Consensys 就以太幣安全分類起訴 SEC

基於以太坊的軟體公司 Consensys 已對 SEC 提起訴訟，質疑將 ETH 歸類為未註冊證券。 Consensys 根據前 SEC 主席 Hinman 2018 年的講話，認為 ETH 的銷售不應被視為證券交易。然而，據報道，SEC 認為 ETH 符合 Howey 測試中未註冊證券的標準，並正在考慮對 Consensys 的 MetaMask 產品採取執法行動。作為回應，Consensys 策略性地在德州北區提起訴訟，該地區以保守裁決和反對拜登政府政策而聞名。該訴訟凸顯了 SEC 對 DeFi 領域日益嚴格的審查，Uniswap 和其他公司也收到了 Wells 的通知。

Consensys Files Lawsuit Challenging SEC's Classification of Ethereum as Security

Consensys 提起訴訟挑戰 SEC 將以太幣歸類為證券

Consensys Software Inc., a leading Ethereum-based software developer, has filed a lawsuit against the Securities and Exchange Commission (SEC), challenging the agency's imminent declaration of Ethereum (ETH) as an unregistered security. The complaint, filed in the U.S. District Court for the Northern District of Texas on April 25, alleges that the SEC is overstepping its authority and seeks protection from what Consensys deems "regulatory overreach."

Consensys Software Inc. 是一家領先的基於以太坊的軟體開發商，已對美國證券交易委員會 (SEC) 提起訴訟，質疑該機構即將宣布以太坊 (ETH) 為未註冊證券。該訴狀於 4 月 25 日向美國德克薩斯州北區地方法院提起，指控 SEC 越權，並尋求保護，避免 Consensys 認為的「監管越權」。

ETH: Security or Not?

ETH：安全與否？

The crux of the complaint revolves around the SEC's alleged plan to regulate ETH as a security. Consensys strongly objects to this characterization, arguing that ETH does not meet the criteria for a security under the Howey test, a legal framework for determining whether an asset is an investment contract and thus a security.

投訴的核心圍繞著 SEC 所謂的將 ETH 作為證券進行監管的計劃。 Consensys 強烈反對這種定性，認為 ETH 不符合 Howey 測試下的證券標準，Howey 測試是確定資產是否是投資合約以及證券的法律框架。

The SEC's rationale for classifying ETH as a security reportedly stems from its belief that the token exhibits characteristics consistent with securities, such as its pre-launch distribution, centralized control, and dependence on a small group of insiders. However, Consensys vehemently refutes these claims, maintaining that ETH has long been recognized as a non-security by the SEC, the Commodity Futures Trading Commission (CFTC), and the public at large.

據報道，SEC 將 ETH 歸類為證券的理由源於其認為該代幣表現出與證券一致的特徵，例如其預發行、集中控制以及對一小部分內部人士的依賴。然而，Consensys 強烈反駁了這些說法，堅稱 ETH 長期以來一直被 SEC、商品期貨交易委員會 (CFTC) 和廣大公眾視為非證券。

Hinman's Speech: A Pivotal Precedent?

欣曼的演講：一個關鍵的先例？

Consensys's argument draws heavily on a speech delivered by William Hinman, Gensler's predecessor as SEC chairman, in June 2018. In that speech, Hinman posited the untested theory that "whether a digital asset offered as a security can, over time, become something other than a security." Based on this premise, Hinman declared that the "present state" of Ethereum meant that current offers and sales of ETH were not security transactions.

Consensys 的論點在很大程度上借鑒了Gensler 的前任SEC 主席William Hinman 在2018 年6 月發表的演講。是否會隨著時間的推移而變得不同於證券”。一個保安。”基於這個前提，Hinman 宣稱以太坊的「現狀」意味著 ETH 目前的報價和銷售不是證券交易。

Consensys asserts that Hinman's speech established a precedent that the SEC is now attempting to overturn, unfairly targeting Ethereum investors who have relied on Hinman's assurances. However, legal experts argue that precedents can evolve over time, and that Hinman's speech does not preclude the SEC from reconsidering its position on ETH's classification.

