CFTC 重新引發加密貨幣分類爭論：以太幣的命運懸而未決

美國商品期貨交易委員會（CFTC）已將以太坊和其他幾種加密貨幣歸類為商品，在圍繞數位資產監管的持續監管鬥爭中重申了其立場。在針對 KuCoin 交易所營運商的訴訟中，CFTC 律師宣布比特幣、以太幣和萊特幣為商品，將其置於該機構的管轄範圍內。這項最新舉措凸顯了 CFTC 和 SEC 之間圍繞數位資產產業監管正在進行的拉鋸戰。

Can Ether Be Classed As a Commodity or Security?

以太幣可以歸類為商品或證券嗎？

The Commodity Futures Trading Commission (CFTC) has reignited the debate over the classification of cryptocurrencies, specifically Ether (ETH), as commodities or securities. In a lawsuit against crypto exchange Kucoin, the CFTC asserted that Bitcoin (BTC), Ether, and Litecoin (LTC) fall under its jurisdiction as commodities.

商品期貨交易委員會（CFTC）重新引發了有關加密貨幣（特別是以太幣（ETH））作為商品或證券分類的爭論。在針對加密貨幣交易所 Kucoin 的訴訟中，CFTC 聲稱比特幣 (BTC)、以太幣和萊特幣 (LTC) 作為商品屬於其管轄範圍。

CFTC's Argument on Commodities

CFTC 關於商品的論點

The CFTC's complaint alleges that Kucoin facilitated trading in futures, swaps, and leveraged transactions involving digital assets classified as commodities, including BTC, ETH, and LTC. According to CFTC lawyers, these assets are subject to the agency's oversight as they are considered goods or raw materials traded on exchanges.

CFTC 的投訴稱，Kucoin 促進了涉及歸類為商品的數位資產（包括 BTC、ETH 和 LTC）的期貨、掉期和槓桿交易。 CFTC 律師表示，這些資產受到該機構的監管，因為它們被視為在交易所交易的商品或原材料。

Clash of Regulators: CFTC vs. SEC

監管機構的衝突：CFTC 與 SEC

Over the past years, the CFTC and the Securities and Exchange Commission (SEC) have been engaged in a turf war over the regulation of the burgeoning digital asset industry. CFTC Chairman Rostin Behnam has publicly declared Ether as a commodity, while SEC Chairman Gary Gensler has hinted at the possibility of classifying Ether as a security due to its use in staking protocols.

過去幾年，美國商品期貨交易委員會（CFTC）和美國證券交易委員會（SEC）一直在圍繞新興數位資產產業的監管展開地盤爭奪戰。 CFTC 主席 Rostin Behnam 公開宣稱 ETH 是一種商品，而 SEC 主席 Gary Gensler 則暗示由於 ETH 在質押協議中的使用，有可能將 ETH 歸類為證券。

SEC's Ambiguity on Ether

SEC 對以太幣的模糊性

Despite Gensler's previous comments, the SEC has yet to make an explicit determination on Ether's status. The agency is tasked with regulating securities, which are defined as investments with the expectation of profit from the efforts of others. Whether Ether meets this definition remains an open question.

儘管 Gensler 之前發表了評論，但 SEC 尚未對 ETH 的地位做出明確的決定。該機構的任務是監管證券，證券被定義為期望從他人的努力中獲利的投資。以太幣是否符合這個定義仍然是一個懸而未決的問題。

Ethereum's Shift to Proof of Stake

以太坊向權益證明的轉變

Ether's classification becomes even more intricate with Ethereum's recent transition to a proof-of-stake consensus mechanism. This shift has raised questions about whether the token's characteristics align more closely with commodities or securities.

隨著以太坊最近向權益證明共識機制的轉變，以太坊的分類變得更加複雜。這種轉變引發了人們的疑問：代幣的特徵是否與商品或證券更接近。

Proof of Work vs. Proof of Stake

工作量證明與權益證明

Bitcoin and Litecoin still operate on a proof-of-work consensus mechanism, which involves mining to verify transactions. In contrast, Ether's proof-of-stake mechanism involves holding and staking coins to validate transactions. This difference could potentially affect its classification under the SEC's framework.

比特幣和萊特幣仍然採用工作量證明共識機制，其中涉及挖掘來驗證交易。相比之下，以太坊的權益證明機制涉及持有和質押代幣來驗證交易。這種差異可能會影響其在 SEC 框架下的分類。

Conclusion

結論

The regulatory landscape for cryptocurrencies remains complex and fluid. The CFTC's latest assertion of Ether as a commodity adds another layer to this ongoing debate. As the digital asset industry evolves, it remains to be seen how regulators will ultimately classify Ether and other cryptocurrencies, with far-reaching implications for their regulation and oversight.

加密貨幣的監管環境仍然複雜且不穩定。美國商品期貨交易委員會 (CFTC) 最新將以太幣視為商品的主張為這場持續不斷的爭論增添了另一層內容。隨著數位資產產業的發展，監管機構最終將如何對以太幣和其他加密貨幣進行分類，這對其監管和監督產生深遠影響，仍有待觀察。