Ngemuva kochungechunge lwezinyathelo ezingalungile ezihlazo enkantolo, i-US Securities and Exchange Commission (SEC) idinga kakhulu ukunqoba ezenzweni zayo eziqhubekayo zokuphoqelela ngokumelene nemboni ye-crypto. Manje ebuza inkantolo yombuso ukuphoqelela cishe amaRandi ayizigidi eziyizinkulungwane ezingu-2 ezijeziso kanye nokukhishwa kwe-Ripple Labs ngokudayiswa okungalawulwa kwamathokheni e-XRP kubatshalizimali bezikhungo ukuze "kuvinjwe i-Ripple nabanye ekuphuleni okwengeziwe."

Lesi siphakamiso siza ngemuva kwezinyanga eziyisishiyagalolunye inkantolo yesiFunda yase-US okutholiwe ukuthi, ngenkathi i-XRP ithengwe futhi idayiswa ngabatshalizimali abadayisayo ekuhwebeni kwezinkampani zangaphandle ingase ingabhekwa njengenkontileka yokutshala izimali, ukuthengisa okunjalo kubatshalizimali besikhungo ngokungangabazeki kwaba njalo.

I-SEC, isola ukuthi i-Ripple iqhubekile nokuthengisa izigidigidi zamaRandi kumathokheni we-XRP angabhalisiwe kubatshalizimali bezikhungo naphezu kwezixwayiso ezicacile zokuthi bangase baphule imithetho yezibambiso, ngokufanayo bafuna ukuchithwa okugcwele kanye nezinhlawulo kuzo zonke lezo zokuthengisa, futhi ngenkathi inani eligcwele. I-SEC isola ukuthi i-Ripple eyenziwe ngokudayiswa okunjalo ihoxisiwe, ayinawo amahloni okucela inkantolo u-$876,308,712 ukuze ikhishwe, i-$198,150,940 yenzalo yokwahlulela kusengaphambili, kanye nenye imali engu-$876,308,712 yezijeziso zomphakathi—isamba esikhulu esingu-$1,950,768,364 esigcizelela i-Ripple engu-SECXNUMX”. isesimweni esihle sokukhokha.”

Ukuthi i-SEC ingathola inhlawulo enjalo ebekiwe, nokho, kusekude ukuxazululwa. Isikhulu seRipple uBrad Garlinghouse wabhala ku-X ukuthi kwakungekho "sibonelo" senhlawulo eceliwe nokuthi u-Ripple "uzoqhubeka edalula i-SEC ngalokho abayikho uma siphendula kulokhu." Isikhulu Esiyinhloko Sezomthetho sika-Ripple uStuart Alderoty ubhale eposini lika-X ukuthi inkampani izofaka impendulo yayo Ngo-Ephreli. 

Noma kunjalo, i-SEC ingase ikudinge kakhulu ukunqoba okuphakeme kangaka ukuze ilandele ezithendeni zokuhlehla okuphawulekayo kwakamuva. Njengoba amacala ayo ngokumelene nemidondoshiya efana Coinbase futhi Binance ecindezela, abanye, kuhlanganise namacala ayo ngokumelene Ripple, Grayscale, futhi DEBT Box, inikeza ukuqonda ukusebenza ngempumelelo izindlela zeKhomishana lapho inselele enkantolo.

Funda kabanzi: I-SEC Iphenya I-Ethereum Foundation Mayelana Nokuguqulwa Kobufakazi Besiteki: Umbiko

SEC v. Ripple: A Murky Victory

Phakathi ku ebusa okubuye kwavela emhlabeni we-crypto ngo-Julayi odlule, iJaji lesiFunda sase-US u-Analisa Torres ukhiphe isinqumo esingenasici ecaleni eliphakeme kakhulu le-SEC v. Ripple. Inkantolo ithole ukuthi nakuba i-XRP ithengiswe ngokuhwebelana ngama-algorithms okuhweba ayizange ihlanganise izinkontileka zokutshala izimali, ukuthengiswa kwesikhungo kwe-XRP kuthathwe njengeminikelo yezibambiso engabhalisiwe. 

Lesi sinqumo kanye nokuphishekela izinhlawulo okunolaka kwe-SEC kwagcizelela indawo engaqinisekile yokulawulwa kwe-crypto, ikakhulukazi mayelana nokuthengiselana kwemakethe yesibili. Izimpi zomthetho phakathi kwe-SEC nabadlali abakhulu embonini ye-crypto, okuhlanganisa i-Ripple ne-Terraform Labs, igxile embuzweni obucayi: Ngabe ukuthengiselana kwe-crypto ezimakethe zesibili kungena nini ngaphansi kwemithetho yezokuphepha?

