Consensys 就以太坊安全分类起诉 SEC

基于以太坊的软件公司 Consensys 已对 SEC 提起诉讼，质疑将 ETH 归类为未注册证券。 Consensys 根据前 SEC 主席 Hinman 2018 年的讲话，认为 ETH 的销售不应被视为证券交易。然而，据报道，SEC 认为 ETH 符合 Howey 测试中未注册证券的标准，并正在考虑对 Consensys 的 MetaMask 产品采取执法行动。作为回应，Consensys 战略性地在德克萨斯州北区提起诉讼，该地区以保守裁决和反对拜登政府政策而闻名。该诉讼凸显了 SEC 对 DeFi 领域日益严格的审查，Uniswap 和其他公司也收到了 Wells 的通知。

Consensys Files Lawsuit Challenging SEC's Classification of Ethereum as Security

Consensys 提起诉讼挑战 SEC 将以太坊归类为证券

Consensys Software Inc., a leading Ethereum-based software developer, has filed a lawsuit against the Securities and Exchange Commission (SEC), challenging the agency's imminent declaration of Ethereum (ETH) as an unregistered security. The complaint, filed in the U.S. District Court for the Northern District of Texas on April 25, alleges that the SEC is overstepping its authority and seeks protection from what Consensys deems "regulatory overreach."

Consensys Software Inc. 是一家领先的基于以太坊的软件开发商，已对美国证券交易委员会 (SEC) 提起诉讼，质疑该机构即将宣布以太坊 (ETH) 为未注册证券。该诉状于 4 月 25 日向美国德克萨斯州北区地方法院提起，指控 SEC 越权，并寻求保护，避免 Consensys 认为的“监管越权”。

ETH: Security or Not?

ETH：安全与否？

The crux of the complaint revolves around the SEC's alleged plan to regulate ETH as a security. Consensys strongly objects to this characterization, arguing that ETH does not meet the criteria for a security under the Howey test, a legal framework for determining whether an asset is an investment contract and thus a security.

投诉的核心围绕着 SEC 所谓的将 ETH 作为证券进行监管的计划。 Consensys 强烈反对这种定性，认为 ETH 不符合 Howey 测试下的证券标准，Howey 测试是确定资产是否是投资合约以及证券的法律框架。

The SEC's rationale for classifying ETH as a security reportedly stems from its belief that the token exhibits characteristics consistent with securities, such as its pre-launch distribution, centralized control, and dependence on a small group of insiders. However, Consensys vehemently refutes these claims, maintaining that ETH has long been recognized as a non-security by the SEC, the Commodity Futures Trading Commission (CFTC), and the public at large.

据报道，SEC 将 ETH 归类为证券的理由源于其认为该代币表现出与证券一致的特征，例如其预发行、集中控制以及对一小部分内部人士的依赖。然而，Consensys 强烈反驳了这些说法，坚称 ETH 长期以来一直被 SEC、商品期货交易委员会 (CFTC) 和广大公众视为非证券。

Hinman's Speech: A Pivotal Precedent?

欣曼的演讲：一个关键的先例？

Consensys's argument draws heavily on a speech delivered by William Hinman, Gensler's predecessor as SEC chairman, in June 2018. In that speech, Hinman posited the untested theory that "whether a digital asset offered as a security can, over time, become something other than a security." Based on this premise, Hinman declared that the "present state" of Ethereum meant that current offers and sales of ETH were not security transactions.

Consensys 的论点在很大程度上借鉴了 Gensler 的前任 SEC 主席 William Hinman 在 2018 年 6 月发表的演讲。在那次演讲中，Hinman 提出了一个未经检验的理论，即“作为证券提供的数字资产是否会随着时间的推移而变得不同于证券”。一个保安。”基于这个前提，Hinman 宣称以太坊的“现状”意味着 ETH 当前的报价和销售不是证券交易。

Consensys asserts that Hinman's speech established a precedent that the SEC is now attempting to overturn, unfairly targeting Ethereum investors who have relied on Hinman's assurances. However, legal experts argue that precedents can evolve over time, and that Hinman's speech does not preclude the SEC from reconsidering its position on ETH's classification.

