SEC 多面向以太坊調查：監管平衡還是 ETF 拒絕？

在不斷升級的監管審查中，美國證券交易委員會對以太坊及其基礎的調查提出了三種策略理論。該機構旨在安撫加密貨幣懷疑論者，並利用非相關性反對意見拒絕現貨以太坊 ETF。此外，該調查可能為針對 Coinbase 和 Binance 的持續訴訟提供法律緩衝，使 SEC 能夠在不損害其執法行動的情況下拒絕 ETF。

SEC's Multifaceted Ethereum Investigation: Balancing Regulatory Oversight with Market Dynamics

SEC 的多面向以太坊調查：平衡監管監督與市場動態

Amid heightened regulatory scrutiny, a prominent crypto lawyer has expounded on the intricate legal strategies underlying the SEC's ongoing investigation into Ethereum and its foundation. These insights emerge as the agency grapples with mounting pressure from lawmakers and market participants to delineate its stance on cryptocurrency regulation, particularly regarding the approval of Ethereum-based exchange-traded funds (ETFs).

在加強監管審查的情況下，一位著名的加密貨幣律師闡述了 SEC 對以太坊及其基礎正在進行的調查背後的複雜法律策略。這些見解的出現正值該機構努力應對立法者和市場參與者日益增加的壓力，要求其明確其對加密貨幣監管的立場，特別是在批准基於以太坊的交易所交易基金（ETF）方面。

Theory 1: Appeasement of Crypto Skeptics

理論一：安撫加密貨幣懷疑論者

One compelling theory suggests that the SEC is leveraging the investigation as a tactical maneuver to appease crypto skeptics who have relentlessly advocated for a more stringent regulatory approach. The agency has faced intense criticism from senators such as Jack Reed and Elizabeth Warren, who have vehemently opposed the approval of spot crypto ETFs. By initiating an investigation into Ethereum, the SEC may be signaling its willingness to address these concerns without jeopardizing its ongoing legal actions against major crypto exchanges.

一個令人信服的理論表明，美國證券交易委員會正在利用調查作為一種戰術策略，以安撫那些堅持不懈主張採取更嚴格監管方法的加密貨幣懷疑論者。該機構面臨傑克·里德和伊麗莎白·沃倫等參議員的強烈批評，他們強烈反對批准現貨加密 ETF。透過啟動對以太坊的調查，美國證券交易委員會可能會表明其願意解決這些問題，而不會危及其針對主要加密貨幣交易所正在進行的法律行動。

Theory 2: Denying Spot Ethereum ETFs

理論 2：拒絕現貨以太幣 ETF

Another theory gaining traction is that the SEC is strategically positioning itself to deny spot Ethereum ETFs. Correlation analysis, a key metric employed by the SEC to assess the viability of crypto ETPs, may no longer be a tenable argument. Crypto lawyer Scott Johnsson asserts that the SEC requires a "non-correlation objection" to reject spot ETH ETFs this year. However, correlation levels between spot and futures prices have historically improved over time, potentially rendering this argument moot.

另一個受到關注的理論是，美國證券交易委員會正在策略性地定位自己，拒絕現貨以太坊 ETF。相關性分析是 SEC 用來評估加密貨幣 ETP 可行性的關鍵指標，但它可能不再是站得住腳的論點。加密貨幣律師 Scott Johnsson 聲稱，SEC 今年需要「非相關性反對」才能拒絕現貨 ETH ETF。然而，現貨價格和期貨價格之間的相關性水平歷來隨著時間的推移而有所改善，這可能會使這一論點變得毫無意義。

Theory 3: Preserving Legal Arguments

理論 3：保留法律依據

Johnsson further posits that the investigation will enable the SEC to strike a delicate balance between denying spot Ethereum ETFs and safeguarding the arguments in its ongoing lawsuits against Coinbase and Binance. In June 2023, the SEC filed a complaint alleging that both exchanges offered unregistered securities, citing 19 specific tokens. Notably, ETH was not included in this list. SEC Chair Gary Gensler has remained evasive on the issue of ETH's security status, speculating that the agency may adopt a "soft approach" by pursuing an ongoing investigation rather than definitive enforcement action.

約翰遜進一步認為，調查將使 SEC 能夠在拒絕現貨以太坊 ETF 和維護其針對 Coinbase 和 Binance 的持續訴訟中的論點之間取得微妙的平衡。 2023 年 6 月，美國證券交易委員會 (SEC) 提起訴訟，指控兩家交易所提供未註冊的證券，並列舉了 19 種特定代幣。值得注意的是，ETH 並未包含在此列表中。 SEC 主席 Gary Gensler 在 ETH 的安全狀況問題上仍然閃爍其詞，推測該機構可能會採取“軟方法”，進行持續的調查，而不是採取明確的執法行動。

Industry Response and Congressional Scrutiny

產業反應和國會審查

The reported SEC probe has sparked a range of reactions within the crypto industry. Coinbase's chief legal officer, Paul Grewal, has vehemently refuted the notion that the SEC has legitimate grounds to deny ETH ETP applications. He emphasized the agency's previous endorsement of ETH's regulatory status.

據報道，美國證券交易委員會的調查在加密貨幣行業內引發了一系列反應。 Coinbase 首席法律長 Paul Grewal 強烈反駁了 SEC 有合法理由拒絕 ETH ETP 申請的觀點。他強調了該機構先前對 ETH 監管地位的認可。

US Congressman Patrick McHenry has also expressed concern over the SEC's actions, emphasizing that Congress, not the SEC, has the authority to determine the agency's jurisdiction and budget. He cautioned Chair Gensler against overstepping his authority in this matter.

美國國會議員帕特里克·麥克亨利也對 SEC 的行為表示擔憂，強調是國會，而不是 SEC，有權決定該機構的管轄權和預算。他警告詹斯勒主席不要在此事上越權。

Conclusion

結論

The SEC's multifaceted investigation into Ethereum and its foundation underscores the complex regulatory landscape surrounding cryptocurrencies. As the agency navigates the intersection of market dynamics and regulatory oversight, its decisions will have far-reaching implications for the crypto industry and investors alike. While the theories outlined above provide valuable insights into the SEC's strategic approach, the ultimate outcome of this investigation remains uncertain.

美國證券交易委員會對以太坊及其基金會的多方面調查凸顯了圍繞加密貨幣的複雜監管環境。隨著該機構應對市場動態和監管監督的交叉點，其決策將對加密貨幣產業和投資者產生深遠的影響。雖然上述理論為 SEC 的策略方法提供了寶貴的見解，但這項調查的最終結果仍不確定。