德州公司挑戰 SEC 將 BEBA 代幣歸類為證券

Are BEBA Tokens Securities?

BEBA 代幣是證券嗎？

A Texas-based clothing company run by African immigrants, Beba, and the DeFi Education Fund are challenging the SEC's potential actions against Beba's recent airdrop of BEBA tokens. They argue that the tokens are not investment contracts and, therefore, not subject to securities regulations.

一家由非洲移民經營的德州服裝公司 Beba 和 DeFi 教育基金正在挑戰 SEC 針對 Beba 最近空投 BEBA 代幣的潛在行動。他們認為，代幣不是投資合約，因此不受證券法規的約束。

Howey Test Not Met

未滿足 Howey 測試

Beba contends that the airdrop does not meet the Howey test, which defines investment contracts as transactions involving the investment of money in a common enterprise with the expectation of profits from the efforts of others. Beba asserts that there is no common enterprise in the airdrop and that recipients did not take actions that involve meaningful consideration.

貝巴認為，空投不符合豪伊測試，該測試將投資合約定義為涉及將資金投資於共同企業並期望從他人的努力中獲得利潤的交易。貝巴聲稱，空投中沒有任何共同企業，接收者也沒有採取任何涉及有意義考慮的行動。

Customer Loyalty Program Comparison

客戶忠誠度計劃比較

Beba likens the airdrop to a customer loyalty program, where token holders receive a discount on purchases. They argue that this does not constitute a promise to increase the token's value.

Beba 將空投比作客戶忠誠度計劃，代幣持有者可以享受購買折扣。他們認為這並不構成增加代幣價值的承諾。

SEC's Authority in Question

SEC 的權威受到質疑

The suit also takes issue with the SEC's policies under Chair Gary Gensler, alleging violations of the Administrative Procedures Act (APA). The plaintiffs argue that the SEC has adopted a new unwritten policy that most digital assets are securities without following proper rulemaking procedures.

該訴訟也對主席 Gary Gensler 領導下的 SEC 政策提出質疑，指控其違反了《行政程序法》(APA)。原告辯稱，美國證券交易委員會採取了一項新的不成文政策，即大多數數位資產都是證券，而沒有遵循適當的規則制定程序。

APA Violations Claimed

聲稱違反 APA 規定

The suit seeks a declaratory judgment from the U.S. District Court for Western Texas that the SEC violated the APA in adopting this policy. It also demands that the court vacate the policy or prevent the SEC from enforcing it.

該訴訟尋求美國德克薩斯州西部地區法院做出宣告性判決，判定 SEC 採取這項政策違反了 APA。它還要求法院撤銷該政策或阻止 SEC 執行該政策。

Coinbase's Similar Argument

Coinbase 的類似論點

Coinbase has made similar arguments in its lawsuit against the SEC, claiming that the agency is violating the APA by failing to provide clear rules on digital asset regulation.

Coinbase 在針對 SEC 的訴訟中也提出了類似的論點，聲稱該機構未能就數位資產監管提供明確的規則，違反了 APA。

Legal Implications for DeFi

對 DeFi 的法律影響

The outcome of these cases will have significant implications for the DeFi industry. A ruling in favor of Beba and DeFi Education Fund could limit the SEC's ability to regulate airdrops and other digital asset transactions. Conversely, a ruling in favor of the SEC could result in increased enforcement actions against DeFi projects.

這些案件的結果將對 DeFi 產業產生重大影響。有利於 Beba 和 DeFi Education Fund 的裁決可能會限制 SEC 監管空投和其他數位資產交易的能力。相反，有利於 SEC 的裁決可能會導致針對 DeFi 項目的執法行動增加。

Uncertainty in Regulatory Landscape

監管環境的不確定性

The legal landscape surrounding digital assets remains uncertain. Until the courts provide more clarity, DeFi projects and investors alike will continue to navigate a complex and evolving regulatory environment.

圍繞數位資產的法律環境仍然不確定。在法院提供更多明確資訊之前，DeFi 專案和投資者都將繼續應對複雜且不斷變化的監管環境。