Coinbase CLO 表示 SEC 没有理由因安全状况担忧而拒绝以太坊 ETF

Coinbase 首席法务官 Paul Grewal 敦促 SEC 不要以捏造理由质疑以太坊现货 ETF 的非安全状态来拒绝其申请。 Grewal 强调了 SEC、CFTC 和联邦法院长期以来将以太坊归类为商品。他认为以太坊不符合豪伊测试的标准，并且合并升级不会改变其非安全状态。 Grewal 声称 SEC 没有理由基于 ETH 的监管地位拒绝 ETF 申请。

Coinbase CLO Decries SEC's Potential Shift on Ethereum's Security Status

Coinbase CLO 谴责 SEC 对以太坊安全状态的潜在转变

In a recent statement, Coinbase's Chief Legal Officer (CLO) Paul Grewal has vehemently opposed the possibility of the Securities and Exchange Commission (SEC) reclassifying Ethereum (ETH) as a security, expressing concern that such a move would jeopardize the approval of multiple Ethereum spot exchange-traded funds (ETFs).

在最近的一份声明中，Coinbase 首席法务官 (CLO) Paul Grewal 强烈反对美国证券交易委员会 (SEC) 将以太坊 (ETH) 重新归类为证券的可能性，并表示担心此举将危及多个以太坊的批准。现货交易所交易基金（ETF）。

SEC's Reported ETH Security Probe Raises Concerns

SEC 报告的 ETH 安全调查引发担忧

The crypto industry was recently rocked by a report from Fortune alleging that the SEC is conducting a legal investigation into Ethereum's regulatory status, with a potential outcome of categorizing it as a security. While the SEC has not officially confirmed or denied this report, it has fueled apprehension among crypto enthusiasts who fear the implications for Ethereum ETFs.

最近，《财富》杂志的一份报告震惊了加密货币行业，该报告称 SEC 正在对以太坊的监管状况进行法律调查，可能的结果是将其归类为证券。尽管 SEC 尚未正式确认或否认该报告，但它加剧了加密货币爱好者的担忧，他们担心以太坊 ETF 受到影响。

SEC's Past Stance on Ethereum's Non-Security Status

SEC 过去对以太坊非安全状态的立场

Grewal emphasized that the SEC has consistently maintained that Ethereum is a commodity, a position that has enabled millions of Americans to invest in the cryptocurrency since its inception in 2015. He cited statements from former SEC Director Bill Hinman and current SEC Chairman Gary Gensler explicitly declaring Ethereum as a non-security.

Grewal 强调，SEC 一直认为以太坊是一种商品，自 2015 年推出以来，这一立场使数百万美国人能够投资加密货币。他引用了前 SEC 主任 Bill Hinman 和现任 SEC 主席 Gary Gensler 的声明，明确宣称以太坊作为非证券。

Furthermore, Grewal highlighted the SEC's own lawyers' comparison of ETH to Bitcoin in the ongoing lawsuit against Ripple. Notably, both the Commodity Futures Trading Commission (CFTC) and the SEC have recognized Bitcoin as a commodity, not a security.

此外，Grewal 还强调了 SEC 自己的律师在针对 Ripple 的持续诉讼中对 ETH 与比特币的比较。值得注意的是，商品期货交易委员会（CFTC）和美国证券交易委员会都承认比特币是一种商品，而不是一种证券。

Ethereum's Failure to Meet Howey Test Criteria

以太坊未能满足 Howey 测试标准

Grewal asserted that Ethereum does not meet all the criteria of the Howey Test, a long-standing legal framework used to determine whether an asset constitutes a security. Specifically, he argued that Ethereum does not involve a contractual obligation related to a business enterprise. Additionally, he dismissed the notion that the implementation of the Merge upgrade, which transitioned Ethereum to a Proof-of-Stake (PoS) consensus mechanism, automatically renders it a security.

Grewal 断言，以太坊不符合 Howey Test 的所有标准，Howey Test 是一个长期存在的法律框架，用于确定资产是否构成证券。具体来说，他认为以太坊不涉及与企业相关的合同义务。此外，他驳斥了这样一种观点，即合并升级的实施将以太坊转变为权益证明（PoS）共识机制，自动使其成为一种证券。

Coinbase CLO Urges SEC to Maintain Consistent Approach

Coinbase CLO 敦促 SEC 保持一致的做法

Based on these factors, Grewal implored the SEC to uphold its previous stance on Ethereum's non-security status. He expressed hope that the SEC would not resort to fabricating reasons to question Ethereum's regulatory classification, which he characterized as a violation of due process.

基于这些因素，Grewal 恳求 SEC 维持之前对以太坊非安全地位的立场。他表示希望美国证券交易委员会不要捏造理由来质疑以太坊的监管分类，他将其描述为违反正当程序。

In a pointed tweet, Grewal stated, "The SEC has no good reason to deny the ETH ETP applications. And we hope they won't try to invent one by questioning the long-established regulatory status of ETH, which the SEC has repeatedly endorsed. That's not how the law works. And Americans deserve better."

Grewal 在一条尖锐的推文中表示，“SEC 没有充分的理由拒绝 ETH ETP 申请。我们希望他们不要试图通过质疑 ETH 的长期监管地位来发明一个 ETP 申请，SEC 已多次认可这一点。” ……法律不是这样运作的。美国人应该得到更好的待遇。”

Implications for Ethereum Spot ETFs

对以太坊现货 ETF 的影响

The potential reclassification of Ethereum as a security could significantly hinder the approval of Ethereum spot ETFs. Several asset managers, including BlackRock and Fidelity Investments, have filed applications to launch such funds, and some experts had predicted that the SEC might approve at least one filing by May. However, the reports of the SEC's ETH security probe have cast doubt on the likelihood of this occurring.

以太坊可能被重新分类为证券，这可能会严重阻碍以太坊现货 ETF 的批准。包括贝莱德 (BlackRock) 和富达投资 (Fidelity Investments) 在内的多家资产管理公司已提交推出此类基金的申请，一些专家预测 SEC 可能会在 5 月份之前批准至少一份申请。然而，SEC 的 ETH 安全调查报告对这种情况发生的可能性产生了怀疑。

Industry Reaction and Legal Implications

行业反应和法律影响

Grewal's statement has garnered support from the crypto community, which shares his concerns about the potential negative impact on Ethereum ETFs. Legal experts have also weighed in, noting that the SEC's decision on Ethereum's regulatory status will have far-reaching implications for the broader crypto industry.

Grewal 的声明得到了加密社区的支持，加密社区与他一样担心以太坊 ETF 的潜在负面影响。法律专家也发表了意见，指出美国证券交易委员会对以太坊监管地位的决定将对更广泛的加密行业产生深远影响。

The outcome of the SEC's investigation and the fate of Ethereum spot ETFs remain uncertain. However, Grewal's forceful defense of Ethereum's non-security status underscores the importance of regulatory clarity and the concerns surrounding the SEC's potential shift in stance on this matter.

美国证券交易委员会的调查结果以及以太坊现货 ETF 的命运仍然不确定。然而，Grewal 对以太坊非安全地位的有力辩护强调了监管清晰度的重要性以及围绕 SEC 在此问题上可能立场转变的担忧。