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Are BEBA Tokens Securities?
BEBA 代币是证券吗?
A Texas-based clothing company run by African immigrants, Beba, and the DeFi Education Fund are challenging the SEC's potential actions against Beba's recent airdrop of BEBA tokens. They argue that the tokens are not investment contracts and, therefore, not subject to securities regulations.
一家由非洲移民经营的德克萨斯州服装公司 Beba 和 DeFi 教育基金正在挑战 SEC 针对 Beba 最近空投 BEBA 代币的潜在行动。他们认为,代币不是投资合约,因此不受证券法规的约束。
Howey Test Not Met
未满足 Howey 测试
Beba contends that the airdrop does not meet the Howey test, which defines investment contracts as transactions involving the investment of money in a common enterprise with the expectation of profits from the efforts of others. Beba asserts that there is no common enterprise in the airdrop and that recipients did not take actions that involve meaningful consideration.
贝巴认为,空投不符合豪伊测试,该测试将投资合同定义为涉及将资金投资于一个共同企业并期望从他人的努力中获得利润的交易。贝巴声称,空投中没有任何共同企业,接收者也没有采取任何涉及有意义考虑的行动。
Customer Loyalty Program Comparison
客户忠诚度计划比较
Beba likens the airdrop to a customer loyalty program, where token holders receive a discount on purchases. They argue that this does not constitute a promise to increase the token's value.
Beba 将空投比作客户忠诚度计划,代币持有者可以享受购买折扣。他们认为这并不构成增加代币价值的承诺。
SEC's Authority in Question
SEC 的权威受到质疑
The suit also takes issue with the SEC's policies under Chair Gary Gensler, alleging violations of the Administrative Procedures Act (APA). The plaintiffs argue that the SEC has adopted a new unwritten policy that most digital assets are securities without following proper rulemaking procedures.
该诉讼还对主席 Gary Gensler 领导下的 SEC 政策提出质疑,指控其违反了《行政程序法》(APA)。原告辩称,美国证券交易委员会采取了一项新的不成文政策,即大多数数字资产都是证券,而没有遵循适当的规则制定程序。
APA Violations Claimed
声称违反 APA 规定
The suit seeks a declaratory judgment from the U.S. District Court for Western Texas that the SEC violated the APA in adopting this policy. It also demands that the court vacate the policy or prevent the SEC from enforcing it.
该诉讼寻求美国德克萨斯州西部地区法院做出宣告性判决,判定 SEC 采取这一政策违反了 APA。它还要求法院撤销该政策或阻止 SEC 执行该政策。
Coinbase's Similar Argument
Coinbase 的类似论点
Coinbase has made similar arguments in its lawsuit against the SEC, claiming that the agency is violating the APA by failing to provide clear rules on digital asset regulation.
Coinbase 在针对 SEC 的诉讼中也提出了类似的论点,声称该机构未能就数字资产监管提供明确的规则,从而违反了 APA。
Legal Implications for DeFi
对 DeFi 的法律影响
The outcome of these cases will have significant implications for the DeFi industry. A ruling in favor of Beba and DeFi Education Fund could limit the SEC's ability to regulate airdrops and other digital asset transactions. Conversely, a ruling in favor of the SEC could result in increased enforcement actions against DeFi projects.
这些案件的结果将对 DeFi 行业产生重大影响。有利于 Beba 和 DeFi Education Fund 的裁决可能会限制 SEC 监管空投和其他数字资产交易的能力。相反,有利于 SEC 的裁决可能会导致针对 DeFi 项目的执法行动增加。
Uncertainty in Regulatory Landscape
监管环境的不确定性
The legal landscape surrounding digital assets remains uncertain. Until the courts provide more clarity, DeFi projects and investors alike will continue to navigate a complex and evolving regulatory environment.
围绕数字资产的法律环境仍然不确定。在法院提供更多明确信息之前,DeFi 项目和投资者都将继续应对复杂且不断变化的监管环境。
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