Funda kabanzi: Isivivinyo Se-Do Kwon Ngeke Sisicacisele Lapho I-Crypto Iyizokuphepha 

Isinqumo samajaji uTorres ngalolu daba, akusona isiphetho. IJaji u-Jed Rakoff, okwamanje ongamele icala le-SEC ngokumelene ne-Terraform Labs, linikeze imibono ehlukene ngalolu daba. Nakuba iJaji u-Torres ehlukanisa phakathi kokuthengisa okuqondile kwesikhungo nokuthengiswa okungaqondile ngokuhwebelana, ephakamisa ukuthi lokhu kwakamuva kungase kungenzi njalo ukuthengiswa kwezibambiso, iJaji Rakoff liwunqabile lo mehluko. Odabeni lukaTerraform, uphathe kokubili ukuthengisa okuqondile nokungaqondile njengokuthengiselana kwezibambiso, ephonsela inselelo umbono wokuthi indlela yokuthengisa ingakhulula ukuthengiselana emithethweni yezibambiso.

Le mibono ephikisanayo yembula isimo sokwahlulela esiguquguqukayo nesishintshayo mayelana nokulawulwa kwe-cryptocurrency. Kodwa-ke, imibono ebonakala iphikisana ayiyona into engavamile, noma ayithandeki, njengoba “ukuxhumana” okungaqondile phakathi kwamajaji njengoba esabela ezinqumweni zomunye nomunye kuyingxenye ebalulekile yomthetho wamacala ase-US. Umshushisi wezohwebo uRobert Schwinger kuphawulwe kakhulu, ebhala ukuthi “lawa macala, afana ne-Terraform ne-Ripple, abonisa iqiniso elivamile lendlela inkhulumomphendvulwano yamajaji eqhutshwa ngayo endleleni eya ekuthuthukisweni kokuvumelana kokwahlulela.” 

I-SEC v. Grayscale: I-Procedural Black Eye

Uma isinqumo se-Ripple sifuna ukuthi imboni ye-crypto ijikelezwe kancane ukuze isethule njengokunqoba okuphelele, isinqumo sezinkantolo ku-SEC v. Grayscale sasingafuni uhlaka olunjalo. Ecaleni elibhekwe ngeso lokhozi elavela ngemuva kokucutshungulwa kokulawula kokulawulwa kwe-cryptocurrencies, iGreyscale ithole ukunqoba okuyingqopha-mlando phezu kwe-SEC lapho inkantolo yokudlulisa amacala ikhipha isinqumo sokuthi i-SEC inqabe ibhidi le-Grayscale lokuguqula i-Grayscale bitcoin Trust (GBTC) ibe yinkampani bitcoin exchange-traded fund (ETF) "yayingenangqondo futhi ingenangqondo." 

The isinqumo, eyanikezwa iJaji Lesifunda u-Neomi Rao ngo-Agasti 2023, yaphoqa i-SEC ukuthi icubungule kabusha ukwenqaba kwayo ngaphambilini isiphakamiso se-Grayscale. IJaji u-Rao ugxeke ukungaguquguquki kwe-SEC, edonsela ukunaka ekugunyazweni kwe-ejensi kwama-ETF amabili wesikhathi esizayo we-bitcoin wokuhweba ngokuhwebelana kuzwelonke ngenkathi ephika umkhiqizo ofanayo we-Grayscale. Inkantolo ithole ukuthi i-SEC yayikuthethelele ngendlela efanele ukuphathwa kwayo okuhlukile kwalokho okwakuyimikhiqizo eqhathanisekayo, ibeka inqubo ye-SEC yokuthatha izinqumo ngaphansi kwesibonakhulu.

Ngaphezu kwalokho, lokhu kunqoba okungokomthetho kanye nezingxoxo ezalandela phakathi kwe-SEC nababambe iqhaza embonini mayelana nemigomo yokulawula yemikhiqizo ehlobene ne-bitcoin iphakamisa ukuguqulwa kancane kancane ekuqondisweni kokulawula okucolisisiwe. Naphezu kwezinkulumo-mpikiswano eziqhubekayo mayelana nokuhlukaniswa kwemikhiqizo ehlukahlukene ye-cryptocurrency njengezibambiso, ukusebenzelana kwe-SEC nabamele imboni ngemva kokubusa kusikisela ukuqashelwa kwesidingo sezinhlaka zokulawula zombili ezivikela abatshalizimali futhi zikhuthaze ukusungula izinto ezintsha.

Icala le-Grayscale liqhamuke njengomzuzu obalulekile hhayi nje kuphela ekufuneni kwemboni ye-cryptocurrency ukwamukelwa okubanzi kodwa nokuvela kwezinqubo zokulawula. Lesi sinqumo sayivula ngokuphumelelayo indlela yokugunyazwa kwe-spot bitcoin ETFs ngokuthola ukuthi i-SEC ayikwazi ukuxosha ngokungafanele izicelo ezinjalo. Lesi sinqumo sabangela uchungechunge lwezingxoxo ezisezingeni eliphakeme phakathi kwe-SEC kanye nababambiqhaza ababalulekile bemboni, okuhlanganisa ukuxoxisana okuqondile nehhovisi likakhomishana, okugxile ezindinganisweni ezibucayi zokusebenza ezifana namalungiselelo okugcinwa kanye nezivumelwano zokwabelana ngokugadwa ezidingekayo ukuze kuhlanganiswe bitcoin Wall Street. 

