of token fundraises to the SEC.

許多加密新創公司向 SEC 提交代幣籌款記錄。

However, startups usually file for an exemption from the registration of their securities with the agency, since they’re only offering accredited investors the right to future tokens.

然而，新創公司通常會向該機構申請證券註冊豁免，因為它們只向合格投資者提供未來代幣的權利。

The SEC is therefore interested in whether these accredited investors are proxies for token issuers to release unregistered securities to the wider retail market, the source said.

消息人士稱，因此，美國證券交易委員會對這些經過認可的投資者是否為代幣發行人向更廣泛的零售市場發行未註冊證券的代理人感興趣。

“It poisons the initial issuance,” the person added, in reference to what happens when investors allegedly sell tokens to the public market.

這位人士補充道，“這會毒害首次發行”，指的是據稱投資者向公開市場出售代幣時會發生什麼。