SEC 即将对币安发起攻击。再次。

尽管 11 月的选举结果存在不确定性，但美国证券监管机构并未表现出放弃与违法“加密货币”运营商的斗争的迹象。

The United States Securities and Exchange Commission (SEC) continues to pursue legal action against major cryptocurrency exchanges and operators, despite the upcoming presidential election and its potential impact on the regulatory landscape.

尽管即将到来的总统选举及其对监管环境的潜在影响，美国证券交易委员会（SEC）仍在继续对主要加密货币交易所和运营商采取法律行动。

On Friday, October 16, the SEC filed a proposed amended complaint in its long-standing lawsuit against Binance Holdings, Binance.US, and Binance founder Changpeng "CZ" Zhao. The SEC filed its initial suit over a year ago, accusing the companies of selling unregistered securities, masking manipulative trading on Binance.US, and allowing U.S. customers to illegally access the Binance.com site.

10 月 16 日星期五，美国证券交易委员会 (SEC) 在其针对币安控股、Binance.US 和币安创始人赵长鹏“CZ”的长期诉讼中提出了拟议的修订起诉书。美国证券交易委员会在一年前提起首次诉讼，指控这些公司出售未注册的证券、掩盖 Binance.US 上的操纵性交易，并允许美国客户非法访问 Binance.com 网站。

The SEC alleged that Binance and CZ engaged in "an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law." The SEC provided a preview of the gist of the 201-page amended complaint last month, seeking to “address the factual pleading deficiencies” in the June 28 ruling by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia and to “further address certain defense arguments challenging the SEC’s claims.”

美国证券交易委员会指控币安和 CZ 参与了“广泛的欺骗、利益冲突、缺乏披露和蓄意规避法律的网络”。美国证券交易委员会上个月预览了这份长达 201 页的修订后申诉的要点，旨在“解决美国哥伦比亚特区地方法院法官艾米·伯曼·杰克逊 (Amy Berman Jackson) 6 月 28 日裁决中的事实诉状缺陷”，并“进一步解决挑战 SEC 主张的某些辩护论点。”

That June ruling saw Berman decline Binance's motion to dismiss the bulk of the SEC's charges, although she did dismiss the charge that Binance's role in the (now defunct) BUSD stablecoin partnership with Paxos Trust represented an investment contract between the exchange and its customers.

6 月份的裁决中，Berman 拒绝了币安提出的驳回 SEC 大部分指控的动议，尽管她确实驳回了币安在与 Paxos Trust 的 BUSD 稳定币合作（现已解散）中所扮演的角色代表了交易所与其客户之间的投资合同的指控。

Berman also partially dismissed charges related to Binance's initial coin offering (ICO) of its in-house BNB token and the post-ICO ‘secondary’ sales of BNB to customers on exchanges. Regarding the latter charge, Berman cited a different federal court’s ruling that ‘secondary’ sales of Ripple Labs' XRP token on exchanges didn't violate securities law.

Berman 还部分驳回了币安对其内部 BNB 代币进行首次代币发行 (ICO) 以及 ICO 后在交易所向客户进行“二次”销售的指控。关于后一项指控，伯曼引用了另一家联邦法院的裁决，即在交易所“二次”销售 Ripple Labs 的 XRP 代币并不违反证券法。

In response, the SEC's amended complaint builds on its original ICO references by adding the phrase “initial exchange offerings” (IEO). This is described as “typically, the initial distributions of the crypto asset by the issuer or promoter to investors using trading platforms as the primary means of distributions.” The SEC singles out Binance's Launchpad, “a program Binance explicitly designed for issuers to engage directly in capital-raising distributions of their crypto assets” via the exchange.

作为回应，SEC 修改后的投诉在其原始 ICO 参考内容的基础上添加了“首次交易所发行”(IEO) 一词。这被描述为“通常是发行人或发起人使用交易平台作为主要分配手段向投资者分配加密资产。”美国证券交易委员会特别指出了币安的 Launchpad，“币安明确为发行人设计的一个程序，旨在通过交易所直接参与其加密资产的融资分配”。

The SEC notes that as recently as September 5, Binance's website describes its prominent role in the IEO process, letting token-issuing projects focus on development “while we handle the marketing and exposure to our user base.” The SEC argues that the tokens' presence on Binance leads buyers “to reasonably expect profits from the expanded presence of the crypto assets on trading platforms.”

