美國證券交易委員會關注未註冊的安全索賠，以太坊的監管命運陷入困境

美國證券交易委員會及其主席加里·詹斯勒 (Gary Gensler) 認為，根據豪伊測試，以太坊 (ETH) 是一種“未註冊的證券”，引發了對以太坊安全狀況的調查。以太坊軟體公司 ConsenSys 對 SEC 提起訴訟，指控其「非法」奪權。 SEC 的調查已經加強，ConsenSys 收到傳票和 Wells 通知，表明可能對涉嫌充當未註冊經紀交易商透過其 MetaMask 錢包提供 ETH 作為未註冊證券的行為採取執法行動。

Ethereum's Uncertain Regulatory Status: SEC's Unregistered Security Claim Raises Concerns

以太坊監管狀況不確定：美國證券交易委員會未註冊的安全聲明引發擔憂

Newly unveiled court documents have ignited a storm of controversy within the cryptocurrency realm, shedding light on the United States Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler's, belief that Ethereum (ETH) constitutes an "unregistered security" under the Howey Test. This antiquated legal framework, long deemed obsolete by crypto advocates, has resurfaced as a potential regulatory tool for digital assets.

新公佈的法庭文件在加密貨幣領域引發了一場爭議風暴，揭示了美國證券交易委員會(SEC) 及其主席加里·詹斯勒(Gary Gensler) 的觀點，認為以太坊(ETH) 構成了Howey 下的“未註冊證券”測試。這種過時的法律框架長期以來被加密貨幣倡導者認為已經過時，但現在已重新成為數位資產的潛在監管工具。

As reported by Fox Business, the details emerged following Ethereum software company ConsenSys's filing of an unredacted complaint against the SEC.

根據福斯商業報道，以太坊軟體公司 ConsenSys 向 SEC 提交未經編輯的投訴後，細節浮出水面。

SEC's Discrepancy in Ethereum Classification

SEC 對以太坊分類的差異

According to the court filings, the SEC's Division of Enforcement, under the direction of Gurbir Grewal, launched a formal investigation into Ethereum's status as a security on March 28, 2023. This investigation, codenamed "Ethereum 2.0," sought to scrutinize individuals and entities involved in buying and selling ETH tokens.

根據法庭文件，SEC 執法部門在 Gurbir Grewal 的指導下，於 2023 年 3 月 28 日對以太坊的證券地位發起了正式調查。買賣ETH 代幣。

Interestingly, the SEC's stance contradicts previous guidance provided under former SEC Chairman Jay Clayton. In June 2020, then-Director of Corporation Finance Bill Hinman declared that Ethereum and Bitcoin (BTC) were not considered securities. This announcement triggered a surge in ETH's price, signaling the market's positive reception to such a classification.

有趣的是，美國證券交易委員會的立場與美國證券交易委員會前主席傑伊克萊頓先前提供的指導相矛盾。 2020 年 6 月，時任公司財務長 Bill Hinman 宣布以太坊和比特幣 (BTC) 不被視為證券。這一消息引發了 ETH 價格的飆升，表明市場對這一分類的積極接受。

Proof-of-Stake Mechanism: A Regulatory Quandary

權益證明機制：監理困境

The SEC's investigation into Ethereum has reportedly been conducted under a shroud of secrecy, with subpoena recipients required to sign confidentiality agreements. The rationale behind this veil of secrecy remains enigmatic, but the implications for the crypto market could be far-reaching if Ethereum, with its market capitalization of approximately $400 billion, is designated as a security.

據報道，美國證券交易委員會對以太坊的調查是在保密的情況下進行的，傳票接收者需要簽署保密協議。這種神秘面紗背後的理由仍然是個謎，但如果市值約 4000 億美元的以太坊被指定為一種證券，對加密貨幣市場的影響可能是深遠的。

Even before his recent testimony, Chairman Gensler's reluctance to provide a definitive answer on Ethereum's regulatory status stirred unease within the crypto industry. Some analysts surmised that Ethereum's transition to a "proof-of-stake" consensus mechanism in September 2022, which involves validators staking their Ethereum holdings, made it more akin to a traditional security compared to Bitcoin's original "proof-of-work" mechanism. Gensler subtly alluded to this notion, suggesting that proof-of-stake tokens could potentially satisfy the criteria of the Howey Test.

