美国证券交易委员会关注未注册的安全索赔，以太坊的监管命运陷入困境

美国证券交易委员会及其主席加里·詹斯勒 (Gary Gensler) 认为，根据豪伊测试，以太坊 (ETH) 是一种“未注册的证券”，引发了对以太坊安全状况的调查。以太坊软件公司 ConsenSys 对 SEC 提起诉讼，指控其“非法”夺权。 SEC 的调查已经加强，ConsenSys 收到传票和 Wells 通知，表明可能对涉嫌充当未注册经纪交易商通过其 MetaMask 钱包提供 ETH 作为未注册证券的行为采取执法行动。

Ethereum's Uncertain Regulatory Status: SEC's Unregistered Security Claim Raises Concerns

以太坊监管状况不确定：美国证券交易委员会未注册的安全声明引发担忧

Newly unveiled court documents have ignited a storm of controversy within the cryptocurrency realm, shedding light on the United States Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler's, belief that Ethereum (ETH) constitutes an "unregistered security" under the Howey Test. This antiquated legal framework, long deemed obsolete by crypto advocates, has resurfaced as a potential regulatory tool for digital assets.

新公布的法庭文件在加密货币领域引发了一场争议风暴，揭示了美国证券交易委员会 (SEC) 及其主席加里·詹斯勒 (Gary Gensler) 的观点，认为以太坊 (ETH) 构成了 Howey 下的“未注册证券”测试。这种过时的法律框架长期以来被加密货币倡导者认为已经过时，但现在已重新成为数字资产的潜在监管工具。

As reported by Fox Business, the details emerged following Ethereum software company ConsenSys's filing of an unredacted complaint against the SEC.

据福克斯商业报道，以太坊软件公司 ConsenSys 向 SEC 提交未经编辑的投诉后，细节浮出水面。

SEC's Discrepancy in Ethereum Classification

SEC 对以太坊分类的差异

According to the court filings, the SEC's Division of Enforcement, under the direction of Gurbir Grewal, launched a formal investigation into Ethereum's status as a security on March 28, 2023. This investigation, codenamed "Ethereum 2.0," sought to scrutinize individuals and entities involved in buying and selling ETH tokens.

根据法庭文件，SEC 执法部门在 Gurbir Grewal 的指导下，于 2023 年 3 月 28 日对以太坊的证券地位发起了正式调查。这项代号为“以太坊 2.0”的调查旨在审查个人和实体参与买卖 ETH 代币。

Interestingly, the SEC's stance contradicts previous guidance provided under former SEC Chairman Jay Clayton. In June 2020, then-Director of Corporation Finance Bill Hinman declared that Ethereum and Bitcoin (BTC) were not considered securities. This announcement triggered a surge in ETH's price, signaling the market's positive reception to such a classification.

有趣的是，美国证券交易委员会的立场与美国证券交易委员会前主席杰伊克莱顿之前提供的指导相矛盾。 2020 年 6 月，时任公司财务总监 Bill Hinman 宣布以太坊和比特币 (BTC) 不被视为证券。这一消息引发了 ETH 价格的飙升，表明市场对这一分类的积极接受。

Proof-of-Stake Mechanism: A Regulatory Quandary

权益证明机制：监管困境

The SEC's investigation into Ethereum has reportedly been conducted under a shroud of secrecy, with subpoena recipients required to sign confidentiality agreements. The rationale behind this veil of secrecy remains enigmatic, but the implications for the crypto market could be far-reaching if Ethereum, with its market capitalization of approximately $400 billion, is designated as a security.

据报道，美国证券交易委员会对以太坊的调查是在保密的情况下进行的，传票接收者需要签署保密协议。这种神秘面纱背后的理由仍然是个谜，但如果市值约 4000 亿美元的以太坊被指定为一种证券，对加密货币市场的影响可能是深远的。

Even before his recent testimony, Chairman Gensler's reluctance to provide a definitive answer on Ethereum's regulatory status stirred unease within the crypto industry. Some analysts surmised that Ethereum's transition to a "proof-of-stake" consensus mechanism in September 2022, which involves validators staking their Ethereum holdings, made it more akin to a traditional security compared to Bitcoin's original "proof-of-work" mechanism. Gensler subtly alluded to this notion, suggesting that proof-of-stake tokens could potentially satisfy the criteria of the Howey Test.

