华夏时报（公众号：chinatimes）记者 赵奕 胡金华 上海报道
Reporter Jo Hu Jinhua, Shanghai.
本周以来，比特币价格反复波动。6月6日凌晨，比特币价格跌破2.6万美元，日跌幅超5%。随后其价格始终徘徊在2.6万美元上下，截至发稿，比特币最新价格为26380.25美元，日内跌幅2.17%。根据加密货币监测网站CoinGlass数据，过去24小时全球共有近5万人爆仓，爆仓总额为1.2亿美元。
Bitcoin prices have fluctuated since the week. In the early hours of 6 June, Bitcoin prices fell by $260 million, a 5 per cent daily decline. After that, prices hovered at $260 million, with Bitcoin’s latest price at $26380.25, a 2.17 per cent decline in the day. According to the encrypted currency surveillance website CoinGlass, there had been nearly 50,000 explosions globally in the last 24 hours, with a total of $120 million.
日前，美国证券交易委员会（SEC）在纽约联邦法院起诉美国最大的加密货币交易平台Coinbase，指控该加密交易公司多年来违反了其规定。SEC表示，Coinbase通过让用户交易大量实际上是未注册证券的加密代币来逃避监管。
Today, the US Securities and Exchange Commission (SEC) sued Coinbase, the largest encrypted currency trading platform in the United States, in a federal court in New York, alleging that the firm had violated its rules for years. The SEC states that Coinbase evaded regulation by allowing users to trade large quantities of encrypted tokens of securities that were in fact unregistered.
此外，SEC还指控称，Coinbase的质押服务（Staking）违反了该机构的规定。该服务允许客户交出他们的加密代币以促进区块链上的交易，然后向客户支付回报。早在今年3月23日，Coinbase曾表示，已收到监管机构关于可能即将采取执法行动的警告通知。
Furthermore, SEC has alleged that Coinbase’s pledge service (Staking) violates the agency’s rules. The service allows customers to hand over their encrypted tokens to facilitate transactions on the block chain and then to pay the customer back. As early as 23 March this year, Coinbase had indicated that he had received a warning from the regulatory body that enforcement action might be taken.
“SEC的指控对Coinbase尤其不利，从目前的内容来看，Coinbase在美国的整个业务几乎都是非法的，而他们的业务又主要集中在美国，去年80%以上的收入都来自美国。可以说，现在Coinbase正面临着有关生死的威胁。”一位来自加密货币交易所的管理人员向《华夏时报（公众号：chinatimes）》记者表示。
“SEC’s allegations are particularly unfavourable to Coinbase, which, in its present form, is virtually illegal in its entire business in the United States, which in turn is concentrated in the United States, where more than 80% of its revenues came last year. It can be said that Coinbase is now facing a life-and-death threat.” A manager from the crypto-currency exchange said to the Washington Times journalist.
Coinbase再受重创
Coinbase is hit again
记者了解到，SEC指控根据1934年《证券交易法》，传统的证券市场中的经纪商、交易所和清算机构的职能是分开的，但Coinbase平台合并了三种功能，为美国客户提供交易、经纪和清算代理服务，并且也未在SEC进行注册，也没有获得任何适用的豁免权。多年来，Coinbase一直藐视监管结构，逃避国会和SEC的信息披露要求。
Journalists have learned that while SEC alleges that the functions of brokers, exchanges and clearing agencies in traditional securities markets are separate under the Securities Exchange Act of 1934, Coinbase has combined three functions to provide trading, brokering and clearing agent services to United States customers, and has not registered in the SEC and has not been granted any applicable immunity. For many years, Coinbase has flouted regulatory structures and evaded the information disclosure requirements of Congress and the SEC.
SEC恳请法院作出终审判决，要求永久禁止被告及其他相关人员直接或间接违反《证券法》；要求被告在连带的基础上退还其违反《交易法》所获得的所有非法所得，并命令Coinbase退还其违反证券法所获得的所有非法所得及其预付利息；要求被告根据《交易法》与《证券法》支付民事罚款；要求法院根据《交易法》给予适当或必要的救济，以维护投资者的利益。
The EC implore the Court to render a final decision demanding a permanent prohibition of direct or indirect violations of the Securities Act by the defendant and other interested persons; requiring the defendant to return, on a joint and several basis, all illegal proceeds obtained in violation of the Trading Act and ordering Coinbase to return all illegal proceeds obtained in violation of the Securities Act and interest in advance; requiring the defendant to pay civil fines in accordance with the Transactions Act and the Securities Act; and requiring the court to grant appropriate or necessary relief under the Trading Act in order to safeguard the interests of investors.
此外，SEC在诉讼中明确指出，包括SOL、ADA、MATIC、FIL等十余种代币属于证券。如果加上此前提到的XRP等其他代币，SEC现已将超过1200亿美元的代币归类为未注册证券。
In addition, the SEC made it clear in the proceedings that more than a dozen of the indicials, including SOL, ADA, MATIC, FIL, are securities. If XRP, as previously mentioned, are added, the SEC has now classified more than $12 billion as unregistered securities.