甚至在他最近作證之前，主席 Gensler 就不願就以太坊的監管狀況提供明確的答案，這引起了加密行業的不安。一些分析師推測，以太坊於2022 年9 月過渡到「權益證明」共識機制，其中涉及驗證者質押其持有的以太坊，這使得與比特幣最初的「工作量證明」機制相比，它更類似於傳統的證券。 Gensler 巧妙地提到了這個概念，暗示權益證明代幣有可能滿足 Howey 測試的標準。

ConsenSys's Legal Challenge to SEC

ConsenSys 對 SEC 的法律挑戰

Software company ConsenSys, in response to the SEC's investigation, filed a lawsuit against the agency, alleging an "unlawful" power grab in its attempt to classify ETH as a security. ConsenSys's legal action sheds further light on the ongoing investigation.

軟體公司 ConsenSys 作為對 SEC 調查的回應，對該機構提起訴訟，指控其試圖將 ETH 歸類為證券的行為「非法」攫取權力。 ConsenSys 的法律行動進一步揭示了正在進行的調查。

Over the past year, the SEC has issued multiple document requests to ConsenSys, seeking detailed information regarding its role in the transition to proof-of-stake, as well as its acquisitions, holdings, and sales of ETH.

在過去的一年裡，SEC 向 ConsenSys 發出了多份文件請求，尋求有關其在向權益證明過渡中的作用以及其收購、持有和銷售 ETH 的詳細資訊。

Furthermore, Fox Business's report suggests that the SEC may also scrutinize ETH sales preceding The Merge, dating back to 2018, as potential securities offerings.

此外，福克斯商業頻道的報告表明，SEC 還可能將自 2018 年合併之前的 ETH 銷售作為潛在的證券發行進行審查。

Intensifying Investigation and Market Repercussions

加大調查力道及市場反應

The investigation has escalated in recent weeks, with ConsenSys receiving additional document subpoenas and a Wells notice, indicating the SEC's intention to pursue enforcement actions against the firm for allegedly operating as an unregistered broker-dealer offering unregistered securities, including ETH, through its MetaMask wallet.

最近幾週，調查不斷升級，ConsenSys 收到了額外的文件傳票和Wells 通知，表明SEC 打算對該公司採取執法行動，因為該公司涉嫌作為未註冊的經紀自營商，透過其MetaMask 錢包提供包括ETH 在內的未註冊證券。

Amidst this regulatory uncertainty, ETH's price has been on a downward trajectory, falling more than 4% in the last 24 hours alone, after several failed attempts to consolidate above the $3,200 price level.

在這種監管不確定性的情況下，ETH 的價格一直處於下行軌道，在多次試圖鞏固至 3,200 美元價格水平上方的嘗試失敗後，僅在過去 24 小時內就下跌了 4% 以上。

Conclusion

結論

The SEC's recent actions have thrown the regulatory status of Ethereum into turmoil. The agency's decision to apply the Howey Test, despite the crypto community's objections, has heightened concerns about the potential consequences for Ethereum and the broader cryptocurrency market.

美國證券交易委員會（SEC）最近的行動使以太坊的監管狀況陷入混亂。儘管加密貨幣社群反對，該機構仍決定應用豪伊測試，這加劇了人們對以太坊和更廣泛的加密貨幣市場潛在後果的擔憂。

The ongoing investigation and looming enforcement actions have cast a shadow over the future of Ethereum and other similar digital assets. The outcome of ConsenSys's lawsuit and the SEC's eventual determination on Ethereum's status will undoubtedly shape the regulatory landscape for the foreseeable future.

正在進行的調查和迫在眉睫的執法行動給以太坊和其他類似數位資產的未來蒙上了陰影。 ConsenSys 訴訟的結果以及 SEC 對以太坊地位的最終決定無疑將在可預見的未來塑造監管格局。