以太坊在 SEC 打击中徘徊在安全指定的边缘

美国证券交易委员会正在调查是否将以太坊归类为证券，可能会使其受到更严格的交易监管。此举让人对以太坊 ETF 的批准产生怀疑，并引发了加密行业的担忧。美国证券交易委员会的审查是在以太坊向权益证明模式过渡之后进行的，促使人们重新考虑其地位。如果被归类为证券，以太坊可能会面临更多的文书工作和限制，从而影响零售交易商和参与其生态系统的公司。

Is Ethereum on the Brink of Becoming a Security?

以太坊正处于成为证券的边缘吗？

The SEC's recent actions have sent shockwaves through the crypto industry, raising questions about the future of Ethereum. With subpoenas flying left and right, the SEC appears to be intensifying its efforts to classify Ethereum as a security. This move could have far-reaching implications for the world's second-largest cryptocurrency.

美国证券交易委员会最近的行动给加密货币行业带来了冲击，引发了人们对以太坊未来的质疑。随着传票左右，美国证券交易委员会似乎正在加大力度将以太坊归类为证券。此举可能对世界第二大加密货币产生深远影响。

Why the SEC's Stance Matters

为什么 SEC 的立场很重要

If the SEC succeeds in labeling Ethereum a security, it could face a slew of stringent regulations. These could include increased paperwork, trading restrictions, and heightened scrutiny for companies involved with Ethereum. This could make it more difficult for retail traders to buy and sell Ethereum, and it could also add complexity to the operations of companies that use Ethereum's blockchain.

如果美国证券交易委员会成功将以太坊标记为证券，它可能会面临一系列严格的监管。这些可能包括增加文书工作、交易限制以及对涉及以太坊的公司加强审查。这可能会使零售交易者买卖以太坊变得更加困难，并且还可能增加使用以太坊区块链的公司运营的复杂性。

Ethereum's Transition to Proof-of-Stake

以太坊向权益证明的转变

The SEC's investigation into Ethereum gained momentum after the cryptocurrency's transition to a proof-of-stake governance model in September 2022. This shift away from Bitcoin's energy-intensive proof-of-work model has provided a new pretext for the SEC's scrutiny. The SEC is concerned that the proof-of-stake model gives coin holders too much control over the Ethereum blockchain, which could make it more akin to a security.

在 2022 年 9 月加密货币过渡到权益证明治理模式后，SEC 对以太坊的调查势头强劲。这种远离比特币能源密集型工作量证明模式的转变为 SEC 的审查提供了新的借口。美国证券交易委员会担心，股权证明模式让代币持有者对以太坊区块链拥有过多的控制权，这可能使其更类似于证券。

CFTC vs. SEC: A Clash of Regulators

CFTC 与 SEC：监管机构的冲突

The SEC's investigation has added complexity to Ethereum's regulatory status, given that the Commodities and Futures Trading Commission (CFTC) has already approved Ether ETFs. This has led to speculation that the SEC and CFTC may be on a collision course over the regulation of Ethereum.

鉴于商品和期货交易委员会（CFTC）已经批准了以太坊 ETF，美国证券交易委员会的调查增加了以太坊监管状况的复杂性。这引发了人们的猜测，即 SEC 和 CFTC 可能会在以太坊监管问题上发生冲突。

Industry Pushback

行业阻力

The crypto industry has reacted strongly to the SEC's actions, with many executives and experts expressing skepticism about the SEC's claims. Ripple CEO Brad Garlinghouse has accused the SEC of "losing badly in the courts" and "falling behind international counterparts" in its pursuit of Ethereum. Coinbase CLO Paul Grewal has argued that Ethereum's status as a commodity has long been established and that the SEC has no good reason to question it now.

加密行业对 SEC 的行动反应强烈，许多高管和专家对 SEC 的说法表示怀疑。 Ripple首席执行官布拉德·加林豪斯（Brad Garlinghouse）指责美国证券交易委员会（SEC）在追求以太坊的过程中“在法庭上惨败”并且“落后于国际同行”。 Coinbase CLO Paul Grewal 认为，以太坊作为商品的地位早已确立，SEC 现在没有充分的理由质疑它。

The SEC's Focus on Proof-of-Stake

SEC 关注权益证明

SEC Chairman Gary Gensler has indicated that the agency's focus on Ethereum stems from its proof-of-stake model. Gensler believes that the shift to proof-of-stake has made Ethereum more like a security because it gives coin holders more control over the blockchain.

美国证券交易委员会主席加里·詹斯勒表示，该机构对以太坊的关注源于其权益证明模式。 Gensler 认为，向权益证明的转变使以太坊更像是一种证券，因为它让代币持有者对区块链有更多的控制权。

The Potential Impact on Ether ETFs

对以太坊 ETF 的潜在影响

If the SEC classifies Ethereum as a security, it could further complicate the approval process for Ether ETFs. The SEC has already delayed its decision on Grayscale's Ethereum Futures Trust ETF, and it is unclear when or if it will ultimately approve any Ether ETFs.

如果美国证券交易委员会将以太坊归类为证券，则可能会使以太坊 ETF 的审批流程进一步复杂化。美国证券交易委员会已经推迟了对 Grayscale 的以太坊期货信托 ETF 的决定，目前尚不清楚何时或是否最终批准任何以太坊 ETF。

Delisting Concerns

退市担忧

If Ethereum is labeled a security, it could face delisting from cryptocurrency exchanges. This would make it more difficult for investors to buy and sell Ethereum, and it could also harm projects built on the Ethereum blockchain.

如果以太坊被标记为证券，它可能会面临从加密货币交易所退市的风险。这将使投资者买卖以太坊变得更加困难，并且还可能损害建立在以太坊区块链上的项目。

Conclusion

结论

The SEC's investigation into Ethereum is still ongoing, and it is unclear what the outcome will be. However, the agency's actions have sent a clear message that it is taking a more aggressive approach to regulating cryptocurrencies. The outcome of the SEC's investigation could have a major impact on the future of Ethereum and the entire crypto industry.

SEC 对以太坊的调查仍在进行中，目前尚不清楚结果会如何。然而，该机构的行动发出了一个明确的信息，即它正在采取更积极的方法来监管加密货币。美国证券交易委员会的调查结果可能会对以太坊和整个加密行业的未来产生重大影响。