Why the SEC is cracking down on pledge Services: To regulate the collection of deposits and interest rates and prevent CEX's black box

When I talked about exchange pledge, I said that exchanges have unique advantages of pooling a large amount of user funds to pledge and absorb reserves. Currently, the four major institutions Lido, Coinbase, Kraken and Binance basically monopolize the pledged funds. Except Lido, the other three are centralized exchanges. The problem with centralization is that the black box has no idea what is being done with the supposedly pledged money.

这是 SEC 对于禁止 Kraken 停止未注册的加密资产质押服务的发售和销售声明，一直在和大家强调一定要看一手信息，不要消费二手信息 首先看到 SEC 说 Kraken 给用户宣传有高达 21% 的 APR，而我之前说过目前 POS 质押的 APR 在 5% 左右，所以这个宣传数字是压根不可能实现的 https://sec.gov/news/press-release/2023-25...

因为交易所质押模式门槛非常低人人可参与，黑盒无监管再加上夸张的收益数字，如果暴雷这就是下个 FTX 通过官方文件可以看到「将加密资产汇集起来，并代表投资者进行质押... 投资者失去控制权.. 承担风险.. 无任何保护」 最后强调「质押即服务提供商必须注册且提供全面公平真实的投资者保护」。

所以这次 SEC 是瞄准的质押即服务提供商，并重点打黑盒的交易所，理由是离谱的收益宣传和超高的储户风险 所以对于原生质押或去中心化质押则不在打击范围内。首先定论，SEC 打的不是质押，质押现在还是获活的好好的，大家别被带节奏恐慌，而是打的以质押服务为名去吸储生息的模式。

There's been a lot of talk about securitization being the cause of the crackdown, and it is, or the SEC wouldn't have come forward, but again, as I emphasized, we have to look at what the definition of securitization is, and the Howe test is a standard used by the U.S. Supreme Court in a 1946 decision to determine whether a particular transaction constitutes a security offering.

There are four in total:  

1. It is an investment of money.

2. The investment is expected to generate benefits;  

3. The investment is for a specific cause;  

4. The benefit arises from the issuer or a third party.

只要通过这四条就可以被看作证券 所以目前的交易所类型的质押服务确实是可以匹配上这四点的，因为确实散户在交易所质押就是金钱投资产生利息的行为，但是，但是来了！

The original pledge, to some extent, is not "investment", but "work". Miners work as verification nodes to earn their own income, which has nothing to do with investment. As I said before, if you want to become a POS miner, you have to cross a very high threshold and run the machine by yourself, so it is not "money investment", and the generated benefits do not come from a "person". It's the chain's reward for it.

所以我们从豪威测试来看，质押本身是完全被无法作为证券看待的！ 现在大家应该明白为什么 SEC 要「打击质押」，它打击的范围和边界到底在哪里，以及质押这事到底有没有可能被证券化最后强调，大家一定要看一手信息并做出判断... 有自己的 DYOR，别被「完啦质押要违法啦」的言论带偏了。