SEC 即將對幣安發動攻擊。再次。

儘管 11 月的選舉結果存在不確定性，但美國證券監管機構並未表現出放棄與違法「加密貨幣」業者的鬥爭的跡象。

The United States Securities and Exchange Commission (SEC) continues to pursue legal action against major cryptocurrency exchanges and operators, despite the upcoming presidential election and its potential impact on the regulatory landscape.

儘管即將到來的總統選舉及其對監管環境的潛在影響，美國證券交易委員會（SEC）仍在繼續對主要加密貨幣交易所和營運商採取法律行動。

On Friday, October 16, the SEC filed a proposed amended complaint in its long-standing lawsuit against Binance Holdings, Binance.US, and Binance founder Changpeng "CZ" Zhao. The SEC filed its initial suit over a year ago, accusing the companies of selling unregistered securities, masking manipulative trading on Binance.US, and allowing U.S. customers to illegally access the Binance.com site.

10 月 16 日星期五，美國證券交易委員會 (SEC) 在其針對幣安控股、Binance.US 和幣安創始人趙長鵬「CZ」的長期訴訟中提出了擬議的修訂起訴書。美國證券交易委員會在一年前提起首次訴訟，指控這些公司出售未註冊的證券、掩蓋 Binance.US 上的操縱性交易，並允許美國客戶非法存取 Binance.com 網站。

The SEC alleged that Binance and CZ engaged in "an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law." The SEC provided a preview of the gist of the 201-page amended complaint last month, seeking to “address the factual pleading deficiencies” in the June 28 ruling by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia and to “further address certain defense arguments challenging the SEC’s claims.”

美國證券交易委員會指控幣安和 CZ 參與了「廣泛的欺騙、利益衝突、缺乏披露和蓄意規避法律的網絡」。美國證券交易委員會上個月預覽了這份長達201 頁的修訂後申訴的要點，旨在「解決美國哥倫比亞特區地方法院法官艾米·伯曼·傑克遜(Amy Berman Jackson) 6 月28 日裁決中的事實訴狀缺陷”，並“進一步解決挑戰 SEC 主張的某些辯護論點。

That June ruling saw Berman decline Binance's motion to dismiss the bulk of the SEC's charges, although she did dismiss the charge that Binance's role in the (now defunct) BUSD stablecoin partnership with Paxos Trust represented an investment contract between the exchange and its customers.

6 月的裁決中，Berman 拒絕了幣安提出的駁回SEC 大部分指控的動議，儘管她確實駁回了幣安在與Paxos Trust 的BUSD 穩定幣合作（現已解散）中所扮演的角色代表了交易所與其客戶之間的投資合約的指控。

Berman also partially dismissed charges related to Binance's initial coin offering (ICO) of its in-house BNB token and the post-ICO ‘secondary’ sales of BNB to customers on exchanges. Regarding the latter charge, Berman cited a different federal court’s ruling that ‘secondary’ sales of Ripple Labs' XRP token on exchanges didn't violate securities law.

Berman 也部分駁回了幣安對其內部 BNB 代幣進行首次代幣發行 (ICO) 以及 ICO 後在交易所向客戶進行「二次」銷售的指控。關於後者指控，伯曼引用了另一家聯邦法院的裁決，即在交易所「二次」銷售 Ripple Labs 的 XRP 代幣並不違反證券法。

In response, the SEC's amended complaint builds on its original ICO references by adding the phrase “initial exchange offerings” (IEO). This is described as “typically, the initial distributions of the crypto asset by the issuer or promoter to investors using trading platforms as the primary means of distributions.” The SEC singles out Binance's Launchpad, “a program Binance explicitly designed for issuers to engage directly in capital-raising distributions of their crypto assets” via the exchange.

作為回應，SEC 修改後的投訴在其原始 ICO 參考內容的基礎上添加了「首次交易所發行」(IEO) 一詞。這被描述為“通常是發行人或發起人使用交易平台作為主要分配手段向投資者分配加密資產。”美國證券交易委員會特別指出了幣安的 Launchpad，「幣安明確為發行人設計的一個程序，旨在透過交易所直接參與其加密資產的融資分配」。

The SEC notes that as recently as September 5, Binance's website describes its prominent role in the IEO process, letting token-issuing projects focus on development “while we handle the marketing and exposure to our user base.” The SEC argues that the tokens' presence on Binance leads buyers “to reasonably expect profits from the expanded presence of the crypto assets on trading platforms.”

