美国加大对加密货币运营商的打击力度，针对过去的不当行为

美国监管机构，特别是美国证券交易委员会和美国商品期货交易委员会，正在加紧努力对加密货币实体采取法律行动，无论距任何涉嫌不当行为已经过去了多长时间。美国证券交易委员会 (SEC) 因 Robinhood Crypto 可能违反 1934 年《证券交易法》而向其发出 Wells 通知，凸显了这种加强执法的趋势。美国证券交易委员会还在调查 Uniswap Labs 与其去中心化交易所相关的潜在证券违规行为。当局坚称，即使国会尚未提供具体的监管框架，现有法律也适用于数字资产，并且他们打算追溯执行这些法律。这令行业参与者感到震惊，他们认为自己可以免受过去犯罪行为的起诉。

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

美国当局加大对加密货币运营商的打击力度，针对历史错误行为

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.

一个重大进展是，美国当局表现出坚定不移的决心，对“加密货币”运营商提起民事和刑事指控，无论自所谓的不当行为发生以来已经过了多久。美国证券交易委员会 (SEC) 于 5 月 4 日向 Robinhood 的加密货币部门 Robinhood Crypto (RHC) 发出了 Wells 通知，证明了这种加强的执法力度。

Robinhood Crypto Faces SEC Scrutiny

Robinhood 加密货币面临 SEC 审查

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 已结束对 RHC 的调查，并正在准备采取执法行动。该通知指控 RHC 违反了 1934 年《证券交易法》第 15(a) 和 17A 条，美国证券交易委员会对 RHC 的加密货币上市、加密货币托管和平台运营表示担忧。

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、合规和公司事务官 Dan Gallagher 对 SEC 的决定表示失望，表示 Robinhood“坚信我们平台上列出的资产不是证券。”他表示，该公司将与 SEC 合作，陈述案情并质疑该机构的指控。

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 的辩护似乎在很大程度上依赖于一年前从其平台上自愿删除某些代币，包括 Cardano (ADA)、Polygon (MATIC) 和 Solana (SOL)。这些代币属于美国证券交易委员会针对币安和 Coinbase 正在进行的诉讼中被认定为未注册证券的代币。

SEC Expansion and Industry Reaction

SEC 扩张和行业反应

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 的行动还可能延伸到 Robinhood 的钱包计划，该计划已涉足去中心化金融领域，允许用户进行 ETH 交换。今年 4 月，SEC 向 Uniswap Labs 发出了 Wells 通知，理由是对 Uniswap 去中心化交易所被认为缺乏去中心化的担忧，以及认为其在 RHC 上提供的原生 UNI 代币是一种未注册的证券。

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，美国证券交易委员会暗示有可能宣布以太坊（ETH）原生代币为未注册证券。 ETH 是 RHC 上的主要代币选项，其他还有比特币 (BTC)、狗狗币 (DOGE)、柴犬 (SHIB)、Avalanche (AVAX) 和 UNI 等去中心化金融 (DeFi) 代币。

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.

尽管 SEC 的行动不断升级，Robinhood 的股价并未出现大幅下跌，这可能是因为与 Binance、Coinbase 和 Uniswap 等专门的加密公司相比，“加密”业务仅占其业务的一小部分。

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，“加密货币”公司及其支持者的反应基本上是批评性的，抱怨“执法监管”。众议员 Tom Emmer（明尼苏达州共和党）指责 SEC 使用“恐吓”策略，而众议员 Gary Gensler 因其对数字资产领域的激进态度而受到批评。

Broadened Enforcement Efforts

扩大执法力度

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，美国证券交易委员会并不是唯一对加密货币公司采取行动的美国联邦机构。美国商品期货交易委员会（CFTC）2023年10月发布报告显示，其近一半的执法行动涉及数字资产商品。

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 预测，由于投资者对数字资产的兴趣增强以及缺乏全面的监管框架，未来 6-24 个月内执法行动将会增加。他强调该行业普遍存在欺诈和操纵行为，并将其归因于缺乏透明度。

Retroactive Enforcement: Sending a Message

追溯执行：发送消息

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 在数字资产监管方面存在差异，SEC 坚持认为现有证券法适用于大多数数字资产。然而，两个机构都同意，在国会提供明确的指导之前，他们将按现行法律执行。

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.

这种执法方法打破了“加密兄弟”之间的误解，即历史不当行为可以免受追溯调查。已停业的 BTC-e 交易所前运营商 Alexander Vinnik 的案件清楚地提醒人们此类行为的后果。

Guilty Pleas and Cooperation

认罪与合作

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.

经过多年的引渡争论，文尼克最近对共谋洗钱罪认罪，凸显了美国当局追究历史不当行为的意愿。 BTC-e 在没有货币服务业务许可证或反洗钱/了解客户政策的情况下运营，为重大非法活动提供了便利，并造成至少 1.21 亿美元的损失。

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”罗杰·维尔（Roger Ver）被指控逃税和邮件欺诈，他的被捕凸显了一个事实：时间并不一定能防止起诉。 Ver 与加密货币社区的长期联系及其广泛的投资引发了人们对可能为了达成认罪协议而披露信息的担忧。

Binance's Lenient Sentence Raises Questions

币安的宽大判决引发质疑

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，币安创始人赵长鹏被判处仅四个月的徒刑，引发了人们对潜在合作和宽大处理的猜测，以换取打击高风险实体的援助。这份经过大量修改的量刑备忘录让人怀疑币安可能向检方提供了重要信息。

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.

加密货币与犯罪的交叉仍然是一个主要问题，随着个人寻求减轻潜在的处罚，最近的执法工作很可能会导致一波认罪和合作协议。对“加密货币”运营商的严厉打击，包括追溯调查和严厉惩罚，发出了一个明确的信息：美国决心将该行业置于监管控制之下，并保护投资者免受欺诈和操纵。