美国证券交易委员会长达一年的秘密调查敲响了警钟：以太坊是证券吗？

据以太坊软件开发商 Consensys 提交的法庭文件显示，自 2023 年 3 月以来，美国证券交易委员会 (SEC) 已将以太坊视为未注册的证券。 Consensys 起诉了 SEC，坚称以太坊不是证券，促使对其地位进行正式调查。

SEC's Stealthy Year-Long Probe into Ethereum as a Security Raises Concerns

美国证券交易委员会对以太坊安全性长达一年的秘密调查引发了担忧

The United States Securities and Exchange Commission (SEC), tasked with regulating the securities industry, has been covertly investigating Ethereum as an unregistered security for at least a year, a startling revelation that has emerged from court filings. This covert investigation has cast a long shadow over the cryptocurrency market, raising concerns about the SEC's overreach and the potential implications for the future of Ethereum.

负责监管证券行业的美国证券交易委员会（SEC）已经对以太坊作为未注册证券进行秘密调查至少一年了，法庭文件中披露的这一消息令人震惊。这项秘密调查给加密货币市场蒙上了很长的阴影，引发了人们对 SEC 过度干预以及对以太坊未来潜在影响的担忧。

Consensys' Lawsuit Triggers Exposure

Consensys 诉讼引发曝光

The SEC's hidden agenda came to light in court documents filed by Consensys, a prominent Ethereum software development company. Facing an SEC investigation, Consensys filed a lawsuit last week, challenging the SEC's authority to regulate Ethereum and asserting that the cryptocurrency is not a security.

SEC 的隐藏议程在著名以太坊软件开发公司 Consensys 提交的法庭文件中曝光。面对 SEC 的调查，Consensys 上周提起诉讼，挑战 SEC 监管以太坊的权力，并声称加密货币不是证券。

The SEC's Stealthy Investigation

美国证券交易委员会的秘密调查

According to the court filings, the SEC's Enforcement Division has been scrutinizing Ethereum since March 2023, with a specific focus on the upcoming Ethereum 2.0 upgrade. The SEC alleges that there may have been illegal "offers and sales" of Ethereum since 2018, the year when then-SEC Corporation Finance Director Bill Hinman publicly declared Ethereum to be a security. Former SEC Chair Jay Clayton also expressed similar views, while the Commodity Futures Trading Commission (CFTC) classified Ethereum as a commodity.

根据法庭文件，SEC 执法部门自 2023 年 3 月以来一直在审查以太坊，特别关注即将到来的以太坊 2.0 升级。 SEC 声称，自 2018 年以来，以太坊可能存在非法“要约和销售”，当时的 SEC 公司财务总监 Bill Hinman 当年公开宣布以太坊是一种证券。前 SEC 主席 Jay Clayton 也表达了类似的观点，而商品期货交易委员会（CFTC）则将以太坊归类为商品。

Divisions Within the SEC

SEC 内部部门

Despite these earlier pronouncements, the SEC's internal divisions have been grappling with Ethereum's status. In 2023, Gurbir Grewal, head of the SEC's Division of Enforcement, authorized a formal investigation into Ethereum, greenlighting enforcement staff to issue subpoenas and gather evidence.

尽管有这些早期声明，美国证券交易委员会的内部分歧一直在努力应对以太坊的地位。 2023 年，SEC 执法部门负责人 Gurbir Grewal 授权对以太坊进行正式调查，批准执法人员发出传票并收集证据。

Implications for Ethereum ETFs

对以太坊 ETF 的影响

The SEC's clandestine investigation has thrown a wrench into the works for market experts who had anticipated the approval of spot Ethereum Exchange-Traded Funds (ETFs) in May. The SEC's negative stance on Ethereum's status as a security could derail these ETF applications.

美国证券交易委员会的秘密调查给市场专家的工作带来了麻烦，他们原本预计以太坊交易所交易基金 (ETF) 现货将在 5 月份获得批准。美国证券交易委员会对以太坊作为证券的地位的负面立场可能会破坏这些 ETF 申请。

Consensys Accuses SEC of Overreach

Consensys 指责 SEC 越权

Consensys, in its lawsuit, has accused the SEC of regulatory overreach. The company argues that the SEC is attempting to regulate Ethereum despite the cryptocurrency meeting the definition of a commodity under the Howey Test, a legal precedent used to determine whether a transaction qualifies as an investment contract and therefore a security.

Consensys 在诉讼中指责 SEC 监管过度。该公司辩称，尽管加密货币符合 Howey Test 下的商品定义，但 SEC 仍试图对以太坊进行监管。Howey Test 是一项法律先例，用于确定交易是否符合投资合约的资格，从而确定是否属于证券。

Uncertainty and Fear in the Crypto Market

加密市场的不确定性和恐惧

The SEC's covert investigation has sent shockwaves through the cryptocurrency market. Investors are grappling with uncertainty and fear, unsure of how the SEC's actions will impact the value of Ethereum and the future of cryptocurrencies in general.

美国证券交易委员会的秘密调查在加密货币市场引起了震动。投资者正在努力应对不确定性和恐惧，不确定 SEC 的行动将如何影响以太坊的价值和加密货币的未来。

Legal Battle Brewing

法律战酝酿

The Consensys lawsuit sets the stage for a major legal battle between the SEC and the cryptocurrency industry. The outcome of this case will have significant implications not only for Ethereum but for the entire cryptocurrency market.

Consensys 诉讼为 SEC 和加密货币行业之间的重大法律战奠定了基础。此案的结果不仅对以太坊而且对整个加密货币市场都将产生重大影响。

As the legal saga unfolds, the cryptocurrency community watches with bated breath, hoping for clarity amidst the confusion and fear. The SEC's secretive investigation has raised fundamental questions about the regulation of cryptocurrencies and the future of this burgeoning industry.

随着法律传奇的展开，加密货币社区屏息以待，希望在混乱和恐惧中得到澄清。美国证券交易委员会的秘密调查对加密货币的监管和这个新兴行业的未来提出了根本性问题。