SEC 獵殺以太坊：慘痛的勝利即將來臨？

隨著監管審查的臨近，美國證券交易委員會（SEC）對以太坊的追捕似乎付出了慘痛的代價。他們的過度擴張會扼殺創新還是在過時的豪伊測試下站不住腳？

SEC Targets Ethereum: A Pyrrhic Victory in Sight?

美國證券交易委員會瞄準以太坊：一場慘痛的勝利在望？

The cryptocurrency market has been rocked by the SEC's investigation into Ethereum, a move that has sent shivers down the spines of stakeholders and investors alike. The outcome of this probe could subject Ethereum to stringent regulations, potentially stifling innovation and driving crypto businesses out of the country.

美國證券交易委員會對以太坊的調查震動了加密貨幣市場，此舉讓利害關係人和投資者都感到不寒而慄。此次調查的結果可能會使以太坊受到嚴格的監管，可能會抑制創新並推動加密業務離開該國。

Question: Is the SEC Overreaching Its Authority?

問：美國證券交易委員會（SEC）是否越權？

The SEC's past record in crypto cases is far from stellar. Just last week, a federal court in Utah ruled that the agency had overreached its authority in another case. Yet, if the antiquated Howey Test is the sole guiding principle, the SEC may hold water in its Ethereum designation.

美國證券交易委員會過去在加密貨幣案件中的記錄遠非出色。就在上週，猶他州一家聯邦法院裁定該機構在另一起案件中越權。然而，如果過時的豪伊測試是唯一的指導原則，那麼美國證券交易委員會對其以太坊的命名可能會成立。

Question: Should Old Laws Govern New Technologies?

問題：舊法律應該管轄新技術嗎？

However, a larger question looms: should the development of a transformative technology like blockchain be guided by laws enacted in the mid-20th century? The financial markets are undergoing a seismic shift, and the regulatory framework must evolve accordingly. If the SEC prevails, crypto businesses will likely steer clear of the United States, rendering this a pyrrhic victory for the agency.

然而，一個更大的問題迫在眉睫：像區塊鏈這樣的變革性技術的發展是否應該受到 20 世紀中葉頒布的法律的指導？金融市場正在經歷一場巨變，監理框架必須隨之發展。如果美國證券交易委員會獲勝，加密貨幣企業可能會避開美國，這對該機構來說是一場代價高昂的勝利。

Question: What's at Stake for Ethereum?

問題：以太坊有什麼風險？

If the SEC classifies Ethereum as a security, it will face stringent regulatory requirements, including registration, disclosure, and compliance obligations. This designation could also spill over to decentralized finance (DeFi) platforms and other Ethereum-based projects, resulting in heightened regulatory scrutiny and legal challenges.

如果 SEC 將以太坊歸類為證券，它將面臨嚴格的監管要求，包括註冊、揭露和合規義務。這項指定也可能蔓延到去中心化金融（DeFi）平台和其他基於以太坊的項目，從而導致更嚴格的監管審查和法律挑戰。

Question: The "Final Battle" for Regulatory Supremacy

問題：監管霸權的“最後一戰”

Stakeholders are now bracing for what some are calling the "final battle" over the regulatory landscape governing digital assets. The outcome of the Ethereum investigation will shape the future of both Ethereum and the broader cryptocurrency market, as well as the treatment of digital assets under U.S. and international securities laws. Regardless of the outcome, the probe highlights the regulatory hurdles facing the crypto industry and the urgent need for clarity and uniformity in the legal framework.

利害關係人現在正準備迎接一些人所說的關於數位資產監管環境的「最後一戰」。以太坊調查的結果將影響以太坊和更廣泛的加密貨幣市場的未來，以及美國和國際證券法對數位資產的處理。無論結果如何，調查都凸顯了加密產業面臨的監管障礙以及法律框架清晰度和統一性的迫切需求。