美國加強對加密貨幣業者的打擊力度，針對過去的不當行為

美國監管機構，特別是美國證券交易委員會和美國商品期貨交易委員會，正在加緊努力對加密貨幣實體採取法律行動，無論距離任何涉嫌不當行為已經過去了多長時間。美國證券交易委員會 (SEC) 因 Robinhood Crypto 可能違反 1934 年《證券交易法》而向其發出 Wells 通知，凸顯了這種加強執法的趨勢。美國證券交易委員會也正在調查 Uniswap Labs 與其去中心化交易所相關的潛在證券違規行為。當局堅稱​​，即使國會尚未提供具體的監管框架，現有法律也適用於數位資產，並且他們打算追溯執行這些法律。這令行業參與者感到震驚，他們認為自己可以免受過去犯罪行為的起訴。

U.S. Authorities Intensify Crackdown on Crypto Operators, Targeting Historical Wrongdoings

美國當局加強對加密貨幣業者的打擊力度，針對歷史錯誤行為

In a significant development, U.S. authorities are demonstrating unwavering resolve in pursuing civil and criminal charges against 'crypto' operators, regardless of the time elapsed since the alleged wrongdoing occurred. This intensified enforcement effort is evidenced by the issuance of a Wells notice by the U.S. Securities and Exchange Commission (SEC) to Robinhood's cryptocurrency division, Robinhood Crypto (RHC), on May 4th.

一個重大進展是，美國當局表現出堅定不移的決心，對「加密貨幣」業者提起民事和刑事指控，無論自所謂的不當行為發生以來已經過了多久。美國證券交易委員會 (SEC) 於 5 月 4 日向 Robinhood 的加密貨幣部門 Robinhood Crypto (RHC) 發出了 Wells 通知，證明了這種加強的執法力度。

Robinhood Crypto Faces SEC Scrutiny

Robinhood 加密貨幣面臨 SEC 審查

The Wells notice signals that the SEC has concluded its investigation into RHC and is preparing an enforcement action. The notice alleges violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934, with the SEC expressing concerns over RHC's cryptocurrency listings, custody of cryptocurrencies, and platform operations.

Wells 的通知表明 SEC 已結束對 RHC 的調查，並正在準備採取執法行動。該通知指控 RHC 違反了 1934 年《證券交易法》第 15(a) 和 17A 條，美國證券交易委員會對 RHC 的加密貨幣上市、加密貨幣託管和平台運營表示擔憂。

Robinhood's Chief Legal, Compliance and Corporate Affairs Officer, Dan Gallagher, expressed disappointment over the SEC's decision, stating that Robinhood "firmly believe[s] that the assets listed on our platform are not securities." He indicated that the company will engage with the SEC to present its case and challenge the agency's allegations.

Robinhood 的首席法律、合規和公司事務官 Dan Gallagher 對 SEC 的決定表示失望，並表示 Robinhood“堅信我們平台上列出的資產不是證券。”他表示，該公司將與 SEC 合作，陳述案情並質疑該機構的指控。

Robinhood's defense appears to rely heavily on its voluntary removal of certain tokens, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), from its platform a year ago. These tokens were among those identified as unregistered securities in the SEC's ongoing lawsuits against Binance and Coinbase.

Robinhood 的辯護似乎在很大程度上依賴一年前從其平台上自願刪除某些代幣，包括 Cardano (ADA)、Polygon (MATIC) 和 Solana (SOL)。這些代幣屬於美國證券交易委員會針對幣安和 Coinbase 正在進行的訴訟中被認定為未註冊證券的代幣。

SEC Expansion and Industry Reaction

SEC 擴張和行業反應

The SEC's actions may also extend to Robinhood's wallet program, which has ventured into decentralized finance territory, allowing users to perform ETH swaps. In April, the SEC issued a Wells notice to Uniswap Labs, citing concerns about the perceived lack of decentralization in Uniswap's decentralized exchange and the belief that its native UNI token, which is available on RHC, is an unregistered security.

SEC 的行動還可能延伸到 Robinhood 的錢包計劃，該計劃已涉足去中心化金融領域，允許用戶進行 ETH 交換。今年4 月，SEC 向Uniswap Labs 發出了Wells 通知，理由是對Uniswap 去中心化交易所被認為缺乏去中心化的擔憂，以及認為其在RHC 上提供的原生UNI 代幣是一種未註冊的證券。

Moreover, the SEC has hinted at the possibility of declaring Ethereum's (ETH) native token an unregistered security. ETH is a major token option on RHC, along with Bitcoin (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), Avalanche (AVAX), and decentralized finance (DeFi) tokens like UNI.

此外，美國證券交易委員會暗示有可能宣布以太坊（ETH）原生代幣為未註冊證券。 ETH 是 RHC 上的主要代幣選項，其他還有比特幣 (BTC)、狗狗幣 (DOGE)、柴犬 (SHIB)、Avalanche (AVAX) 和 UNI 等去中心化金融 (DeFi) 代幣。

Despite the SEC's escalating actions, Robinhood's stock has not experienced a significant decline, potentially due to the fact that 'crypto' operations constitute a relatively small portion of its business compared to dedicated crypto companies like Binance, Coinbase, and Uniswap.