Consensys 声称，Hinman 的讲话开创了一个先例，SEC 目前正试图推翻该先例，不公平地针对依赖 Hinman 保证的以太坊投资者。然而，法律专家认为，先例可能会随着时间的推移而演变，并且 Hinman 的讲话并不妨碍 SEC 重新考虑其对 ETH 分类的立场。

DeFi Under the Spotlight

聚光灯下的 DeFi

The Consensys lawsuit is particularly significant as it signals the SEC's increasing scrutiny of the decentralized finance (DeFi) sector. The complaint reveals that the SEC is investigating Consensys's MetaMask Swaps and MetaMask Staking products, alleging that they facilitate unregistered broker-dealer activities and the offer and sale of unregistered securities. This move follows the SEC's recent enforcement actions against several other DeFi projects, including ShapeShift and Kraken, for similar violations of securities laws.

Consensys 的诉讼尤为重要，因为它标志着 SEC 对去中心化金融（DeFi）领域的审查越来越严格。投诉显示，SEC 正在调查 Consensys 的 MetaMask Swaps 和 MetaMask Stake 产品，声称它们为未注册的经纪自营商活动以及未注册证券的发行和销售提供便利。在此之前，美国证券交易委员会 (SEC) 最近对其他几个 DeFi 项目（包括 ShapeShift 和 Kraken）采取了执法行动，原因是这些项目也违反了证券法。

A Strategic Lawsuit by Consensys?

Consensys 发起战略诉讼？

Consensys's decision to file a lawsuit before the SEC initiates enforcement actions is seen as a proactive strategy to influence the legal landscape in its favor. By invoking the Northern District of Texas, a jurisdiction known for its conservative rulings, Consensys hopes to secure an early favorable outcome. However, experts predict that the case will likely end up in the Supreme Court, which has the final say on legal interpretations.

Consensys 决定在 SEC 启动执法行动之前提起诉讼，这被视为一种主动策略，旨在影响有利于其的法律环境。通过援引以保守裁决闻名的德克萨斯州北区法院，Consensys 希望早日获得有利的结果。不过，专家预测，此案很可能最终会提交最高法院，最高法院对法律解释有最终决定权。

SEC's Stance: Solid Legal Foundation

SEC 的立场：坚实的法律基础

Despite Consensys's legal maneuvers, the SEC appears to have a solid legal basis for its position on ETH. The Supreme Court has consistently ruled that economic reality governs the classification of an asset as a security, regardless of its label or structure. Moreover, the SEC has successfully enforced securities laws against other digital assets that it deemed to be securities, such as Ripple's XRP.

尽管 Consensys 采取了法律手段，但 SEC 对其对 ETH 的立场似乎有坚实的法律依据。最高法院一贯裁定，经济现实决定了资产作为证券的分类，无论其标签或结构如何。此外，美国证券交易委员会还成功地针对其视为证券的其他数字资产（例如 Ripple 的 XRP）执行了证券法。

A Shifting Regulatory Landscape

不断变化的监管格局

The ongoing legal battle between Consensys and the SEC highlights the evolving regulatory landscape for digital assets. As the DeFi sector continues to grow and innovate, regulators worldwide are grappling with the challenges of applying existing laws to this new and rapidly changing field. The outcome of the Consensys lawsuit is likely to have a significant impact on the future of the Ethereum ecosystem and the entire DeFi industry.

Consensys 和 SEC 之间正在进行的法律斗争凸显了数字资产不断变化的监管环境。随着 DeFi 领域的不断发展和创新，世界各地的监管机构都在努力应对将现有法律应用于这个快速变化的新领域的挑战。 Consensys 诉讼的结果很可能对以太坊生态系统以及整个 DeFi 行业的未来产生重大影响。