DeFi 教育基金和 Beba 就代币空投和规则制定向 SEC 提起诉讼

DeFi 教育基金和时尚品牌 Beba 已对 SEC 提起诉讼，质疑该机构将其 $BEBA 代币空投归类为证券。原告辩称，根据豪伊测试，空投不构成投资合同，并且美国证券交易委员会未能就其数字资产一般是证券的认定提供公告和评论，违反了《行政程序法》。该诉讼凸显了美国证券交易委员会和加密行业之间在数字资产监管方面持续存在的紧张关系。

SEC Faces Lawsuit Over $BEBA Token Airdrop and Rulemaking Process

SEC 因 $BEBA 代币空投和规则制定流程面临诉讼

In a bold move to challenge the Securities and Exchange Commission's (SEC) authority over digital assets, the DeFi Education Fund and clothing company Beba have filed a lawsuit in a Texas district court. The plaintiffs allege that the SEC's labeling of $BEBA tokens as securities is arbitrary and violates the Administrative Procedure Act (APA).

为了挑战美国证券交易委员会 (SEC) 对数字资产的权威，DeFi 教育基金和服装公司 Beba 向德克萨斯州地方法院提起诉讼。原告指控 SEC 将 $BEBA 代币标记为证券是任意的，并且违反了《行政程序法》(APA)。

Token Airdrops and the Howey Test

代币空投和 Howey 测试

The SEC has previously used the Howey test, a legal precedent established in 1946, to determine whether an asset qualifies as an investment contract and, thus, a security. Under the Howey test, an investment contract involves an investment of money in a joint enterprise with a reasonable expectation of profits derived from the efforts of others.

SEC 此前曾使用 Howey 测试（1946 年制定的法律先例）来确定某项资产是否符合投资合同的资格，从而确定是否符合证券的资格。根据豪伊测试，投资合同涉及将资金投资于一家合资企业，并合理预期从他人的努力中获得利润。

The DeFi Education Fund and Beba contend that $BEBA token airdrops do not meet the criteria of the Howey test. They argue that the tokens are not offered as investments, there is no joint enterprise between the company and token recipients, and there is no reasonable expectation of profits based on the efforts of others.

DeFi 教育基金和 Beba 认为 $BEBA 代币空投不符合 Howey 测试的标准。他们认为，代币不是作为投资提供的，公司和代币接收者之间不存在合资企业，也没有基于他人努力的合理利润预期。

Violation of the APA

违反 APA

The lawsuit also alleges that the SEC violated the APA in its determination that most digital assets are securities. The APA requires federal agencies to follow a transparent rulemaking process that includes soliciting public input. The plaintiffs argue that the SEC failed to provide proper notice and opportunity for comment on its policy, depriving the digital assets industry and the public of their right to participate in the decision-making process.

该诉讼还指控 SEC 判定大多数数字资产为证券的行为违反了 APA。 APA 要求联邦机构遵循透明的规则制定流程，其中包括征求公众意见。原告辩称，SEC未能提供适当的通知和对其政策发表评论的机会，剥夺了数字资产行业和公众参与决策过程的权利。

SEC's Enforcement Campaign

SEC 的执法行动

The SEC's recent enforcement actions against companies using digital assets have drawn criticism from the crypto industry, which accuses the agency of overreach and a lack of clear regulatory guidance. Monday's lawsuit marks the second time in recent weeks that the industry has sued the SEC, following a similar suit filed by digital asset company LEJILEX in February.

美国证券交易委员会最近针对使用数字资产的公司采取的执法行动引起了加密货币行业的批评，该机构指责该机构过度扩张且缺乏明确的监管指导。继数字资产公司 LEJILEX 在 2 月份提起类似诉讼后，周一的诉讼标志着近几周该行业第二次起诉 SEC。

Industry Implications

行业影响

The outcome of this lawsuit could have significant implications for the regulation of digital assets. If the court rules in favor of the plaintiffs, it would establish a precedent that token airdrops and other decentralized technologies are not automatically classified as securities. This would provide greater regulatory clarity for businesses and investors in the crypto space.

该诉讼的结果可能会对数字资产的监管产生重大影响。如果法院做出有利于原告的裁决，这将开创一个先例，即代币空投和其他去中心化技术不会自动归类为证券。这将为加密货币领域的企业和投资者提供更大的监管透明度。

SEC Response

美国证券交易委员会的回应

The SEC has not yet publicly responded to the lawsuit. It has 60 days to file a response, after which the court will schedule a hearing to consider the arguments presented by both parties. The outcome of the lawsuit is likely to be closely watched by the crypto industry and regulators alike.

SEC 尚未公开回应该诉讼。它有 60 天的时间提交答复，之后法院将安排听证会考虑双方提出的论点。该诉讼的结果可能会受到加密货币行业和监管机构的密切关注。

Disclosure:

披露：

The Block, which reported on this lawsuit, is an independent media outlet that provides news, research, and data on the crypto industry. While Foresight Ventures, an investor in The Block, also invests in companies in the crypto space, The Block operates independently and strives to provide objective and impactful information about the industry.

报道这起诉讼的 The Block 是一家独立媒体机构，提供有关加密行业的新闻、研究和数据。虽然 The Block 的投资者 Foresight Ventures 也投资加密货币领域的公司，但 The Block 独立运营，并努力提供有关该行业的客观且有影响力的信息。