CFTC 和 SEC：加密貨幣之戰被視為安全代幣

CFTC是商品期貨交易委員會，是監管商品和defi期貨市場的美國政府機構

The President of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated on Thursday that he believes that most cryptocurrencies should not be classified as security tokens.

商品期貨交易委員會（CFTC）主席 Rostin Behnam 週四表示，他認為大多數加密貨幣不應被歸類為證券型代幣。

However, he also noted that Bitcoin and Ethereum should be considered commodities due to a court ruling, but this classification does not yet extend to the majority of altcoins.

不過，他也指出，由於法院裁決，比特幣和以太坊應被視為商品，但這種分類尚未擴展到大多數山寨幣。

The CFTC oversees the commodity and defi futures markets in the U.S., and in 2017, they authorized the stock market debut of the first futures on Bitcoin, which were later used to issue ETFs approved by the SEC.

CFTC 負責監管美國的商品和 DeFi 期貨市場，並於 2017 年授權首個比特幣期貨在股市上市，該期貨後來被用於發行 SEC 批准的 ETF。

The Securities and Exchange Commission (SEC) is responsible for securities and exchanges, and there has been an ongoing dispute between the two agencies over the regulation of the crypto market.

美國證券交易委員會（SEC）負責證券和交易所，兩個機構之間關於加密貨幣市場的監管一直存在爭議。

Given that Bitcoin and Ethereum are classified as commodities, the CFTC should handle their regulation. However, the SEC disagrees and rejected ETFs on BTC spot after approving them for Bitcoin futures.

鑑於比特幣和以太坊被歸類為商品，CFTC 應該對其進行監管。然而，美國證券交易委員會 (SEC) 不同意並在批准比特幣期貨 ETF 後拒絕了比特幣現貨 ETF。

After a court ruled that the rejection was illegitimate, the SEC finally caved and approved ETFs on Bitcoin spot in January.

在法院裁定拒絕不合法後，美國證券交易委員會最終屈服並在 1 月批准了比特幣現貨 ETF。

For Ethereum, the SEC approved ETFs in May, likely due to the court ruling that classifies Ethereum as a commodity.

對於以太坊，美國證券交易委員會 (SEC) 在 5 月批准了 ETF，這可能是由於法院裁決將以太坊歸類為商品。

It’s important to note that the reasoning about whether cryptocurrencies are commodities or securities cannot be generalized and must be applied individually to each cryptocurrency.

值得注意的是，關於加密貨幣是商品還是證券的推理不能一概而論，必須單獨應用於每種加密貨幣。

Therefore, it cannot be assumed that all cryptos similar to Bitcoin and Ethereum are commodities just because those two are. Each case needs to be analyzed separately.

因此，不能因為比特幣和以太坊是商品，就認為所有類似比特幣和以太坊的加密貨幣都是商品。每個案例都需要單獨分析。

For instance, in the case of XRP (the cryptocurrency of Ripple), a court ruled that its trades on secondary markets (the exchanges) cannot be considered investment contracts, so it is, in fact, to be considered a commodity in that case.

例如，就XRP（瑞波幣的加密貨幣）而言，法院裁定其在二級市場（交易所）上的交易不能被視為投資合約，因此在該案中它實際上應被視為商品。

But there is still an ongoing lawsuit by the SEC against Ripple, which is accused of initially issuing XRP on the primary market as a security token.

但 SEC 對 Ripple 的訴訟仍在進行中，該公司被指控最初在一級市場上發行 XRP 作為安全代幣。

In the financial realm, a security is a title issued by an issuer who is legally required to register it with the SEC before issuing it.

在金融領域，證券是發行人發行的一種所有權，法律要求發行人在發行前必須向 SEC 註冊。

The key point is that it is essentially a financial contract in which the issuer promises gains to the subscriber, but only in relation to activities carried out by the issuer itself, and not by the purchaser.

關鍵在於，它本質上是一種金融合同，其中發行人向認購者承諾收益，但僅限於發行人本身而不是購買者進行的活動。

So if someone sells investment contracts to investors who buy them with the sole purpose of making a profit thanks to the work of the seller, they are issuing a security, and they are required to be registered with the competent authority. If they are not registered, the security is considered unregistered, and therefore its sale is considered illegal.

