DeFi 教育基金和 Beba 就代幣空投和規則制定向 SEC 提起訴訟

DeFi 教育基金和時尚品牌 Beba 已對 SEC 提起訴訟，質疑該機構將其 $BEBA 代幣空投歸類為證券。原告辯稱，根據豪伊測試，空投不構成投資合同，並且美國證券交易委員會未能就其數字資產一般是證券的認定提供公告和評論，違反了《行政程序法》。該訴訟凸顯了美國證券交易委員會和加密產業之間在數位資產監管方面持續存在的緊張關係。

SEC Faces Lawsuit Over $BEBA Token Airdrop and Rulemaking Process

SEC 因 $BEBA 代幣空投和規則制定流程面臨訴訟

In a bold move to challenge the Securities and Exchange Commission's (SEC) authority over digital assets, the DeFi Education Fund and clothing company Beba have filed a lawsuit in a Texas district court. The plaintiffs allege that the SEC's labeling of $BEBA tokens as securities is arbitrary and violates the Administrative Procedure Act (APA).

為了挑戰美國證券交易委員會 (SEC) 對數位資產的權威，DeFi 教育基金和服裝公司 Beba 向德州地方法院提起訴訟。原告指控 SEC 將 $BEBA 代幣標記為證券是任意的，並且違反了《行政程序法》(APA)。

Token Airdrops and the Howey Test

代幣空投和 Howey 測試

The SEC has previously used the Howey test, a legal precedent established in 1946, to determine whether an asset qualifies as an investment contract and, thus, a security. Under the Howey test, an investment contract involves an investment of money in a joint enterprise with a reasonable expectation of profits derived from the efforts of others.

SEC 先前曾使用 Howey 測試（1946 年制定的法律先例）來確定某項資產是否符合投資合約的資格，從而確定是否符合證券的資格。根據豪伊測試，投資合約涉及將資金投資於一家合資企業，並合理預期從他人的努力中獲得利潤。

The DeFi Education Fund and Beba contend that $BEBA token airdrops do not meet the criteria of the Howey test. They argue that the tokens are not offered as investments, there is no joint enterprise between the company and token recipients, and there is no reasonable expectation of profits based on the efforts of others.

DeFi 教育基金和 Beba 認為 $BEBA 代幣空投不符合 Howey 測驗的標準。他們認為，代幣不是作為投資提供的，公司和代幣接收者之間不存在合資企業，也沒有基於他人努力的合理利潤預期。

Violation of the APA

違反 APA

The lawsuit also alleges that the SEC violated the APA in its determination that most digital assets are securities. The APA requires federal agencies to follow a transparent rulemaking process that includes soliciting public input. The plaintiffs argue that the SEC failed to provide proper notice and opportunity for comment on its policy, depriving the digital assets industry and the public of their right to participate in the decision-making process.

該訴訟還指控 SEC 判定大多數數位資產為證券的行為違反了 APA。 APA 要求聯邦機構遵循透明的規則制定流程，其中包括徵求公眾意見。原告辯稱，SEC未能提供適當的通知和對其政策發表評論的機會，剝奪了數位資產產業和公眾參與決策過程的權利。

SEC's Enforcement Campaign

SEC 的執法行動

The SEC's recent enforcement actions against companies using digital assets have drawn criticism from the crypto industry, which accuses the agency of overreach and a lack of clear regulatory guidance. Monday's lawsuit marks the second time in recent weeks that the industry has sued the SEC, following a similar suit filed by digital asset company LEJILEX in February.

美國證券交易委員會最近針對使用數位資產的公司採取的執法行動引起了加密貨幣行業的批評，該機構指責該機構過度擴張且缺乏明確的監管指導。繼數位資產公司 LEJILEX 在 2 月提起類似訴訟後，週一的訴訟標誌著該行業近幾週第二次起訴 SEC。

Industry Implications

產業影響

The outcome of this lawsuit could have significant implications for the regulation of digital assets. If the court rules in favor of the plaintiffs, it would establish a precedent that token airdrops and other decentralized technologies are not automatically classified as securities. This would provide greater regulatory clarity for businesses and investors in the crypto space.

該訴訟的結果可能會對數位資產的監管產生重大影響。如果法院做出有利於原告的裁決，這將開創一個先例，即代幣空投和其他去中心化技術不會自動歸類為證券。這將為加密貨幣領域的企業和投資者提供更大的監管透明度。

SEC Response

美國證券交易委員會的回應

The SEC has not yet publicly responded to the lawsuit. It has 60 days to file a response, after which the court will schedule a hearing to consider the arguments presented by both parties. The outcome of the lawsuit is likely to be closely watched by the crypto industry and regulators alike.

SEC 尚未公開回應該訴訟。它有 60 天的時間提交答复，之後法院將安排聽證會考慮雙方提出的論點。該訴訟的結果可能會受到加密貨幣行業和監管機構的密切關注。

Disclosure:

揭露：

The Block, which reported on this lawsuit, is an independent media outlet that provides news, research, and data on the crypto industry. While Foresight Ventures, an investor in The Block, also invests in companies in the crypto space, The Block operates independently and strives to provide objective and impactful information about the industry.

報道這起訴訟的 The Block 是一家獨立媒體機構，提供有關加密產業的新聞、研究和數據。雖然 The Block 的投資者 Foresight Ventures 也投資加密貨幣領域的公司，但 The Block 獨立經營，並努力提供有關該行業的客觀且有影響力的信息。