儘管 SEC 的行動不斷升級，Robinhood 的股價並未大幅下跌，這可能是因為與 Binance、Coinbase 和 Uniswap 等專門的加密公司相比，「加密」業務僅佔其業務的一小部分。

Unsurprisingly, the reaction from 'crypto' companies and their supporters has been largely critical, with complaints of "regulation by enforcement." Congressman Tom Emmer (R-MN) has accused the SEC of using "intimidation" tactics, while Representative Gary Gensler has faced criticism for his aggressive approach towards the digital asset sector.

毫不奇怪，「加密貨幣」公司及其支持者的反應基本上是批評性的，抱怨「執法監管」。眾議員 Tom Emmer（明尼蘇達州共和黨）指責 SEC 使用「恐嚇」策略，而眾議員 Gary Gensler 因其對數位資產領域的激進態度而受到批評。

Broadened Enforcement Efforts

擴大執法力度

It is important to note that the SEC is not the only U.S. federal agency pursuing actions against crypto companies. The Commodity Futures Trading Commission (CFTC) issued a report in October 2023 revealing that nearly half of its enforcement actions involved digital asset commodities.

值得注意的是，美國證券交易委員會並不是唯一對加密貨幣公司採取行動的美國聯邦機構。美國商品期貨交易委員會（CFTC）2023年10月發布報告顯示，其近一半的執法行動涉及數位資產商品。

CFTC Chairman Rostin Behnam has predicted an increase in enforcement actions within the next 6-24 months due to heightened investor interest in digital assets and the lack of a comprehensive regulatory framework. He has emphasized the prevalence of fraud and manipulation in the sector, which he attributes to the absence of transparency.

CFTC 主席 Rostin Behnam 預測，由於投資者對數位資產的興趣增強以及缺乏全面的監管框架，未來 6-24 個月內執法行動將會增加。他強調該行業普遍存在欺詐和操縱行為，並將其歸因於缺乏透明度。

Retroactive Enforcement: Sending a Message

追溯執行：發送訊息

The SEC and CFTC differ in their approach to digital asset regulation, with the SEC maintaining that existing securities laws apply to most digital assets. However, both agencies agree that until Congress provides clear guidance, they will enforce the laws as they currently stand.

SEC 和 CFTC 在數位資產監管方面存在差異，SEC 堅持現有證券法適用於大多數數位資產。然而，兩個機構都同意，在國會提供明確的指導之前，他們將按現行法律執行。

This enforcement approach has shattered the misconception among 'crypto bros' that historical wrongdoing can be immunized against retroactive investigations. The case of Alexander Vinnik, the former operator of the defunct BTC-e exchange, serves as a stark reminder of the consequences of such actions.

這種執法方法打破了「加密兄弟」之間的誤解，即歷史不當行為可以免受追溯調查。已停業的 BTC-e 交易所前營運商 Alexander Vinnik 的案件清楚地提醒人們此類行為的後果。

Guilty Pleas and Cooperation

認罪與合作

Vinnik's recent guilty plea to conspiracy to commit money laundering, after years of extradition wrangling, highlights the extent to which U.S. authorities are willing to pursue historical wrongdoing. BTC-e operated without a money services business license or anti-money laundering/know your customer policies, facilitating significant illicit activities and causing losses of at least $121 million.

經過多年的引渡爭論，文尼克最近對共謀洗錢罪認罪，凸顯了美國當局追究歷史不當行為的意願。 BTC-e 在沒有貨幣服務業務許可證或反洗錢/了解客戶政策的情況下運營，為重大非法活動提供了便利，並造成至少 1.21 億美元的損失。

The arrest of Roger Ver, a prominent 'crypto bro' charged with tax evasion and mail fraud, underscores the fact that time does not necessarily protect against prosecution. Ver's long-standing ties to the crypto community and his extensive investments have raised concerns about potential disclosures to secure a plea deal.

著名「加密兄弟」羅傑·維爾（Roger Ver）被指控逃稅和郵件欺詐，他的被捕凸顯了一個事實：時間並不一定能防止起訴。 Ver 與加密貨幣社群的長期聯繫及其廣泛的投資引發了人們對可能為了達成認罪協議而披露資訊的擔憂。

Binance's Lenient Sentence Raises Questions

幣安的寬大判決引發質疑

The recent sentencing of Binance founder Changpeng 'CZ' Zhao to a mere four-month sentence has prompted speculation about potential cooperation and leniency in exchange for assistance in combating high-risk entities. The heavily redacted sentencing memo has fueled suspicions that Binance may have provided significant information to the prosecution.

最近，幣安創始人趙長鵬被判處僅四個月的徒刑，引發了人們對潛在合作和寬大處理的猜測，以換取打擊高風險實體的援助。這份經過大量修改的量刑備忘錄讓人懷疑幣安可能向檢方提供了重要資訊。

The intersection of crypto and crime remains a major concern, and it is likely that the recent enforcement efforts will lead to a wave of guilty pleas and cooperation deals as individuals seek to mitigate their potential penalties. The intensifying crackdown on 'crypto' operators, including retrospective investigations and harsh punishments, sends a clear message that the U.S. is determined to bring the industry under regulatory control and protect investors from fraud and manipulation.

加密貨幣與犯罪的交叉仍然是一個主要問題，隨著個人尋求減輕潛在的處罰，最近的執法工作很可能會導致一波認罪和合作協議。對「加密貨幣」營運商的嚴厲打擊，包括追溯調查和嚴厲懲罰，發出了一個明確的訊息：美國決心將該行業置於監管控制之下，並保護投資者免受欺詐和操縱。