Uniswap 实验室与 SEC 会面：仔细审查

Uniswap Labs 是以太坊上最大的去中心化交易平台的开发商，目前正面临美国证券交易委员会（SEC）可能采取的执法行动。

Uniswap Labs is facing a possible enforcement action from the US Securities and Exchange Commission (SEC) over its operation as an unregistered exchange and broker dealer.

Uniswap Labs 可能面临美国证券交易委员会 (SEC) 对其作为未注册交易所和经纪交易商的运营采取的执法行动。

However, the company is disputing the SEC’s claims, arguing that cryptocurrency tokens are just a file format with value and that the SEC would have to reinterpret the phrases “exchange,” “broker,” and “investment contract” in order to include their operations.

然而，该公司对 SEC 的说法提出异议，认为加密货币代币只是一种有价值的文件格式，SEC 必须重新解释“交易所”、“经纪人”和“投资合同”等短语，以便将其业务纳入其中。

If the SEC does decide to take enforcement action against Uniswap Labs, it would be a significant escalation in the government’s efforts to regulate the cryptocurrency industry.

如果 SEC 确实决定对 Uniswap Labs 采取执法行动，这将是政府监管加密货币行业努力的重大升级。

The SEC has already taken several actions against cryptocurrency exchanges and other companies in recent months, including filing charges against FTX founder Sam Bankman-Fried and ordering Kraken to stop offering its crypto staking-as-a-service program.

近几个月来，SEC 已经对加密货币交易所和其他公司采取了多项行动，包括对 FTX 创始人 Sam Bankman-Fried 提出指控，并命令 Kraken 停止提供其加密货币质押即服务计划。

However, the SEC’s authority over decentralised exchanges like Uniswap is less clear.

然而，SEC 对 Uniswap 等去中心化交易所的权限不太明确。

The SEC has maintained that decentralised exchanges are subject to its jurisdiction, but it has yet to take any direct enforcement actions against a DEX.

SEC 坚称去中心化交易所受其管辖，但尚未对 DEX 采取任何直接执法行动。

Uniswap Labs is arguing that its UNI tokens and LP tokens do not fit the standards of the Howey Test, a legal framework defining investment contracts.

Uniswap Labs 辩称，其 UNI 代币和 LP 代币不符合 Howey Test（定义投资合约的法律框架）的标准。

The company claims that LP tokens are not produced for investment motives, but rather serve as “bookkeeping devices” for tracking funds supplied to smart contracts.

该公司声称，LP代币不是出于投资动机而产生的，而是作为“记账设备”来跟踪提供给智能合约的资金。

According to the company’s 40-page response to the SEC, if the agency were to take this step, it would face several risks, including possible restrictions on the agency’s control over cryptocurrency tokens and the definition of an “exchange.”

根据该公司向 SEC 提交的长达 40 页的回应，如果该机构采取这一步骤，它将面临多种风险，包括该机构对加密货币代币的控制以及“交易所”的定义可能受到限制。

These arguments are likely to be tested in court if the SEC does decide to take enforcement action against Uniswap Labs.

如果 SEC 确实决定对 Uniswap Labs 采取执法行动，这些论点可能会在法庭上得到检验。

The outcome of the case could have a major impact on the future of cryptocurrency regulation in the United States.

该案的结果可能对美国加密货币监管的未来产生重大影响。