美国证券交易委员会告诉我们,它想就 Lend 起诉我们。我们不知道为什么。(谷歌翻译)

Coinbase 09-08 11:15 相关币种 Aave 相关类型 其它
作者:Paul Grewal,首席法务官 上周三,经过 Coinbase 数月的努力以富有成效地参与,美国证券交易委员会向我们发出了关于我们计划中的 Coinbase Lend 计划的 Wells 通知。 Wells 通知是监管机构告知公司打算在法庭上起诉该公司的官方方式。尽管我们对 SEC 威胁要起诉而没有告诉我们原因感到惊讶,但我们希望向您公开导致其发生的事件过程。近六个月以来,Coinbase 一直在积极与美国证券交易委员会就 Lend 进行接触。我们一直渴望听到他们的观点,因为我们正在探索创新方法,让我们的客户在 Coinbase 上获得更多财务授权。特别是对于 Lend,我们正在寻求允许符合条件的客户在 Coinbase 上的特定资产上赚取利息,从 USD Coin (USDC) 的 4% APY 开始。我们本可以简单地推出该产品,但我们选择不这样做。这与我们行业的常态相去甚远。其他加密货币公司多年来一直在市场上推出借贷产品,而新的借贷产品直到上个月还在继续推出。但 Coinbase 相信与我们的监管机构进行公开和实质性对话的价值。所以我们首先将 Lend 带到了 SEC。 Coinbase 的 Lend 计划不符合证券的条件——或者使用更具体的法律术语,它不是投资合同或票据。客户不会“投资”该计划,而是借出他们在 Coinbase 平台上持有的与他们现有关系相关的 USDC。尽管 Lend 客户会从他们参与该计划中获得利息,但无论 Coinbase 的更广泛的业务活动如何,我们都有义务支付这笔利息。此外,参与客户的本金是安全的,我们有义务应要求偿还他们的 USDC。我们与 SEC 分享了这一观点和 Lend 的详细信息。在我们的初次会议之后,我们以书面形式回答了美国证券交易委员会的所有问题,然后再次亲自回答。但我们没有得到太多回应。 SEC 告诉我们,他们认为 Lend 涉及证券,但没有说明为什么或如何得出这个结论。我们没有气馁,而是选择继续慢慢来。 6 月,我们公开宣布了我们的 Lend 计划并开设了候补名单,但没有设定公开发布日期。但再一次,我们没有得到 SEC 的解释。相反,他们展开了正式调查。他们要求提供文件和书面答复,我们很乐意提供。他们还要求我们提供公司证人,就该计划提供宣誓证词。因此,我们的一名员工在 8 月份花了一整天时间提供关于 Lend 的完整和透明的证词。他们还询问了我们 Lend 候补名单上每个人的姓名和联系信息。我们尚未同意提供该信息,因为我们对客户个人信息的请求采取了非常谨慎的态度。我们也不认为它与 SEC 可能对涉及证券的 Lend 提出的任何特定问题相关,尤其是当 SEC 不会与我们分享任何这些问题时。尽管 Coinbase 将 Lend 拒之门外并提供详细信息,但 SEC 仍不会解释他们为什么会看到问题。相反,他们现在告诉我们,如果我们推出 Lend,他们打算起诉。再一次,我们询问 SEC 是否会与我们分享他们的推理,但他们再次拒绝了。他们只是告诉我们,他们正在通过名为 Howey 和 Reves 的几十年前最高法院案例的棱镜来评估我们的 Lend 产品。美国证券交易委员会不会分享评估本身,只会分享他们已经完成的事实。这两个案例来自 1946 年和 1990 年。美国证券交易委员会关于他们打算如何将 Howey 和 Reves 测试应用于 Lend 等产品的正式指导将对以负责任的方式监管我们的行业有很大帮助。相反,上周的 Wells 通知告诉我们,SEC 宁愿跳过这些基本的监管步骤,直接进行诉讼。他们为我们提供了为 Lend 提交书面辩护的机会,但如果我们不知道 SEC 担忧背后的原因,那将是徒劳的。美国证券交易委员会一再要求我们的行业“与我们交谈,进来”。我们在这里做到了。但今天我们所知道的是,我们可以在不知道原因的情况下无限期地让 Lend 退出市场,否则我们可能会被起诉。一个健康的监管关系永远不应该让这个行业在没有解释的情况下陷入这种困境。对话是良好监管的核心。所有这一切的最终结果是,我们至少要到 10 月才会推出 Lend。 Coinbase 继续欢迎进一步明确监管;神秘和模棱两可只会不必要地扼杀客户想要的新产品,而 Coinbase 和其他人可以安全地交付。随着事情的进展,我们将让我们的客户在每一步都了解情况。

