美國證券交易委員會長達一年的秘密調查敲響了警鐘：以太坊是證券嗎？

根據以太坊軟體開發商 Consensys 提交的法庭文件顯示，自 2023 年 3 月以來，美國證券交易委員會 (SEC) 已將以太坊視為未註冊的證券。 Consensys 起訴了 SEC，堅稱以太幣不是證券，促使對其地位進行正式調查。

SEC's Stealthy Year-Long Probe into Ethereum as a Security Raises Concerns

美國證券交易委員會對以太坊安全性長達一年的秘密調查引發了擔憂

The United States Securities and Exchange Commission (SEC), tasked with regulating the securities industry, has been covertly investigating Ethereum as an unregistered security for at least a year, a startling revelation that has emerged from court filings. This covert investigation has cast a long shadow over the cryptocurrency market, raising concerns about the SEC's overreach and the potential implications for the future of Ethereum.

負責監管證券業的美國證券交易委員會（SEC）已經對以太坊作為未註冊證券進行秘密調查至少一年了，法庭文件中披露的這一消息令人震驚。這項秘密調查給加密貨幣市場蒙上了很長的陰影，引發了人們對 SEC 過度幹預以及對以太坊未來潛在影響的擔憂。

Consensys' Lawsuit Triggers Exposure

Consensys 訴訟引發曝光

The SEC's hidden agenda came to light in court documents filed by Consensys, a prominent Ethereum software development company. Facing an SEC investigation, Consensys filed a lawsuit last week, challenging the SEC's authority to regulate Ethereum and asserting that the cryptocurrency is not a security.

SEC 的隱藏議程在著名以太坊軟體開發公司 Consensys 提交的法庭文件中曝光。面對 SEC 的調查，Consensys 上週提起訴訟，挑戰 SEC 監管以太坊的權力，並聲稱加密貨幣不是證券。

The SEC's Stealthy Investigation

美國證券交易委員會的秘密調查

According to the court filings, the SEC's Enforcement Division has been scrutinizing Ethereum since March 2023, with a specific focus on the upcoming Ethereum 2.0 upgrade. The SEC alleges that there may have been illegal "offers and sales" of Ethereum since 2018, the year when then-SEC Corporation Finance Director Bill Hinman publicly declared Ethereum to be a security. Former SEC Chair Jay Clayton also expressed similar views, while the Commodity Futures Trading Commission (CFTC) classified Ethereum as a commodity.

根據法庭文件，SEC 執法部門自 2023 年 3 月以來一直在審查以太坊，特別關注即將到來的以太坊 2.0 升級。 SEC 聲稱，自 2018 年以來，以太坊可能存在非法“要約和銷售”，當時的 SEC 公司財務總監 Bill Hinman 當年公開宣布以太坊是一種證券。前 SEC 主席 Jay Clayton 也表達了類似的觀點，而商品期貨交易委員會（CFTC）則將以太坊歸類為商品。

Divisions Within the SEC

SEC 內部部門

Despite these earlier pronouncements, the SEC's internal divisions have been grappling with Ethereum's status. In 2023, Gurbir Grewal, head of the SEC's Division of Enforcement, authorized a formal investigation into Ethereum, greenlighting enforcement staff to issue subpoenas and gather evidence.

儘管有這些早期聲明，美國證券交易委員會的內部分歧一直在努力應對以太坊的地位。 2023 年，SEC 執法部門負責人 Gurbir Grewal 授權對以太坊進行正式調查，批准執法人員發出傳票並收集證據。

Implications for Ethereum ETFs

對以太坊 ETF 的影響

The SEC's clandestine investigation has thrown a wrench into the works for market experts who had anticipated the approval of spot Ethereum Exchange-Traded Funds (ETFs) in May. The SEC's negative stance on Ethereum's status as a security could derail these ETF applications.

美國證券交易委員會的秘密調查給市場專家的工作帶來了麻煩，他們原本預計以太坊交易所交易基金 (ETF) 現貨將在 5 月獲得批准。美國證券交易委員會對以太坊作為證券的地位的負面立場可能會破壞這些 ETF 申請。

Consensys Accuses SEC of Overreach

Consensys 指責 SEC 越權

Consensys, in its lawsuit, has accused the SEC of regulatory overreach. The company argues that the SEC is attempting to regulate Ethereum despite the cryptocurrency meeting the definition of a commodity under the Howey Test, a legal precedent used to determine whether a transaction qualifies as an investment contract and therefore a security.

Consensys 在訴訟中指責 SEC 監管過度。該公司辯稱，儘管加密貨幣符合Howey Test 下的商品定義，但SEC 仍試圖對以太坊進行監管。 Howey Test 是一項法律先例，用於確定交易是否符合投資合約的資格，從而確定是否屬於證券。

Uncertainty and Fear in the Crypto Market

加密市場的不確定性和恐懼

The SEC's covert investigation has sent shockwaves through the cryptocurrency market. Investors are grappling with uncertainty and fear, unsure of how the SEC's actions will impact the value of Ethereum and the future of cryptocurrencies in general.

美國證券交易委員會的秘密調查在加密貨幣市場引起了震動。投資者正在努力應對不確定性和恐懼，不確定 SEC 的行動將如何影響以太坊的價值和加密貨幣的未來。

Legal Battle Brewing

法律戰醞釀

The Consensys lawsuit sets the stage for a major legal battle between the SEC and the cryptocurrency industry. The outcome of this case will have significant implications not only for Ethereum but for the entire cryptocurrency market.

Consensys 訴訟為 SEC 和加密貨幣行業之間的重大法律戰奠定了基礎。此案的結果不僅對以太坊而且對整個加密貨幣市場都將產生重大影響。

As the legal saga unfolds, the cryptocurrency community watches with bated breath, hoping for clarity amidst the confusion and fear. The SEC's secretive investigation has raised fundamental questions about the regulation of cryptocurrencies and the future of this burgeoning industry.

隨著法律傳奇的展開，加密貨幣社群屏息以待，希望在混亂和恐懼中得到澄清。美國證券交易委員會的秘密調查對加密貨幣的監管和這個新興產業的未來提出了根本性問題。