甚至在他最近作证之前，主席 Gensler 就不愿就以太坊的监管状况提供明确的答案，这引起了加密行业的不安。一些分析师推测，以太坊于 2022 年 9 月过渡到“权益证明”共识机制，其中涉及验证者质押其持有的以太坊，这使得与比特币最初的“工作量证明”机制相比，它更类似于传统的证券。 Gensler 巧妙地提到了这一概念，暗示权益证明代币有可能满足 Howey 测试的标准。

ConsenSys's Legal Challenge to SEC

ConsenSys 对 SEC 的法律挑战

Software company ConsenSys, in response to the SEC's investigation, filed a lawsuit against the agency, alleging an "unlawful" power grab in its attempt to classify ETH as a security. ConsenSys's legal action sheds further light on the ongoing investigation.

软件公司 ConsenSys 作为对 SEC 调查的回应，对该机构提起诉讼，指控其试图将 ETH 归类为证券的行为“非法”攫取权力。 ConsenSys 的法律行动进一步揭示了正在进行的调查。

Over the past year, the SEC has issued multiple document requests to ConsenSys, seeking detailed information regarding its role in the transition to proof-of-stake, as well as its acquisitions, holdings, and sales of ETH.

在过去的一年里，SEC 向 ConsenSys 发出了多份文件请求，寻求有关其在向权益证明过渡中的作用以及其收购、持有和销售 ETH 的详细信息。

Furthermore, Fox Business's report suggests that the SEC may also scrutinize ETH sales preceding The Merge, dating back to 2018, as potential securities offerings.

此外，福克斯商业频道的报告表明，SEC 还可能将自 2018 年合并之前的 ETH 销售作为潜在的证券发行进行审查。

Intensifying Investigation and Market Repercussions

加大调查力度及市场反应

The investigation has escalated in recent weeks, with ConsenSys receiving additional document subpoenas and a Wells notice, indicating the SEC's intention to pursue enforcement actions against the firm for allegedly operating as an unregistered broker-dealer offering unregistered securities, including ETH, through its MetaMask wallet.

最近几周，调查不断升级，ConsenSys 收到了额外的文件传票和 Wells 通知，表明 SEC 打算对该公司采取执法行动，因为该公司涉嫌作为未注册的经纪自营商，通过其 MetaMask 钱包提供包括 ETH 在内的未注册证券。 。

Amidst this regulatory uncertainty, ETH's price has been on a downward trajectory, falling more than 4% in the last 24 hours alone, after several failed attempts to consolidate above the $3,200 price level.

在这种监管不确定性的情况下，ETH 的价格一直处于下行轨道，在多次试图巩固至 3,200 美元价格水平上方的尝试失败后，仅在过去 24 小时内就下跌了 4% 以上。

Conclusion

结论

The SEC's recent actions have thrown the regulatory status of Ethereum into turmoil. The agency's decision to apply the Howey Test, despite the crypto community's objections, has heightened concerns about the potential consequences for Ethereum and the broader cryptocurrency market.

美国证券交易委员会（SEC）最近的行动使以太坊的监管状况陷入混乱。尽管加密货币社区反对，该机构仍决定应用豪伊测试，这加剧了人们对以太坊和更广泛的加密货币市场潜在后果的担忧。

The ongoing investigation and looming enforcement actions have cast a shadow over the future of Ethereum and other similar digital assets. The outcome of ConsenSys's lawsuit and the SEC's eventual determination on Ethereum's status will undoubtedly shape the regulatory landscape for the foreseeable future.

正在进行的调查和迫在眉睫的执法行动给以太坊和其他类似数字资产的未来蒙上了阴影。 ConsenSys 诉讼的结果以及 SEC 对以太坊地位的最终决定无疑将在可预见的未来塑造监管格局。