美國證券交易委員會傳票調查提高了以太坊安全分類的風險

美國證券交易委員會（SEC）已對以太坊發起調查，並向參與以太坊基金會的公司發出傳票。美國證券交易委員會的調查重點是以太坊是否應被歸類為證券，這可能會對加密貨幣產業產生重大影響。以太坊作為證券的潛在分類引發了人們對其區塊鏈上的交易和項目功能進行更嚴格控制的擔憂。此外，調查對以太坊 ETF 現貨的批准產生了疑問。

SEC's Subpoena Probe Raises Stakes for Ethereum's Security Classification

美國證券交易委員會的傳票調查提高了以太坊安全分類的風險

The Securities and Exchange Commission's (SEC) recent issuance of subpoenas to various companies regarding their dealings with the Ethereum Foundation has ignited speculation that the regulatory body may classify Ethereum as a security. This potential reclassification could significantly impact the entire cryptocurrency industry.

美國證券交易委員會（SEC）最近向多家公司就其與以太坊基金會的交易發出傳票，引發了監管機構可能將以太坊歸類為證券的猜測。這種潛在的重新分類可能會對整個加密貨幣產業產生重大影響。

The Commodity vs. Security Distinction

商品與證券的區別

Currently, most cryptocurrencies are classified as commodities and fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC). However, the SEC contends that many cryptocurrencies, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), are in fact unregistered securities.

目前，大多數加密貨幣被歸類為商品，並受商品期貨交易委員會（CFTC）管轄。然而，美國證券交易委員會認為，包括 Solana (SOL)、Cardano (ADA) 和 Polygon (MATIC) 在內的許多加密貨幣實際上都是未註冊的證券。

The key distinction between commodities and securities lies in their purpose and the investor's role:

商品和證券之間的主要區別在於它們的目的和投資者的角色：

• Commodities: Tangible goods such as oil, gold, and wheat traded as futures contracts on commodity exchanges.
• Securities: Investment products like stocks, bonds, and mutual funds that investors can buy and sell through SEC-registered brokers.

If a product is deemed a security, it is subject to stricter regulations regarding the information it must disclose and the manner in which it can be bought and sold.

商品：有形商品，如石油、黃金和小麥，在商品交易所作為期貨合約進行交易。證券：投資產品，如股票、債券和共同基金，投資者可以透過美國證券交易委員會註冊的經紀人買賣。安全性方面，它受到關於必須披露的資訊以及買賣方式的更嚴格的規定。

Howey Test and Ethereum's Potential Status

豪伊測試和以太坊的潛力狀況

The SEC employs the Howey test to determine whether an investment contract qualifies as a security. The test states that an investment contract exists when there is (1) an investment of money (2) in a common enterprise (3) with a reasonable expectation of profits (4) to be derived from the efforts of others.

SEC 採用 Howey 測試來確定投資合約是否符合證券資格。該測試指出，當存在以下情況時，投資合約就存在：(1) 對普通企業進行金錢投資 (2) (3) 並合理預期利潤 (4) 從他人的努力中獲得。

While Bitcoin (BTC) is not considered a security due to its decentralized nature and anonymous founder, Ethereum presents a different case. Ethereum's figurehead, Vitalik Buterin, is well-known, and the Ethereum Foundation actively supports activity on the blockchain. This could potentially satisfy the "common enterprise" requirement.

雖然比特幣（BTC）由於其去中心化性質和匿名創始人而不被視為證券，但以太坊卻呈現出不同的情況。以太坊的傀儡 Vitalik Buterin 是眾所皆知的，以太坊基金會也積極支持區塊鏈上的活動。這可能會滿足「共同企業」的要求。

Furthermore, Ethereum's shift to a proof-of-stake (PoS) consensus mechanism has introduced staking rewards, potentially providing investors with a "reasonable expectation of profits." This could satisfy another Howey test requirement.

此外，以太坊向權益證明（PoS）共識機制的轉變引入了質押獎勵，有可能為投資者提供「合理的利潤預期」。這可以滿足另一個 Howey 測試要求。

Consequences of Security Classification

安全分類的後果

If Ethereum is classified as a security, it would have far-reaching consequences for the cryptocurrency industry in the United States:

如果以太坊被歸類為證券，將對美國的加密貨幣產業產生深遠的影響：

• Restricted Trading: Stricter regulations would govern the buying and selling of Ethereum, potentially making it more difficult for investors to engage in transactions.
• Impact on Ethereum Ecosystem: Many cryptocurrency projects and NFT markets rely on Ethereum's blockchain for gas fees and payments. It remains unclear how using a registered security to pay fees would be feasible.

Implications for Investors

交易受限：以太坊的買賣將受到更嚴格的監管，可能使投資者參與交易變得更加困難。對以太坊生態系統的影響：許多加密貨幣項目和NFT 市場依賴以太坊的區塊鏈來收取汽油費和支付費用。目前尚不清楚如何使用註冊證券來支付費用。對投資者的影響

Investors should be aware of the potential regulatory uncertainty surrounding Ethereum. Consider the following strategies:

投資者應該意識到圍繞以太坊的潛在監管不確定性。考慮以下策略：

• Long-Term Investors: Assess how potential regulatory changes align with your long-term investment thesis.
• Storage Preparations: In the event of trading restrictions, consider moving ETH to a self-controlled cryptocurrency wallet.
• Spot Ethereum ETFs: Pending SEC approval for a spot Ethereum ETF is unlikely given the current regulatory environment.

Conclusion

長期投資者：評估潛在的監管變化如何與您的長期投資主題一致。儲存準備：如果出現交易限制，請考慮將 ETH 轉移到自我控制的加密貨幣錢包中。現貨以太坊 ETF：等待 SEC 批准現貨考慮到當前的監管環境，以太坊ETF 不太可能出現。結論

The SEC's ongoing investigation of Ethereum is a reminder of the regulatory uncertainty surrounding cryptocurrencies. While it remains uncertain whether Ethereum will be classified as a security, investors should be prepared for potential fallout in the short and longer term. The biggest takeaway is that regulatory uncertainty underscores the inherent volatility of cryptocurrency investments.

美國證券交易委員會對以太坊正在進行的調查提醒人們，圍繞加密貨幣的監管存在不確定性。儘管以太坊是否會被歸類為證券仍不確定，但投資者應該為短期和長期的潛在影響做好準備。最大的收穫是監管的不確定性凸顯了加密貨幣投資的固有波動性。