Coinbase首席法律官兼总法律顾问Paul Grewal针对SEC诉讼一事发布回应表示：“在没有明确的数字资产行业规则的情况下，SEC的执法行为损害了美国经济竞争力，也损害了像Coinbase这样对合规性有明确承诺的公司。解决方案是立法，允许透明的制定公平的道路规则，而不是诉讼。与此同时，我们将继续照常经营业务。"
Paul Grewal, Chief Legal Officer and General Counsel of Coinbase, issued a response to the SEC suit: “In the absence of clear rules for the digital asset industry, the enforcement of the SEC undermines the competitiveness of the United States economy and companies with a clear commitment to compliance such as Coinbase. The solution is to legislate that allows transparent and fair rules of the road, not litigation. At the same time, we will continue to operate as usual.
北京计算机学会数字经济专委会秘书长王娟向《华夏时报（公众号：chinatimes）》记者表示，实际上，从2008年美国金融危机之后，整体的监管都非常注意系统性风险的控制，特别是目前从加密资产质押出发，这种衍生的链式风险扩张，引起监管主体的密切关注。
The Secretary-General of the Beijing Computer Society's Commission on Digital Economy, Wang Jun, told the Washington Times (public: Chinatimes) journalist that, in fact, since the 2008 financial crisis in the United States, overall regulation has paid considerable attention to the control of systemic risks, particularly at present, starting with the pledge of encrypted assets, which is a chain-based risk expansion that attracts close attention from regulators.
“目前美国加密市场监管体系越来越具体、越来越清晰，这意味着各类违规套利、资本炒作和内幕交易的风险越来越大，行业规范发展趋势已经不可逆转，一夜暴富的故事已经成为过去。Coinbase和多数交易所在这个过程中，是在‘补齐’过去是欠账，从‘脱缰野马’式无监管套利走向合规发展。”王娟说。
“The increasing specificity and clarity of the current system of regulation of the United States encryption market means that there is a growing risk of various types of arbitrage, capital manipulation, and insider trading, that industry norms are becoming irreversible, and that the story of one-night rich has become a thing of the past. Coinbase and most exchanges, in this process, were in the ‘compensation’ of the past, moving from the ‘drawn wildhorse’ unregulated arbitrage to compliance.
截至目前，美国已经有十个州针对Coinbase违反证券法采取法律行动，包括伊利诺伊州、佛蒙特州、阿拉巴马州、肯塔基州、加利福尼亚州、马里兰州、威斯康星州、华盛顿、新泽西州、南卡罗来纳州。
To date, 10 states in the United States have taken legal action against Coinbase for violations of securities laws, including Illinois, Vermont, Alabama, Kentucky, California, Maryland, Wisconsin, Washington, New Jersey and South Carolina.
其中，新泽西州在6月6日已对Coinbase的加密货币质押产品销售违规行为展开调查，并发布了一份简要的停止与禁止令。新泽西州证券部门决定对Coinbase处以500万美元的罚款，原因是Coinbase未在该州注册的情况下向该州居民销售未注册的证券。
Of these, on 6 June, the state of New Jersey opened an investigation into the violation of Coinbase’s encoded money pledge product and issued a brief cessation and interdiction order. The securities department of New Jersey decided to impose a $5 million fine on Coinbase because Coinbase sold unregistered securities to residents of the state without being registered in the state.
对此，瑞穗分析师指出，SEC主席Gary Gensler最近表示，比特币以外的所有加密货币都应被视为证券。考虑到这一发展，代币可能很快就需要于美国监管机构登记，代币申请过程繁琐且申请可能被拒绝的风险，可能会抑制Coinbase产生交易收入的能力，该公司超过30%的业务可能面临风险。
In response, Sio-Analyzer pointed out that SEC Chairman Gary Gensler recently stated that all encrypted currencies other than Bitcoin should be considered securities. Given this development, the currency may soon need to be registered with US regulators, and the risk that the application process will be cumbersome and that applications will be rejected may inhibit Coinbase’s ability to generate transactional revenues, and that more than 30% of the company’s operations may be at risk.
“合规是加密行业的必经之路，此前行业长期缺乏清晰的监管，SEC的行动势必会推动加密货币监管走向正规。虽然短期肯定会对加密货币的价格产生影响，个别企业也可能被驱赶出美国，但从长期来看，将提升投资者对行业的信心。”前述交易所管理人员说。
“Conformity is an imperative for the encryption industry, which has been lacking clear regulation for a long time, and the actions of the SEC are bound to drive encryption money regulation into formality. While the short term will certainly have an impact on the price of encrypted money, individual firms may be driven out of the US, but in the long run it will boost investors’ confidence in the industry.”
