SEC 多方面以太坊调查：监管平衡还是 ETF 拒绝？

在不断升级的监管审查中，美国证券交易委员会对以太坊及其基础的调查提出了三种战略理论。该机构旨在安抚加密货币怀疑论者，并利用非相关性反对意见拒绝现货以太坊 ETF。此外，该调查可能为针对 Coinbase 和 Binance 的持续诉讼提供法律缓冲，使 SEC 能够在不损害其执法行动的情况下拒绝 ETF。

SEC's Multifaceted Ethereum Investigation: Balancing Regulatory Oversight with Market Dynamics

SEC 的多方面以太坊调查：平衡监管监督与市场动态

Amid heightened regulatory scrutiny, a prominent crypto lawyer has expounded on the intricate legal strategies underlying the SEC's ongoing investigation into Ethereum and its foundation. These insights emerge as the agency grapples with mounting pressure from lawmakers and market participants to delineate its stance on cryptocurrency regulation, particularly regarding the approval of Ethereum-based exchange-traded funds (ETFs).

在加强监管审查的情况下，一位著名的加密货币律师阐述了 SEC 对以太坊及其基础正在进行的调查背后的复杂法律策略。这些见解的出现正值该机构努力应对立法者和市场参与者日益增加的压力，要求其明确其对加密货币监管的立场，特别是在批准基于以太坊的交易所交易基金（ETF）方面。

Theory 1: Appeasement of Crypto Skeptics

理论一：安抚加密货币怀疑论者

One compelling theory suggests that the SEC is leveraging the investigation as a tactical maneuver to appease crypto skeptics who have relentlessly advocated for a more stringent regulatory approach. The agency has faced intense criticism from senators such as Jack Reed and Elizabeth Warren, who have vehemently opposed the approval of spot crypto ETFs. By initiating an investigation into Ethereum, the SEC may be signaling its willingness to address these concerns without jeopardizing its ongoing legal actions against major crypto exchanges.

一个令人信服的理论表明，美国证券交易委员会正在利用调查作为一种战术策略，以安抚那些坚持不懈主张采取更严格监管方法的加密货币怀疑论者。该机构面临杰克·里德和伊丽莎白·沃伦等参议员的强烈批评，他们强烈反对批准现货加密 ETF。通过启动对以太坊的调查，美国证券交易委员会可能会表明其愿意解决这些问题，而不会危及其针对主要加密货币交易所正在进行的法律行动。

Theory 2: Denying Spot Ethereum ETFs

理论 2：拒绝现货以太坊 ETF

Another theory gaining traction is that the SEC is strategically positioning itself to deny spot Ethereum ETFs. Correlation analysis, a key metric employed by the SEC to assess the viability of crypto ETPs, may no longer be a tenable argument. Crypto lawyer Scott Johnsson asserts that the SEC requires a "non-correlation objection" to reject spot ETH ETFs this year. However, correlation levels between spot and futures prices have historically improved over time, potentially rendering this argument moot.

另一个受到关注的理论是，美国证券交易委员会正在战略性地定位自己，拒绝现货以太坊 ETF。相关性分析是 SEC 用来评估加密货币 ETP 可行性的关键指标，但它可能不再是一个站得住脚的论点。加密货币律师 Scott Johnsson 声称，SEC 今年需要“非相关性反对”才能拒绝现货 ETH ETF。然而，现货价格和期货价格之间的相关性水平历来随着时间的推移而有所改善，这可能会使这一论点变得毫无意义。

Theory 3: Preserving Legal Arguments

理论 3：保留法律依据

Johnsson further posits that the investigation will enable the SEC to strike a delicate balance between denying spot Ethereum ETFs and safeguarding the arguments in its ongoing lawsuits against Coinbase and Binance. In June 2023, the SEC filed a complaint alleging that both exchanges offered unregistered securities, citing 19 specific tokens. Notably, ETH was not included in this list. SEC Chair Gary Gensler has remained evasive on the issue of ETH's security status, speculating that the agency may adopt a "soft approach" by pursuing an ongoing investigation rather than definitive enforcement action.

约翰逊进一步认为，调查将使 SEC 能够在拒绝现货以太坊 ETF 和维护其针对 Coinbase 和 Binance 的持续诉讼中的论点之间取得微妙的平衡。 2023 年 6 月，美国证券交易委员会 (SEC) 提起诉讼，指控两家交易所提供未注册的证券，并列举了 19 种特定代币。值得注意的是，ETH 并未包含在此列表中。 SEC 主席加里·詹斯勒 (Gary Gensler) 在 ETH 的安全状况问题上仍然闪烁其词，推测该机构可能会采取“软方法”，进行持续的调查，而不是采取明确的执法行动。

Industry Response and Congressional Scrutiny

行业反应和国会审查

The reported SEC probe has sparked a range of reactions within the crypto industry. Coinbase's chief legal officer, Paul Grewal, has vehemently refuted the notion that the SEC has legitimate grounds to deny ETH ETP applications. He emphasized the agency's previous endorsement of ETH's regulatory status.

据报道，美国证券交易委员会的调查在加密货币行业内引发了一系列反应。 Coinbase 首席法律官 Paul Grewal 强烈反驳了 SEC 有合法理由拒绝 ETH ETP 申请的观点。他强调了该机构此前对 ETH 监管地位的认可。

US Congressman Patrick McHenry has also expressed concern over the SEC's actions, emphasizing that Congress, not the SEC, has the authority to determine the agency's jurisdiction and budget. He cautioned Chair Gensler against overstepping his authority in this matter.

美国国会议员帕特里克·麦克亨利也对 SEC 的行为表示担忧，强调是国会，而不是 SEC，有权决定该机构的管辖权和预算。他警告詹斯勒主席不要在此事上越权。

Conclusion

结论

The SEC's multifaceted investigation into Ethereum and its foundation underscores the complex regulatory landscape surrounding cryptocurrencies. As the agency navigates the intersection of market dynamics and regulatory oversight, its decisions will have far-reaching implications for the crypto industry and investors alike. While the theories outlined above provide valuable insights into the SEC's strategic approach, the ultimate outcome of this investigation remains uncertain.

美国证券交易委员会对以太坊及其基金会的多方面调查凸显了围绕加密货币的复杂监管环境。随着该机构应对市场动态和监管监督的交叉点，其决策将对加密货币行业和投资者产生深远的影响。虽然上述理论为 SEC 的战略方法提供了宝贵的见解，但这项调查的最终结果仍然不确定。