因此，如果有人向投資者出售投資合同，而投資者購買這些合約的唯一目的是透過賣方的工作賺取利潤，那麼他們就發行了證券，並且需要在主管機關註冊。如果未註冊，則該證券被視為未註冊，因此其銷售被視為非法。

This reasoning applies not only to traditional financial products, but to any type of financial asset, including cryptocurrencies.

這種推理不僅適用於傳統金融產品，也適用於任何類型的金融資產，包括加密貨幣。

Therefore, if someone creates a cryptocurrency, or a token, which is sold in exchange for the promise of generating a profit for those who buy it, that cryptocurrency should be considered a security token.

因此，如果有人創建了一種加密貨幣或代幣，並出售該代幣以換取為購買者產生利潤的承諾，則該加密貨幣應被視為安全代幣。

The security token, being security in all respects, must be registered with the SEC in order to be lawfully sold on the U.S. financial markets.

證券型代幣在各方面都是證券，必須在 SEC 註冊才能在美國金融市場上合法出售。

Practically no cryptocurrency is registered with the SEC, except for very rare exceptions.

實際上，除了極少數例外，沒有加密貨幣在美國證券交易委員會註冊。

Exceptions are instead made for those cryptocurrencies that are not securities because they do not promise any profit.

相反，那些非證券的加密貨幣是例外，因為它們不承諾任何利潤。

BTC for example have never been sold by those who created or mined them as investment contracts, but only as assets whose market value is volatile. In other words, those who buy them do not receive a promise of profit.

例如，比特幣的創造者或開採者從未將其作為投資合約出售，而只是作為市場價值波動的資產。換句話說，購買它們的人並沒有收到利潤的承諾。

The same thing applies to ETH, even if in this case there is staking that promises gains. In theory, however, staking exists thanks to the activities carried out by those who own the tokens and deposit them on their own node. The discussion changes only for the so-called staking-as-a-service that many crypto exchanges, for example, do, which could fall under investment contracts.

同樣的情況也適用於 ETH，即使在這種情況下存在承諾收益的質押。然而，從理論上講，由於擁有代幣並將其存儲在自己的節點上的人所進行的活動，質押的存在。討論僅針對所謂的「質押即服務」而改變，例如許多加密貨幣交易所所做的，這可能屬於投資合約。

While on one hand the SEC for a long time has tried in vain to prove that Ethereum should be considered an unregistered security, the CFTC on the other hand has always maintained that both Bitcoin and Ethereum should be considered commodities.

一方面，美國證券交易委員會（SEC）長期以來一直試圖證明以太坊應被視為未註冊的證券，但徒勞無功；另一方面，美國商品期貨交易委員會（CFTC）始終堅持認為，比特幣和以太坊都應被視為商品。

From this point of view, yesterday’s words of President Behnam are not surprising: he merely reiterated that there is now even a court ruling that confirms it.

從這個角度來看，貝納姆總統昨天的言論並不令人意外：他只是重申，現在甚至有法院的裁決證實了這一點。

Instead, the CTFC had never really pronounced itself on altcoins.

相反，CTFC 從未在山寨幣上真正表明過自己的立場。

The SEC continues to consider almost all altcoins as securities, while the CFTC argues that most cryptos should not be considered as such.

SEC 繼續將幾乎所有山寨幣視為證券，而 CFTC 則認為大多數加密貨幣不應被視為證券。

Yesterday, during a hearing at the Senate Appropriations Committee, Behnam explicitly stated that he believes 70%-80% of all cryptocurrencies are non-security.

昨天，在參議院撥款委員會的聽證會上，Behnam 明確表示，他認為所有加密貨幣中 70%-80% 都是非安全性的。

Moreover, he said it explicitly, whereas SEC Chairman Gary Gensler has often made unclear statements about it.

而且，他說得很明確，而 SEC 主席加里·詹斯勒 (Gary Gensler) 卻經常對此發表含糊其辭的言論。

This on one hand intensifies the confrontation between SEC and CFTC, and the struggle to gain oversight of the crypto market, and on the other hand suggests that there is a 20% or 30% of tokens that should almost certainly be considered unregistered securities.

這一方面加劇了 SEC 和 CFTC 之間的對抗，以及獲得對加密貨幣市場監管的鬥爭，另一方面表明有 20% 或 30% 的代幣幾乎肯定應該被視為未註冊證券。