美国证券交易委员会指出，就在 9 月 5 日，币安网站描述了其在 IEO 流程中的重要作用，让代币发行项目专注于开发，“而我们负责营销和向用户群的曝光”。美国证券交易委员会认为，这些代币在币安上的存在导致买家“合理地期望从交易平台上加密资产的扩大存在中获利”。

The SEC hasn't given up on labeling BNB a security, as the amended complaint included a lengthy new section on Binance's efforts to promote and sell BNB both to its staff and outsiders, as well as its promotion of Binance's role in boosting BNB's value. Binance also offered BNB to staff as “an elective form of salary payment,” which the SEC claims Binance promoted as the equivalent of stock options and an investment in the exchange's future.

SEC 并没有放弃将 BNB 标记为证券，因为修改后的投诉包括一个冗长的新章节，内容涉及币安向其员工和外部人士推广和销售 BNB 的努力，以及对币安在提升 BNB 价值方面的作用的宣传。币安还向员工提供 BNB 作为“一种选择性的工资支付形式”，SEC 称币安将其推广为相当于股票期权和对交易所未来的投资。

The SEC also seeks to revive the dismissed charge against Binance's Simple Earn program, in which customers ‘lent’ tokens to Binance in exchange for simple interest. Berman's June ruling said the SEC failed to demonstrate that customers understood the interest came from Binance's “managerial or entrepreneurial efforts.”

美国证券交易委员会还寻求恢复针对币安 Simple Earn 计划的已被驳回的指控，该计划中客户将代币“借给”币安以换取单利。伯曼 6 月份的裁决称，美国证券交易委员会未能证明客户理解币安的“管理或创业努力”带来的兴趣。

In response, the SEC notes how Binance promoted Simple Earn as ‘passive investing’ that allowed a “hands-off approach to managing their portfolios.” Binance told Earn customers that their assets would be pooled with others' assets, with Binance deciding how those assets are deployed.

作为回应，美国证券交易委员会指出，币安如何将 Simple Earn 推广为“被动投资”，允许“不干涉的方式来管理其投资组合”。币安告诉 Earn 客户，他们的资产将与其他人的资产合并，由币安决定如何部署这些资产。

Following Berman's partial dismissal of the BNB charge in June, a hearing was held in July in which SEC and Binance attorneys debated whether 10 other tokens—ADA, ALGO, ATOM, AXS, COTI, FIL, MANA, MATIC, SAND, and SOL—cited in the SEC's original complaint were still part of the suit. The amended complaint retains references to all 10 tokens and cites details on how the tokens were promoted by Binance on its platforms.

继 Berman 在 6 月份部分驳回 BNB 指控后，7 月份举行了一次听证会，SEC 和币安律师就其他 10 种代币（ADA、ALGO、ATOM、AXS、COTI、FIL、MANA、MATIC、SAND 和 SOL）是否存在争议进行了辩论。 SEC 最初投诉中引用的内容仍然是诉讼的一部分。修改后的投诉保留了对所有 10 个代币的引用，并引用了币安如何在其平台上推广这些代币的详细信息。

“Statements and activity by the crypto asset issuers and promoters, as amplified and reinforced by Defendants as alleged herein, have led investors reasonably to expect profits based on the managerial or entrepreneurial efforts of others.” The SEC claims this expectation exists regardless of whether investors acquired the token via “initial token distributions” (including IEOs on Binance), though “issuer direct or indirect sales” including via market makers, or in “secondary market resales” on Binance.

“正如本文所称，被告放大和强化了加密资产发行人和发起人的声明和活动，导致投资者合理地预期基于其他人的管理或创业努力的利润。” SEC 声称，无论投资者是否通过“初始代币分配”（包括币安上的 IEO）、通过“发行人直接或间接销售”（包括通过做市商）或币安上的“二级市场转售”获得代币，这种预期都存在。

However, the amended complaint expunges the “crypto asset securities” language that has annoyed some judges overseeing other SEC v crypto suits, which the SEC has acknowledged can be problematic. The SEC now uses the phrase “crypto assets that were offered or sold as securities,” with ‘securities’ encompassing “the full set of contracts, expectations, and understandings centered on the sales and distribution” of an asset (as defined by the Howey test).

然而，修改后的起诉书删除了“加密资产证券”的措辞，该措辞惹恼了一些负责监管其他 SEC 诉加密诉讼的法官，SEC 承认这可能存在问题。美国证券交易委员会现在使用“作为证券提供或出售的加密资产”这一短语，其中“证券”涵盖资产的“以销售和分配为中心的全套合同、期望和理解”（按照 Howey 的定义）测试）。

To

到