Bafin介入以阻止Ethena Labs向公众提供USD的USD Stablecoin

Bafin在公司对Stablecoin的授权过程中发现了重大问题的原因引起了停顿，这使监管机构指示Ethena冻结其USDE资产储备。

Germany’s financial regulator, BaFin, has intervened to halt Ethena GmbH, a subsidiary of the Frankfurt-based Ethena Labs, from offering its USD-pegged stablecoin, USDe, to the public.

德国的金融监管机构巴芬（Bafin）干预了总部位于法兰克福的埃塞纳实验室（Ethena Labs）的子公司Ethena GmbH，从向USD的USDE，USDE提供给公众。

The move follows BaFin’s discovery of issues with the company’s authorization process for the stablecoin, leading the regulator to instruct Ethena to freeze its USDe asset reserves and cease offering the stablecoin.

此举是在巴芬在公司对Stablecoin的授权过程中发现问题之后，导致监管机构指示Ethena冻结其USDE资产储备并停止提供StableCoin。

The conflict arises from the European Union’s new regulatory framework for digital assets, MiCA (Markets in Crypto-Assets), which came into effect on August 18, 2024. MiCA governs the issuance of asset-referenced tokens such as USDe.

冲突源于欧盟针对数字资产的新监管框架，云母（加密资产的市场），该框架于2024年8月18日生效。云母管理于USDE等资产引用的代币的发行。

According to the MiCA rules, issuers of such tokens, if they are not credit institutions, must obtain authorization to issue their tokens. Ethena had submitted an application for authorization before the deadline of July 30, 2024, which would allow them to continue operating under a transitional arrangement until their application was approved or denied.

根据云母规则，如果这些代币不是信贷机构，则必须获得签发其令牌的授权。埃塞纳（Ethena）在2024年7月30日的截止日期之前提交了授权申请，这将使他们能够在过渡安排下继续运营，直到他们的申请被批准或拒绝为止。

However, BaFin claims that Ethena began offering USDe earlier than allowed, specifically on June 28, 2024, which would fall afoul of the regulator’s mandate to supervise the legal and compliant operation of financial services in Germany.

但是，巴芬声称，埃塞纳（Ethena）开始提供比允许的早期USDE，特别是在2024年6月28日，这将属于监管机构的任务，以监督德国金融服务的法律和合规性运营。

Additionally, BaFin suspects that Ethena may have marketed its Ethena Staked sUSDe token as a security without the mandatory prospectus required under German law. This suspicion arose from Ethena’s own website, which BaFin notes appears to be targeted at a German audience.

此外，巴芬（Bafin）怀疑埃塞纳（Ethena）可能已经将其ethaked susde token销售为安全，而没有根据德国法律要求的强制招股说明书。这种怀疑来自Ethena自己​​的网站，Bafin指出这似乎是针对德国观众的。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“财务监管机构根据法律授权监督金融服务的法律和合规运营，对威胁到德国财务监督领域的正常运作的威胁，与新的欧盟法律框架有关（对加密货币的新法律框架）（在Crypto-Assets规范中的'or Mica'或“ MICA”中的委员会中，以使其在秩序中逐步划定，以使其在秩序中逐步划定，以使其逐步划定，以使其在秩序中进行划定，以使其在秩序中进行划定，以使其在秩序中逐步行动，并在逐渐划分，以使其在秩序中逐步行动，以使其在秩序中逐步行动，并在工作中逐步行动。对法律命令构成威胁的事件。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在这种具体情况下，巴芬根据《德国银行法》第15条采取财务监管权，并根据《德国证券交易法》第48条采取行政措施，以介入财务监管领域，以恢复适当的职能并根据法律秩序进行宪法授权，以恢复适当的职能。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依据是对德国财务监管适当运作的即将来临的威胁，这一事实是，金融服务提供商似乎正在违反法律框架并继续在德国提供金融服务。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“财务监管机构根据法律授权监督金融服务的法律和合规运营，对威胁到德国财务监督领域的正常运作的威胁，与新的欧盟法律框架有关（对加密货币的新法律框架）（在Crypto-Assets规范中的'or Mica'或“ MICA”中的委员会中，以使其在秩序中逐步划定，以使其在秩序中逐步划定，以使其逐步划定，以使其在秩序中进行划定，以使其在秩序中进行划定，以使其在秩序中逐步行动，并在逐渐划分，以使其在秩序中逐步行动，以使其在秩序中逐步行动，并在工作中逐步行动。对法律命令构成威胁的事件。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to restore proper functioning and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在这种具体情况下，巴芬根据《德国银行法》第15条采取财务监管权，并根据《德国证券交易法》第48条采取行政措施，以介入财务监管领域，以恢复适当的职能并根据法律秩序进行宪法授权，以恢复适当的职能。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依据是对德国财务监管适当运作的即将来临的威胁，这一事实是，金融服务提供商似乎正在违反法律框架并继续在德国提供金融服务。

"The financial supervisory authority, in accordance with the legal mandate to supervise the legal and compliant operation of financial services, is reacting to a threat to the proper functioning of the financial supervisory sphere in Germany arising in connection with the new EU legal framework for crypto services (the ‘Markets in Crypto-Assets Regulation’ or ‘MiCA’), to intervene in order to freeze the offering of financial services and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“财务监管机构根据法律授权监督金融服务的法律和合规运营，对德国财务监督领域的正常运作的威胁产生了反应在对法律命令构成威胁时进行干预。

"In this specific case, BaFin is assuming financial supervisory powers in accordance with Section 15 of the German Banking Act and taking administrative measures in accordance with Section 48 of the German Securities Trading Act to intervene in the financial supervisory sphere in order to freeze the offering of financial services and to act in accordance with the constitutional mandate to intervene in the event of a threat to the legal order.

“在这种特定情况下，巴芬根据《德国银行法》第15条采取财务监管权，并根据《德国证券贸易法》第48条采取行政措施，以介入财务监管领域，以冻结金融服务的发行并根据法律命令的法律命令，以应对法律命令采取行动。

"The legal basis for this is the impending threat to the proper functioning of financial supervision in Germany posed by the fact that a financial services provider appears to be operating in breach of the legal framework and is continuing to offer financial services in Germany.

“法律依据是对德国财务监管适当运作的即将来临的威胁，这一事实是，金融服务提供商似乎正在违反法律框架并继续在德国提供金融服务。

"The financial supervisory authority

“财务监督管理局