加密投资遇冷
Encryption Investment Cold
值得注意的是，在监管收紧的同时，有关加密项目的投资也在缩水。根据RootData统计，5月加密VC公开的投资项目共93个，环比下降13%（2023年4月共107个项目），同比下降40%（2022年5月共155个项目）。
It is worth noting that the tightening of regulations was accompanied by a contraction of investments in encryption projects. According to RootData, the number of encrypted VC open investment projects in May was 93, a 13% decline in the ring ratio (107 projects in April 2023), a 40% decline in the same year ( 155 projects in May 2022).
值得注意的是，5月25日，OpenAI CEO旗下加密项目Worldcoin开发公司Tools for Humanity宣布完成1.15亿美元C轮融资，本轮融资由Blockchain Capital领投，a16z、Bain Capital Crypto和Distributed Global参投。
It is worth noting that, on 25 May, the OpenAI CEO encryption project Worldcoin Development Corporation announced the completion of the $115 million C round of financing for Humanity, led by Blockchain Capital, in which a16z, Bain Capital Crypto and Distributed Global participated.
据介绍，本轮融资资金将用于加速Worldcoin项目和World App的研发和增长工作。公开资料显示，Worldcoin是一个开源协议，由致力于扩大参与和进入全球经济的开发人员、个人、经济学家和技术专家组成的全球社区提供支持，于2021年6月首次向大众公开。
According to the presentation, this round of financing will be used to accelerate research and development and growth in the Worldcoin project and World App. According to public sources, Worldcoin is an open source agreement, supported by a global community of developers, individuals, economists and technical experts committed to expanding participation in and access to the global economy, which was first made available to the public in June 2021.
记者梳理发现，随着去年Luna、三箭资本等系列暴雷事件频发，投资机构的表现也遭受质疑，强劲的募资势头很快被遏制。2022年第三季度基金募资笔数和募资总金额迎来断崖式下滑，募资笔数比第二季度下降54.16%，募资总金额则比第二季度下降25.43%。
The journalist found that the performance of investment agencies had been questioned as a result of a series of thunderstorms, such as the Luna and Three Arrow Capital, last year, and that strong fund-raising momentum had quickly been contained. In the third quarter of 2022, the fund-raising volume and total fund-raising fell by 54.16 per cent over the second quarter, and the total fund-raising volume fell by 25.43 per cent over the second quarter.
到2022年尾声，FTX黑天鹅事件出现，以红杉资本、Paradigm、淡马锡、Multicoin等等投资加密领域的顶级基金数亿美元投资减计为零，加密投资机构的声誉严重受损，基本很少有上游资金配置加密市场，第四季度的基金募资活动基本停滞。
By the end of 2022, the FTX Black Swan event, with hundreds of millions of dollars in top funds in the area of investment encryption such as Redwood capital, Paradigm, Light Horsesi, Multicoin, etc., reduced to zero, the reputation of encryption investment agencies was severely damaged, there was little upstream funding in the encrypted market, and fund-raising activities in the fourth quarter were largely stagnant.
进入2023年，情况并没有好转。2023年第一季度，加密VC投资总额为24亿美元，是从2020年第四季度以来的最低水平，延续了自2022年第一季度130亿美元的峰值之后开始的下降趋势。2023年第一季度，加密初创公司筹集到的资金不到两个季度前筹集资金的一半。
In 2023, the situation did not improve. In the first quarter of 2023, cryptographic VC investments totalled $2.4 billion, the lowest level since the fourth quarter of 2020, continuing the downward trend since the peak of $13 billion in the first quarter of 2022. In the first quarter of 2023, encryption start-ups raised less than half of the funds raised two quarters ago.
麦肯锡方面表示，尽管区块链行业在2022年发生许多灾难性事件，包括黑客攻击和中心化公司破产，但投资者仍然对Web3的潜力充满信心，并希望在2023年继续目前的融资趋势。然而，他们在投资方法上也更加谨慎，进行尽职调查和检查潜在投资机会的可行性、可持续性。
McKinsey said that despite many catastrophic events in the block chain industry in 2022, including hacker attacks and the collapse of centralized companies, investors remained confident about the potential of Web3 and hoped to continue the current financing trend in 2023. However, they were also more cautious in their investment methods, conducting due diligence and checking the viability and sustainability of potential investment opportunities.
一位职业加密货币投资人向《华夏时报（公众号：chinatimes）》记者表示，“不惜一切代价实现增长”的时代已经结束了，现在VC对项目的投资非常谨慎，更加倾向于拥有可持续商业模式的项目，需要VC支持的加密初创企业需要做好准备，接下来的筹资环境可能更加艰难。
A professional encrypt money investor told the Washington Times (public: Chinatimes) journalist that the era of “growth at all costs” was over and that the VC was now very cautious in investing in the project, more inclined to have a sustainable business model, that the encryption start-ups that needed VC support needed to be prepared, and that the funding environment could become more difficult.
责任编辑：徐芸茜 主编：公培佳
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