Naphezu kokuba sengozini kwemakethe ye-bitcoin, njengokuba sengozini yokukhwabanisa nokukhwabanisa, le nkhulumomphendvulwano isize ukukusungula njengemakethe ye-crypto ecutshungulwa kakhulu emhlabeni—iqiniso elavunywa, mhlawumbe ngokungathandi, nguSens. Jack Reed kanye no- Laphonza Butler in a incwadi yakamuva icela iKhomishini ukuthi igweme ukugunyaza noma iyiphi i-crypto ETP's ngale kwe-bitcoin. Okuxakayo - futhi kungakhathaliseki ukuthi uyayithanda noma cha - i-SEC kaGensler izokhunjulwa njengaleyo eyanikeza ukukhanya okuluhlaza ukuhwebelana nge-bitcoin ku-Wall Street.

I-SEC v. Ibhokisi Lezikweletu: Inhlekelele Ephelele

Uma amacala angaphambilini ayeyizikhwama ezixubile, ukubuyisela emuva kwakamuva kwakuyinhlekelele ye-SEC. Kuyo icala ngokumelene ne-Digital Licensing Inc.—eyaziwa ebhizinisini le-crypto njenge-DEBT Box—i-Securities and Exchange Commission (SEC) yagunyazwa ijaji likahulumeni wase-US ngalokho okubizwa ngokuthi “ukusebenzisa kabi kabi” amandla ekwethuleni ubufakazi obudukisayo noma obungenabufakazi ngezikhathi ezibucayi. ekuqulweni kwecala.

Funda kabanzi: I-SEC Igwetshelwe 'Ukuxhaphaza Amandla' Ebhokisini Lezikweletu

Isinqumo seJaji u-Shelby sokugunyaza i-SEC, eyigunyaza ukuthi ikhokhele izindleko zezomthetho ze-DEBT Box, sasiyimpendulo eqondile kulokho akuhlonze njengezethulo ezidukisayo zomlawuli mayelana nezinhloso ze-DEBT Box kanye nesimo sempahla yayo. Ngokuphawulekayo, ukugomela kwe-SEC ngokulimala okuseduze okungenakulungiseka okusekelwe kuma-akhawunti angaqinisekisiwe ukuthi abamangalelwa babevale ama-akhawunti amaningi asebhange, okwakubaluleke kakhulu ekuthetheleleni ukukhishwa kwencwadi yesivimbelo sesikhashana, kwatholakala kungenabufakazi obubambekayo, ngaleyo ndlela bubukela phansi icala leKhomishana futhi kwaholela ekutheni. ukuqedwa komyalelo wokuvinjelwa owawunikezwe ngaphambilini.

Ukungqubuzana kwebhokisi lezikweletu akuvezi nje kuphela izinyathelo ezingalungile zenqubo kanye nokweqisa okungase kube khona yi-SEC kodwa futhi kubonisa ukubizelwa okubanzi kwendlela yokulawula eguquguqukayo nesekelwe ebufakazini endaweni yempahla yedijithali. Njengoba i-SEC izulazula kulawa manzi alawulayo ayinkimbinkimbi, umphumela waleli cala ugcizelela isidingo sokucaca, ukulunga, nokukhuthala okufanele ezenzweni zayo zokuphoqelela.

Ingabe i-SEC Idlala Ipolitiki?

Naphezu kwemvelo yokungabi nabuntu kwe-federal bureaucracy, abaqokwe kwezombusazwe kusafanele baphathe amarekhodi abo kwezinye izindawo emisebenzini yabo. Lokhu kuhlale kuhambisana nengozi yokuthi i-ejensi, njengezinye izikhungo eziningi, ibe yisisulu senkulumo enepolitiki exubile kanye nemidlalo yokuklabalasa edla lubi osekuyinsakavukela. 

Ngakho-ke kuyaqondakala ukuthi uGensler angafuna ukuphusha ukunqoba okukhulu ecaleni le-Ripple; ukunqoba okuwujuqu bekungeke kubonakale njengokunqoba kokulawula kuphela kodwa njengomnyakazo wamasu ngaphakathi kwendawo yezombangazwe nephrofeshinali ebanzi. Ukuphishekela okunolaka kwe-SEC kwe-Ripple kusho okungaphezu nje kokunciphisa ukuthengiswa kwe-crypto okungalawulwa; kuwumzamo wokuqinisekisa amandla nesinqumo se-ejensi lapho kubhekene nezingqinamba zakamuva. 

Lezi zithiyo, kusukela ekulahlekelweni yizinkantolo kuya ekugxekweni kokufinyelela ngokweqile, kugcizelela isikhathi senselelo ye-SEC, leyo eye yahlola izindlela zayo futhi yangabaza ukusebenza kwayo kahle ekuzulazuleni esikhaleni sempahla yedijithali esiyinkimbinkimbi nesishintsha ngokushesha.