Consensys 聲稱，Hinman 的演講開創了一個先例，SEC 目前正試圖推翻該先例，不公平地針對依賴 Hinman 保證的以太坊投資者。然而，法律專家認為，先例可能會隨著時間的推移而演變，而 Hinman 的演講並不妨礙 SEC 重新考慮其對 ETH 分類的立場。

DeFi Under the Spotlight

聚光燈下的 DeFi

The Consensys lawsuit is particularly significant as it signals the SEC's increasing scrutiny of the decentralized finance (DeFi) sector. The complaint reveals that the SEC is investigating Consensys's MetaMask Swaps and MetaMask Staking products, alleging that they facilitate unregistered broker-dealer activities and the offer and sale of unregistered securities. This move follows the SEC's recent enforcement actions against several other DeFi projects, including ShapeShift and Kraken, for similar violations of securities laws.

Consensys 的訴訟尤其重要，因為它標誌著 SEC 對去中心化金融（DeFi）領域的審查越來越嚴格。投訴顯示，SEC 正在調查 Consensys 的 MetaMask Swaps 和 MetaMask Stake 產品，聲稱它們為未註冊的經紀自營商活動以及未註冊證券的發行和銷售提供便利。在此之前，美國證券交易委員會 (SEC) 最近對其他幾個 DeFi 項目（包括 ShapeShift 和 Kraken）採取了執法行動，因為這些項目也違反了證券法。

A Strategic Lawsuit by Consensys?

Consensys 發起策略訴訟？

Consensys's decision to file a lawsuit before the SEC initiates enforcement actions is seen as a proactive strategy to influence the legal landscape in its favor. By invoking the Northern District of Texas, a jurisdiction known for its conservative rulings, Consensys hopes to secure an early favorable outcome. However, experts predict that the case will likely end up in the Supreme Court, which has the final say on legal interpretations.

Consensys 決定在 SEC 啟動執法行動之前提起訴訟，這被視為一種主動策略，旨在影響有利於其的法律環境。透過引用以保守裁決聞名的德州北區法院，Consensys 希望早日獲得有利的結果。不過，專家預測，此案很可能最終會提交最高法院，最高法院對法律解釋有最終決定權。

SEC's Stance: Solid Legal Foundation

SEC 的立場：堅實的法律基礎

Despite Consensys's legal maneuvers, the SEC appears to have a solid legal basis for its position on ETH. The Supreme Court has consistently ruled that economic reality governs the classification of an asset as a security, regardless of its label or structure. Moreover, the SEC has successfully enforced securities laws against other digital assets that it deemed to be securities, such as Ripple's XRP.

儘管 Consensys 採取了法律手段，但 SEC 對其對 ETH 的立場似乎有堅實的法律依據。最高法院一貫裁定，經濟現實決定了資產作為證券的分類，無論其標籤或結構為何。此外，美國證券交易委員會也成功地針對其視為證券的其他數位資產（例如 Ripple 的 XRP）執行了證券法。

A Shifting Regulatory Landscape

不斷變化的監管格局

The ongoing legal battle between Consensys and the SEC highlights the evolving regulatory landscape for digital assets. As the DeFi sector continues to grow and innovate, regulators worldwide are grappling with the challenges of applying existing laws to this new and rapidly changing field. The outcome of the Consensys lawsuit is likely to have a significant impact on the future of the Ethereum ecosystem and the entire DeFi industry.

Consensys 和 SEC 之間正在進行的法律鬥爭凸顯了數位資產不斷變化的監管環境。隨著 DeFi 領域的不斷發展和創新，世界各地的監管機構都在努力應對將現有法律應用於這個快速變化的新領域的挑戰。 Consensys 訴訟的結果很可能對以太坊生態系統以及整個 DeFi 產業的未來產生重大影響。