The SEC has told us it wants to sue us over Lend. We don’t know why.

By Paul Grewal, Chief Legal Officer Last Wednesday, after months of effort by Coinbase to engage productively, the SEC gave us what’s called a Wells notice about our planned Coinbase Lend program. A Wells notice is the official way a regulator tells a company that it intends to sue the company in court. As surprised as we were at the SEC’s threat to sue without ever telling us why, we want to be transparent with you about the course of events leading up to it. Coinbase has been proactively engaging with the SEC about Lend for nearly six months. We’ve been eager to hear their perspective as we explore innovative ways for our customers to gain more financial empowerment on Coinbase. Specifically for Lend, we’re seeking to allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC). We could have simply launched the product but we chose not to. This is far from the norm in our industry. Other crypto companies have had lending products on the market for years, and new lending products continue to launch as recently as last month. But Coinbase believes in the value of open and substantive dialogue with our regulators. So we took Lend to the SEC first. Coinbase’s Lend program doesn’t qualify as a security — or to use more specific legal terms, it’s not an investment contract or a note. Customers won’t be “investing” in the program, but rather lending the USDC they hold on Coinbase’s platform in connection with their existing relationship. And although Lend customers will earn interest from their participation in the program, we have an obligation to pay this interest regardless of Coinbase’s broader business activities. What’s more, participating customers’ principal is secure and we’re obligated to repay their USDC on request. We shared this view and the details of Lend with the SEC. After our initial meeting, we answered all of the SEC’s questions in writing and then again in person. But we didn’t get much of a response. The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion. Rather than get discouraged, we chose to continue taking things slowly. In June, we announced our Lend program publicly and opened a waitlist but did not set a public launch date. But once again, we got no explanation from the SEC. Instead, they opened a formal investigation. They asked for documents and written responses, and we willingly provided them. They also asked for us to provide a corporate witness to give sworn testimony about the program. As a result, one of our employees spent a full day in August providing complete and transparent testimony about Lend. They also asked for the name and contact information of every single person on our Lend waitlist. We have not agreed to provide that because we take a very cautious approach to requests for customers’ personal information. We also don’t believe it is relevant to any particular questions the SEC might have about Lend involving a security, especially when the SEC won’t share any of those questions with us. Despite Coinbase keeping Lend off the market and providing detailed information, the SEC still won’t explain why they see a problem. Rather they have now told us that if we launch Lend they intend to sue. Yet again, we asked if the SEC would share their reasoning with us, and yet again they refused. They have only told us that they are assessing our Lend product through the prism of decades-old Supreme Court cases called Howey and Reves. The SEC won’t share the assessment itself, only the fact that they have done it. These two cases are from 1946 and 1990. Formal guidance from the SEC about how they intend to apply Howey and Reves tests to products like Lend would be a big help to regulating our industry in a responsible way. Instead, last week’s Wells notice tells us that the SEC would rather skip those basic regulatory steps and go right to litigation. They’ve offered us the chance to submit a written defense of Lend, but that would be futile when we don’t know the reasons behind the SEC’s concerns. The SEC has repeatedly asked our industry to “talk to us, come in.” We did that here. But today all we know is that we can either keep Lend off the market indefinitely without knowing why or we can be sued. A healthy regulatory relationship should never leave the industry in that kind of bind without explanation. Dialogue is at the heart of good regulation. The net result of all this is that we will not be launching Lend until at least October. Coinbase continues to welcome additional regulatory clarity; mystery and ambiguity only serve to unnecessarily stifle new products that customers want and that Coinbase and others can safely deliver. We will keep our customers informed at every step as things progress.

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