美国证券交易委员会传票调查提高了以太坊安全分类的风险

美国证券交易委员会（SEC）已对以太坊发起调查，并向参与以太坊基金会的公司发出传票。美国证券交易委员会的调查重点是以太坊是否应被归类为证券，这可能会对加密货币行业产生重大影响。以太坊作为证券的潜在分类引发了人们对其区块链上的交易和项目功能进行更严格控制的担忧。此外，调查对以太坊 ETF 现货的批准产生了疑问。

SEC's Subpoena Probe Raises Stakes for Ethereum's Security Classification

美国证券交易委员会的传票调查提高了以太坊安全分类的风险

The Securities and Exchange Commission's (SEC) recent issuance of subpoenas to various companies regarding their dealings with the Ethereum Foundation has ignited speculation that the regulatory body may classify Ethereum as a security. This potential reclassification could significantly impact the entire cryptocurrency industry.

美国证券交易委员会（SEC）最近向多家公司就其与以太坊基金会的交易发出传票，引发了监管机构可能将以太坊归类为证券的猜测。这种潜在的重新分类可能会对整个加密货币行业产生重大影响。

The Commodity vs. Security Distinction

商品与证券的区别

Currently, most cryptocurrencies are classified as commodities and fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC). However, the SEC contends that many cryptocurrencies, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), are in fact unregistered securities.

目前，大多数加密货币被归类为商品，并受商品期货交易委员会（CFTC）管辖。然而，美国证券交易委员会认为，包括 Solana (SOL)、Cardano (ADA) 和 Polygon (MATIC) 在内的许多加密货币实际上都是未注册的证券。

The key distinction between commodities and securities lies in their purpose and the investor's role:

商品和证券之间的主要区别在于它们的目的和投资者的角色：

• Commodities: Tangible goods such as oil, gold, and wheat traded as futures contracts on commodity exchanges.
• Securities: Investment products like stocks, bonds, and mutual funds that investors can buy and sell through SEC-registered brokers.

If a product is deemed a security, it is subject to stricter regulations regarding the information it must disclose and the manner in which it can be bought and sold.

商品：有形商品，如石油、黄金和小麦，在商品交易所作为期货合约进行交易。证券：投资产品，如股票、债券和共同基金，投资者可以通过美国证券交易委员会注册的经纪人买卖。安全性方面，它受到关于必须披露的信息以及买卖方式的更严格的规定。

Howey Test and Ethereum's Potential Status

豪伊测试和以太坊的潜力状况

The SEC employs the Howey test to determine whether an investment contract qualifies as a security. The test states that an investment contract exists when there is (1) an investment of money (2) in a common enterprise (3) with a reasonable expectation of profits (4) to be derived from the efforts of others.

SEC 采用 Howey 测试来确定投资合同是否符合证券资格。该测试指出，当存在以下情况时，投资合同就存在：(1) 对普通企业进行金钱投资 (2) (3) 并合理预期利润 (4) 从他人的努力中获得。

While Bitcoin (BTC) is not considered a security due to its decentralized nature and anonymous founder, Ethereum presents a different case. Ethereum's figurehead, Vitalik Buterin, is well-known, and the Ethereum Foundation actively supports activity on the blockchain. This could potentially satisfy the "common enterprise" requirement.

虽然比特币（BTC）由于其去中心化性质和匿名创始人而不被视为证券，但以太坊却呈现出不同的情况。以太坊的傀儡 Vitalik Buterin 是众所周知的，以太坊基金会也积极支持区块链上的活动。这可能会满足“共同企业”的要求。

Furthermore, Ethereum's shift to a proof-of-stake (PoS) consensus mechanism has introduced staking rewards, potentially providing investors with a "reasonable expectation of profits." This could satisfy another Howey test requirement.

此外，以太坊向权益证明（PoS）共识机制的转变引入了质押奖励，有可能为投资者提供“合理的利润预期”。这可以满足另一个 Howey 测试要求。

Consequences of Security Classification

安全分类的后果

If Ethereum is classified as a security, it would have far-reaching consequences for the cryptocurrency industry in the United States:

如果以太坊被归类为证券，将对美国的加密货币行业产生深远的影响：

• Restricted Trading: Stricter regulations would govern the buying and selling of Ethereum, potentially making it more difficult for investors to engage in transactions.
• Impact on Ethereum Ecosystem: Many cryptocurrency projects and NFT markets rely on Ethereum's blockchain for gas fees and payments. It remains unclear how using a registered security to pay fees would be feasible.

Implications for Investors

交易受限：以太坊的买卖将受到更严格的监管，可能使投资者参与交易变得更加困难。 对以太坊生态系统的影响：许多加密货币项目和 NFT 市场依赖以太坊的区块链来收取汽油费和支付费用。目前尚不清楚如何使用注册证券来支付费用。对投资者的影响

Investors should be aware of the potential regulatory uncertainty surrounding Ethereum. Consider the following strategies:

投资者应该意识到围绕以太坊的潜在监​​管不确定性。考虑以下策略：

• Long-Term Investors: Assess how potential regulatory changes align with your long-term investment thesis.
• Storage Preparations: In the event of trading restrictions, consider moving ETH to a self-controlled cryptocurrency wallet.
• Spot Ethereum ETFs: Pending SEC approval for a spot Ethereum ETF is unlikely given the current regulatory environment.

Conclusion

长期投资者：评估潜在的监管变化如何与您的长期投资主题相一致。存储准备：如果出现交易限制，请考虑将 ETH 转移到自我控制的加密货币钱包中。现货以太坊 ETF：等待 SEC 批准现货考虑到当前的监管环境，以太坊 ETF 不太可能出现。结论

The SEC's ongoing investigation of Ethereum is a reminder of the regulatory uncertainty surrounding cryptocurrencies. While it remains uncertain whether Ethereum will be classified as a security, investors should be prepared for potential fallout in the short and longer term. The biggest takeaway is that regulatory uncertainty underscores the inherent volatility of cryptocurrency investments.

美国证券交易委员会对以太坊正在进行的调查提醒人们，围绕加密货币的监管存在不确定性。尽管以太坊是否会被归类为证券仍不确定，但投资者应该为短期和长期的潜在影响做好准备。最大的收获是监管的不确定性凸显了加密货币投资的固有波动性。