以太坊在 SEC 打擊中徘徊在安全指定的邊緣

美國證券交易委員會正在調查是否將以太坊歸類為證券，可能會使其受到更嚴格的交易監管。此舉讓人對以太坊 ETF 的批准產生懷疑，並引發了加密產業的擔憂。美國證券交易委員會的審查是在以太坊向權益證明模式過渡之後進行的，促使人們重新考慮其地位。如果被歸類為證券，以太坊可能會面臨更多的文書工作和限制，從而影響零售交易商和參與其生態系統的公司。

Is Ethereum on the Brink of Becoming a Security?

以太坊正處於成為證券的邊緣嗎？

The SEC's recent actions have sent shockwaves through the crypto industry, raising questions about the future of Ethereum. With subpoenas flying left and right, the SEC appears to be intensifying its efforts to classify Ethereum as a security. This move could have far-reaching implications for the world's second-largest cryptocurrency.

美國證券交易委員會最近的行動給加密貨幣產業帶來了衝擊，引發了人們對以太坊未來的質疑。隨著傳票左右，美國證券交易委員會似乎正在加強將以太坊歸類為證券。此舉可能對世界第二大加密貨幣產生深遠影響。

Why the SEC's Stance Matters

為什麼 SEC 的立場很重要

If the SEC succeeds in labeling Ethereum a security, it could face a slew of stringent regulations. These could include increased paperwork, trading restrictions, and heightened scrutiny for companies involved with Ethereum. This could make it more difficult for retail traders to buy and sell Ethereum, and it could also add complexity to the operations of companies that use Ethereum's blockchain.

如果美國證券交易委員會成功將以太坊標記為證券，它可能會面臨一系列嚴格的監管。這些可能包括增加文書工作、交易限制以及對涉及以太坊的公司加強審查。這可能會使零售交易者買賣以太坊變得更加困難，並且還可能增加使用以太坊區塊鏈的公司營運的複雜性。

Ethereum's Transition to Proof-of-Stake

以太坊向權益證明的轉變

The SEC's investigation into Ethereum gained momentum after the cryptocurrency's transition to a proof-of-stake governance model in September 2022. This shift away from Bitcoin's energy-intensive proof-of-work model has provided a new pretext for the SEC's scrutiny. The SEC is concerned that the proof-of-stake model gives coin holders too much control over the Ethereum blockchain, which could make it more akin to a security.

在 2022 年 9 月加密貨幣過渡到權益證明治理模式後，SEC 對以太坊的調查勢頭強勁。這種遠離比特幣能源密集型工作量證明模式的轉變為 SEC 的審查提供了新的藉口。美國證券交易委員會擔心，股權證明模式讓代幣持有者對以太坊區塊鏈擁有過多的控制權，這可能使其更類似於證券。

CFTC vs. SEC: A Clash of Regulators

CFTC 與 SEC：監管機構的衝突

The SEC's investigation has added complexity to Ethereum's regulatory status, given that the Commodities and Futures Trading Commission (CFTC) has already approved Ether ETFs. This has led to speculation that the SEC and CFTC may be on a collision course over the regulation of Ethereum.

鑑於商品和期貨交易委員會（CFTC）已經批准了以太坊 ETF，美國證券交易委員會的調查增加了以太坊監管狀況的複雜性。這引發了人們的猜測，即 SEC 和 CFTC 可能會在以太坊監管問題上發生衝突。

Industry Pushback

產業阻力

The crypto industry has reacted strongly to the SEC's actions, with many executives and experts expressing skepticism about the SEC's claims. Ripple CEO Brad Garlinghouse has accused the SEC of "losing badly in the courts" and "falling behind international counterparts" in its pursuit of Ethereum. Coinbase CLO Paul Grewal has argued that Ethereum's status as a commodity has long been established and that the SEC has no good reason to question it now.

加密產業對 SEC 的行動反應強烈，許多高層和專家對 SEC 的說法表示懷疑。 Ripple執行長布拉德·加林豪斯（Brad Garlinghouse）指責美國證券交易委員會（SEC）在追求以太坊的過程中「在法庭上慘敗」並且「落後於國際同行」。 Coinbase CLO Paul Grewal 認為，以太坊作為商品的地位早已確立，SEC 現在沒有充分的理由質疑它。

The SEC's Focus on Proof-of-Stake

SEC 關注權益證明

SEC Chairman Gary Gensler has indicated that the agency's focus on Ethereum stems from its proof-of-stake model. Gensler believes that the shift to proof-of-stake has made Ethereum more like a security because it gives coin holders more control over the blockchain.

美國證券交易委員會主席加里‧詹斯勒表示，該機構對以太坊的關注源自於其權益證明模式。 Gensler 認為，向權益證明的轉變使以太坊更像是一種證券，因為它讓代幣持有者對區塊鏈有更多的控制權。

The Potential Impact on Ether ETFs

對以太幣 ETF 的潛在影響

If the SEC classifies Ethereum as a security, it could further complicate the approval process for Ether ETFs. The SEC has already delayed its decision on Grayscale's Ethereum Futures Trust ETF, and it is unclear when or if it will ultimately approve any Ether ETFs.

如果美國證券交易委員會將以太坊歸類為證券，則可能會使以太坊 ETF 的審批流程更加複雜。美國證券交易委員會已經推遲了對 Grayscale 的以太坊期貨信託 ETF 的決定，目前尚不清楚何時或是否最終批准任何以太坊 ETF。

Delisting Concerns

退市擔憂

If Ethereum is labeled a security, it could face delisting from cryptocurrency exchanges. This would make it more difficult for investors to buy and sell Ethereum, and it could also harm projects built on the Ethereum blockchain.

如果以太坊被標記為證券，它可能會面臨從加密貨幣交易所退市的風險。這將使投資者買賣以太坊變得更加困難，也可能損害建立在以太坊區塊鏈上的項目。

Conclusion

結論

The SEC's investigation into Ethereum is still ongoing, and it is unclear what the outcome will be. However, the agency's actions have sent a clear message that it is taking a more aggressive approach to regulating cryptocurrencies. The outcome of the SEC's investigation could have a major impact on the future of Ethereum and the entire crypto industry.

SEC 對以太坊的調查仍在進行中，目前尚不清楚結果會如何。然而，該機構的行動發出了一個明確的訊息，即它正在採取更積極的方法來監管加密貨幣。美國證券交易委員會的調查結果可能會對以太坊和整個加密產業的未來產生重大影響。