美國證券交易委員會指出，就在 9 月 5 日，幣安網站描述了其在 IEO 流程中的重要作用，讓代幣發行專案專注於開發，「而我們負責行銷和向用戶群的曝光」。美國證券交易委員會認為，這些代幣在幣安上的存在導致買家「合理地期望從交易平台上加密資產的擴大存在中獲利」。

The SEC hasn't given up on labeling BNB a security, as the amended complaint included a lengthy new section on Binance's efforts to promote and sell BNB both to its staff and outsiders, as well as its promotion of Binance's role in boosting BNB's value. Binance also offered BNB to staff as “an elective form of salary payment,” which the SEC claims Binance promoted as the equivalent of stock options and an investment in the exchange's future.

SEC 並沒有放棄將BNB 標記為證券，因為修改後的投訴包括一個冗長的新章節，內容涉及幣安向其員工和外部人士推廣和銷售BNB 的努力，以及對幣安在提升BNB 價值方面的作用的宣傳。幣安還向員工提供 BNB 作為“一種選擇性的工資支付形式”，SEC 稱幣安將其推廣為相當於股票選擇權和對交易所未來的投資。

The SEC also seeks to revive the dismissed charge against Binance's Simple Earn program, in which customers ‘lent’ tokens to Binance in exchange for simple interest. Berman's June ruling said the SEC failed to demonstrate that customers understood the interest came from Binance's “managerial or entrepreneurial efforts.”

美國證券交易委員會還尋求恢復針對幣安 Simple Earn 計劃的已被駁回的指控，該計劃中客戶將代幣「借給」幣安以換取單利。伯曼 6 月的裁決稱，美國證券交易委員會未能證明客戶理解幣安的「管理或創業努力」帶來的興趣。

In response, the SEC notes how Binance promoted Simple Earn as ‘passive investing’ that allowed a “hands-off approach to managing their portfolios.” Binance told Earn customers that their assets would be pooled with others' assets, with Binance deciding how those assets are deployed.

作為回應，美國證券交易委員會指出，幣安如何將 Simple Earn 推廣為“被動投資”，允許“不干涉的方式來管理其投資組合”。幣安告訴 Earn 客戶，他們的資產將與其他人的資產合併，由幣安決定如何部署這些資產。

Following Berman's partial dismissal of the BNB charge in June, a hearing was held in July in which SEC and Binance attorneys debated whether 10 other tokens—ADA, ALGO, ATOM, AXS, COTI, FIL, MANA, MATIC, SAND, and SOL—cited in the SEC's original complaint were still part of the suit. The amended complaint retains references to all 10 tokens and cites details on how the tokens were promoted by Binance on its platforms.

繼Berman 在6 月部分駁回BNB 指控後，7 月舉行了一次聽證會，SEC 和幣安律師就其他10 種代幣（ADA、ALGO、ATOM、AXS、COTI、FIL、MANA、MATIC、SAND 和SOL ）是否存在爭議進行了辯論。修改後的投訴保留了對所有 10 個代幣的引用，並引用了幣安如何在其平台上推廣這些代幣的詳細資訊。

“Statements and activity by the crypto asset issuers and promoters, as amplified and reinforced by Defendants as alleged herein, have led investors reasonably to expect profits based on the managerial or entrepreneurial efforts of others.” The SEC claims this expectation exists regardless of whether investors acquired the token via “initial token distributions” (including IEOs on Binance), though “issuer direct or indirect sales” including via market makers, or in “secondary market resales” on Binance.

“正如本文所稱，被告放大和強化了加密資產發行人和發起人的聲明和活動，導致投資者合理地預期基於其他人的管理或創業努力的利潤。” SEC 聲稱，無論投資者是否透過「初始代幣分配」（包括幣安上的IEO）、透過「發行人直接或間接銷售」（包括透過做市商）或透過貨幣安全上的「二級市場轉售」購買代幣，這種預期都存在。

However, the amended complaint expunges the “crypto asset securities” language that has annoyed some judges overseeing other SEC v crypto suits, which the SEC has acknowledged can be problematic. The SEC now uses the phrase “crypto assets that were offered or sold as securities,” with ‘securities’ encompassing “the full set of contracts, expectations, and understandings centered on the sales and distribution” of an asset (as defined by the Howey test).

然而，修改後的起訴書刪除了「加密資產證券」的措辭，該措辭惹惱了一些負責監管其他 SEC 訴加密訴訟的法官，SEC 承認這可能存在問題。美國證券交易委員會現在使用「作為證券提供或出售的加密資產」這個短語，其中「證券」涵蓋資產的「以銷售和分配為中心的全套合約、期望和理解」（按照 Howey 的定義）測試） 。

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