Coinbase CLO 表示 SEC 沒有理由因安全狀況擔憂而拒絕以太坊 ETF

Coinbase 首席法務官 Paul Grewal 敦促 SEC 不要以捏造理由質疑以太坊現貨 ETF 的非安全狀態來拒絕其申請。 Grewal 強調了 SEC、CFTC 和聯邦法院長期以來將以太坊歸類為商品。他認為以太坊不符合豪伊測試的標準，合併升級不會改變其非安全狀態。 Grewal 聲稱 SEC 沒有理由基於 ETH 的監管地位拒絕 ETF 申請。

Coinbase CLO Decries SEC's Potential Shift on Ethereum's Security Status

Coinbase CLO 譴責 SEC 對以太坊安全狀態的潛在轉變

In a recent statement, Coinbase's Chief Legal Officer (CLO) Paul Grewal has vehemently opposed the possibility of the Securities and Exchange Commission (SEC) reclassifying Ethereum (ETH) as a security, expressing concern that such a move would jeopardize the approval of multiple Ethereum spot exchange-traded funds (ETFs).

在最近的聲明中，Coinbase 首席法務官(CLO) Paul Grewal 強烈反對美國證券交易委員會(SEC) 將以太坊(ETH) 重新歸類為證券的可能性，並表示擔心此舉將危及多個以太坊的批准。現貨交易所交易基金（ETF）。

SEC's Reported ETH Security Probe Raises Concerns

SEC 報告的 ETH 安全調查引發擔憂

The crypto industry was recently rocked by a report from Fortune alleging that the SEC is conducting a legal investigation into Ethereum's regulatory status, with a potential outcome of categorizing it as a security. While the SEC has not officially confirmed or denied this report, it has fueled apprehension among crypto enthusiasts who fear the implications for Ethereum ETFs.

最近，《財富》雜誌的一份報告震驚了加密貨幣行業，該報告稱 SEC 正在對以太坊的監管狀況進行法律調查，可能的結果是將其歸類為證券。儘管 SEC 尚未正式確認或否認該報告，但它加劇了加密貨幣愛好者的擔憂，他們擔心以太幣 ETF 受到影響。

SEC's Past Stance on Ethereum's Non-Security Status

SEC 過去對以太坊非安全狀態的立場

Grewal emphasized that the SEC has consistently maintained that Ethereum is a commodity, a position that has enabled millions of Americans to invest in the cryptocurrency since its inception in 2015. He cited statements from former SEC Director Bill Hinman and current SEC Chairman Gary Gensler explicitly declaring Ethereum as a non-security.

Grewal 強調，SEC 一直認為以太坊是一種商品，自2015 年推出以來，這一立場使數百萬美國人能夠投資加密貨幣。他引用了前SEC 主任Bill Hinman 和現任SEC 主席Gary Gensler 的聲明，明確宣稱以太坊作為非證券。

Furthermore, Grewal highlighted the SEC's own lawyers' comparison of ETH to Bitcoin in the ongoing lawsuit against Ripple. Notably, both the Commodity Futures Trading Commission (CFTC) and the SEC have recognized Bitcoin as a commodity, not a security.

此外，Grewal 還強調了 SEC 自己的律師在針對 Ripple 的持續訴訟中對 ETH 與比特幣的比較。值得注意的是，商品期貨交易委員會（CFTC）和美國證券交易委員會都承認比特幣是一種商品，而不是一種證券。

Ethereum's Failure to Meet Howey Test Criteria

以太坊未能滿足 Howey 測試標準

Grewal asserted that Ethereum does not meet all the criteria of the Howey Test, a long-standing legal framework used to determine whether an asset constitutes a security. Specifically, he argued that Ethereum does not involve a contractual obligation related to a business enterprise. Additionally, he dismissed the notion that the implementation of the Merge upgrade, which transitioned Ethereum to a Proof-of-Stake (PoS) consensus mechanism, automatically renders it a security.

Grewal 斷言，以太坊不符合 Howey Test 的所有標準，Howey Test 是一個長期存在的法律框架，用於確定資產是否構成證券。具體來說，他認為以太坊不涉及與企業相關的合約義務。此外，他駁斥了這樣一種觀點，即合併升級的實施將以太坊轉變為權益證明（PoS）共識機制，自動使其成為一種證券。

Coinbase CLO Urges SEC to Maintain Consistent Approach

Coinbase CLO 敦促 SEC 保持一致的做法

Based on these factors, Grewal implored the SEC to uphold its previous stance on Ethereum's non-security status. He expressed hope that the SEC would not resort to fabricating reasons to question Ethereum's regulatory classification, which he characterized as a violation of due process.

基於這些因素，Grewal 懇求 SEC 維持先前對以太坊非安全地位的立場。他表示希望美國證券交易委員會不要捏造理由來質疑以太坊的監管分類，他將其描述為違反正當程序。

In a pointed tweet, Grewal stated, "The SEC has no good reason to deny the ETH ETP applications. And we hope they won't try to invent one by questioning the long-established regulatory status of ETH, which the SEC has repeatedly endorsed. That's not how the law works. And Americans deserve better."

Grewal 在一條尖銳的推文中表示，「SEC 沒有充分的理由拒絕 ETH ETP 申請。我們希望他們不要試圖透過質疑 ETH 的長期監管地位來發明一個 ETP 申請，SEC 已多次認可這一點。」 …法律不是這樣運作的。美國人應該得到更好的待遇。”

Implications for Ethereum Spot ETFs

對以太幣現貨 ETF 的影響

The potential reclassification of Ethereum as a security could significantly hinder the approval of Ethereum spot ETFs. Several asset managers, including BlackRock and Fidelity Investments, have filed applications to launch such funds, and some experts had predicted that the SEC might approve at least one filing by May. However, the reports of the SEC's ETH security probe have cast doubt on the likelihood of this occurring.

以太坊可能被重新分類為證券，這可能會嚴重阻礙以太坊現貨 ETF 的批准。包括貝萊德 (BlackRock) 和富達投資 (Fidelity Investments) 在內的多家資產管理公司已提交推出此類基金的申請，一些專家預測 SEC 可能會在 5 月之前批准至少一份申請。然而，SEC 的 ETH 安全調查報告對這種情況發生的可能性產生了懷疑。

Industry Reaction and Legal Implications

行業反應和法律影響

Grewal's statement has garnered support from the crypto community, which shares his concerns about the potential negative impact on Ethereum ETFs. Legal experts have also weighed in, noting that the SEC's decision on Ethereum's regulatory status will have far-reaching implications for the broader crypto industry.

Grewal 的聲明得到了加密社群的支持，加密社群與他一樣擔心以太坊 ETF 的潛在負面影響。法律專家也發表了意見，指出美國證券交易委員會對以太坊監管地位的決定將對更廣泛的加密產業產生深遠影響。

The outcome of the SEC's investigation and the fate of Ethereum spot ETFs remain uncertain. However, Grewal's forceful defense of Ethereum's non-security status underscores the importance of regulatory clarity and the concerns surrounding the SEC's potential shift in stance on this matter.

美國證券交易委員會的調查結果以及以太坊現貨 ETF 的命運仍然不確定。然而，Grewal 對以太坊非安全地位的有力辯護強調了監管清晰度的重要性以及圍繞 SEC 在此問題上可能立場轉變的擔憂。