Page 31 - 期货和衍生品行业监管动态（2023年9月刊）

期货和衍生品行业监管动态

Opyn, Inc. The order finds that Opyn developed and deployed a blockchain-based

digital asset protocol (the Opyn Protocol) and website that offered trading of a digital

asset derivative token called oSQTH. The value of oSQTH was based on an index

created by Opyn called Squeeth, which tracked the price of ether squared (i.e., to the

power of two) relative to the stablecoin USDC. Users could enter into long oSQTH

positions by buying oSQTH tokens through Opyn’s website, among other means; and,

users could enter into short oSQTH positions by depositing ether as collateral into the

Opyn Protocol and then minting and selling oSQTH tokens. The order finds that

oSQTH tokens are swaps and leveraged or margined retail commodity transactions and

therefore can be offered to retail users only on a registered exchange in accordance with

the CEA and CFTC regulations. Opyn unlawfully operated a facility for the trading or

processing of swaps without registering as a SEF. In addition, Opyn engaged in

activities that could only lawfully be performed by a registered FCM by deploying the

Opyn Protocol and soliciting users to deposit assets into smart contracts in connection
with leveraged or margined retail commodity transactions. Opyn also failed to adopt a

customer identification program as part of a Bank Secrecy Act compliance program, as

required of FCMs. The order finds that although Opyn took certain steps to exclude

U.S. persons from accessing the Opyn Protocol, such as blocking users with U.S.

internet protocol addresses, those steps were not sufficient to actually block U.S. users

from accessing the Opyn Protocol.

Deridex, Inc. The order finds that Deridex developed and deployed a blockchain-

based digital asset trading protocol (Deridex Protocol) and website that offered trading

of “perpetual contracts,” which were leveraged derivative positions that provided for

the exchange of one or more payments based on the relative value of STABL2 and

another virtual currency. The order finds that these perpetual contracts are swaps and

leveraged or margined retail commodity transactions and therefore can be offered to

retail users only on a registered exchange in accordance with the CEA and CFTC

18