SEC加密货币打击升级：DeFi面临前所未有的监管风暴

Uniswap Labs 收到 SEC 的 Wells 通知一个多月后，DeFi 行业面临不确定性。美国证券交易委员会针对 Consensys 和 Robinhood 加密货币部门的行动进一步给该行业带来压力。 Uniswap 的治理代币 UNI 消息传出后大跌，DeFi 主导地位跌至 2022 年 6 月以来的最低水平。威尔斯通知对 DeFi 领域的影响依然重大，针对 Uniswap Labs 的诉讼结果对于空间的未来。

SEC's Escalating Crypto Crackdown: DeFi Faces Unprecedented Regulatory Onslaught

SEC 不断升级的加密货币打击力度：DeFi 面临前所未有的监管猛攻

Over a month has elapsed since the bombshell revelation that Uniswap Labs, the mastermind behind the leading decentralized exchange, had received a Wells Notice. This emphatic signal of the United States Securities and Exchange Commission's (SEC) intent to pursue legal action against the architects of Uniswap has sent shockwaves through the crypto industry.

距离领先的去中心化交易所背后的策划者 Uniswap Labs 收到 Wells 通知的爆炸性消息已经过去一个多月了。美国证券交易委员会 (SEC) 意图对 Uniswap 的设计者采取法律行动的这一强烈信号在加密货币行业引起了冲击。

The SEC's recent target, Uniswap, represents a significant escalation in its regulatory campaign against the decentralized finance (DeFi) sector. This action against a prominent DeFi platform marks an unprecedented move by the SEC, signaling a new era of regulatory scrutiny for the once-uncharted waters of DeFi.

SEC 最近的目标 Uniswap 代表着其针对去中心化金融（DeFi）领域的监管活动显着升级。此次针对知名 DeFi 平台的行动标志着 SEC 采取的前所未有的举措，标志着对曾经未知的 DeFi 领域进行监管审查的新时代。

Since the Uniswap Wells Notice, the SEC has continued its aggressive pursuit of crypto, issuing Wells Notices to Consensys, the blockchain software giant, and Robinhood's crypto division. The SEC's unwavering determination to clamp down on crypto is evident in its unrelenting issuance of Wells Notices.

自 Uniswap Wells 通知发布以来，SEC 继续积极追求加密货币，向区块链软件巨头 Consensys 和 Robinhood 的加密部门发布了 Wells 通知。美国证券交易委员会对加密货币进行打击的坚定决心从其不断发布的富国银行通知中可见一斑。

Shortly after news of the Wells Notice broke for Robinhood, the company reported its first-quarter earnings, revealing a staggering 224% surge in crypto trading volume compared to the same period last year. The stark contrast between the SEC's regulatory crackdown and Robinhood's thriving crypto business underscores the complex and evolving landscape of the crypto industry.

Robinhood 收到威尔斯通知的消息传出后不久，该公司公布了第一季度收益，显示加密货币交易量与去年同期相比猛增了 224%。美国证券交易委员会的监管打击与 Robinhood 蓬勃发展的加密业务之间的鲜明对比凸显了加密行业复杂且不断变化的格局。

The Wells Notice has cast a pall over DeFi, as uncertainty looms over the future of the sector. However, it is important to note that significant legal battles take time to unfold. Coinbase, another major crypto exchange, received its Wells Notice in March 2023 but was not sued until June 2023. The legal battle between Coinbase and the SEC remains ongoing, almost a year later. Coinbase has continued to operate normally during this period, providing a glimmer of hope for Uniswap and other DeFi platforms facing regulatory scrutiny.

威尔斯通知给 DeFi 蒙上了一层阴影，因为该行业的未来笼罩着不确定性。然而，值得注意的是，重大的法律斗争需要时间才能展开。另一家主要加密货币交易所 Coinbase 于 2023 年 3 月收到了 Wells 通知，但直到 2023 年 6 月才被起诉。近一年后，Coinbase 与 SEC 之间的法律斗争仍在继续。 Coinbase在此期间继续正常运营，为Uniswap和其他面临监管审查的DeFi平台带来了一线希望。

Unsurprisingly, the price of UNI, Uniswap's governance token, plummeted in the wake of the Wells Notice. Trading around $11.60 prior to the announcement, UNI's value plummeted to as low as $6.43 in the immediate aftermath. While it has since found its footing at just over $7, it has yet to exhibit any significant rebound. A similar pattern is observed across other DeFi assets, which have felt the heat of the SEC's regulatory onslaught.

不出所料，Uniswap 的治理代币 UNI 的价格在威尔斯通知发布后暴跌。消息公布前，UNI 的交易价格约为 11.60 美元，但消息公布后，UNI 的价值立即暴跌至 6.43 美元。虽然此后它已在 7 美元多一点站稳脚跟，但尚未表现出任何显着反弹。其他 DeFi 资产也出现了类似的模式，这些资产也感受到了 SEC 监管猛烈的冲击。

DeFi dominance, a measure of DeFi tokens' market capitalization relative to the total crypto market capitalization, took a nosedive to 3.63% on April 14, just days after the Uniswap Wells Notice announcement. This represents the lowest level of DeFi dominance since June 2022, when the collapse of the Terra/Luna ecosystem triggered a widespread sell-off in crypto assets.

4 月 14 日，即 Uniswap Wells 公告发布几天后，衡量 DeFi 代币市值相对于加密货币总市值的指标 DeFi 主导地位急剧下降至 3.63%。这是自 2022 年 6 月以来 DeFi 主导地位的最低水平，当时 Terra/Luna 生态系统的崩溃引发了加密资产的广泛抛售。

While DeFi dominance has rebounded slightly and appears to have stabilized just below 3.75%, this level remains historically low and has persisted for an extended period. Even during the bear market of 2022, DeFi dominance had recovered above 4% by July. Historically, DeFi dominance remained above 3.75% from June 2022 to April 2024.

虽然 DeFi 的主导地位略有反弹，似乎稳定在 3.75% 以下，但这一水平仍处于历史低位，并持续了很长一段时间。即使在 2022 年的熊市期间，到 7 月份，DeFi 的主导地位也已恢复到 4% 以上。从历史上看，从 2022 年 6 月到 2024 年 4 月，DeFi 的主导地位一直保持在 3.75% 以上。

The SEC's Wells Notice has undoubtedly had a material impact on the DeFi sector, dampening its momentum and creating a sense of uncertainty. However, it remains to be seen what factors could potentially revitalize the subsector and restore its former glory. Positive news from the ongoing legal battles could provide a much-needed boost to DeFi, but until then, the cloud of regulatory uncertainty will continue to hover over the industry.

SEC 的《威尔斯通知》无疑对 DeFi 行业产生了重大影响，抑制了其发展势头并产生了不确定性。然而，哪些因素可能会重振该行业并恢复其昔日的辉煌，仍有待观察。正在进行的法律斗争带来的积极消息可能会给 DeFi 带来急需的推动，但在此之前，监管不确定性的阴云将继续笼罩在该行业上空。

Disclaimer: The Block is an independent media outlet that provides news, analysis, and data on the crypto industry. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and timely coverage of the crypto industry.

免责声明：The Block 是一家独立媒体机构，提供有关加密货币行业的新闻、分析和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。 Foresight Ventures 投资于加密领域的其他公司。加密货币交易所 Bitget 是 Foresight Ventures 的主要 LP。 The Block 继续独立运营，为加密行业提供客观、有影响力和及时的报道。