以太坊基金會正接受 SEC 以太幣分類調查

On Feb. 26, 2024, a discreet modification appeared on the Ethereum Foundation website. 

2024 年 2 月 26 日，以太坊基金會網站上出現了一項謹慎的修改。

The footer of the website and the website’s warrant canary were deleted according to a GitHub commit, which stated: “This commit removes a section of the footer as we have received a voluntary enquiry from a state authority that included a requirement for confidentiality.”

根據GitHub 的一份承諾，該網站的頁腳和網站的權證金絲雀已被刪除，其中指出：「此承諾刪除了頁腳的一部分，因為我們收到了州當局的自願詢問，其中包括保密要求。”

A warrant canary is usually some form of text or visual element — in the case of the Ethereum Foundation, a yellow bird — which some companies include on their websites to indicate they’ve never been served with a government subpoena or document request.

權證金絲雀通常是某種形式的文本或視覺元素——在以太坊基金會的例子中，是一隻黃色的鳥——一些公司將其添加到其網站上，以表明他們從未收到過政府傳票或文件請求。

If a government agency does request information, the company may remove the text, implicitly suggesting to visitors that it has received a subpoena. 

如果政府機構確實要求提供訊息，該公司可能會刪除該文本，暗示訪客已收到傳票。

The Ethereum Foundation removed this key section, indicating that the foundation is indeed under a confidential investigation. Due to the confidentiality clause, the Ethereum Foundation cannot offer further details.

以太坊基金會刪除了這個關鍵部分，表明基金會確實正在接受保密調查。由於保密條款，以太坊基金會無法提供更多細節。

Citing anonymous tips, Fortune reported that the United States Securities and Exchange Commission (SEC) was opening a probe into the foundation as part of a campaign to classify Ethereum’s underlying asset, Ether (ETH), as a commodity.

《財星》雜誌引述匿名消息指出，美國證券交易委員會（SEC）正在對該基金會展開調查，作為將以太坊基礎資產以太幣（ETH）歸類為商品活動的一部分。

The reported inquiry couldn’t have come at a worse time, as the May deadlines for SEC approval of Ether exchange-traded funds (ETFs) approach.

由於美國證券交易委員會 (SEC) 批准 ETH 交易所交易基金 (ETF) 的 5 月最後期限即將到來，所報告的調查來得正是時候。

While the debate about whether Ether is a security has been going on for several years, doubts are now beginning to emerge.

雖然關於以太幣是否是一種證券的爭論已經持續了好幾年，但現在開始出現疑慮。

Why would the SEC investigate the Ethereum Foundation almost 10 years after its launch? Does the SEC have jurisdiction over an organization based in Switzerland? Will the upcoming spot Ether ETF be delayed due to this action? Most importantly, what would happen to Ethereum and the crypto market if it is classified as a security?

為什麼 SEC 在以太坊基金會成立近 10 年後還要調查？ SEC 對瑞士的組織有管轄權嗎？即將推出的現貨以太ETF是否會因為這項行動而被推遲？最重要的是，如果以太幣和加密貨幣市場被歸類為證券，會發生什麼事？

Is the Ethereum Foundation actually under SEC investigation?

The Ethereum Foundation cannot provide further details due to a confidential clause.

以太坊基金會實際上正在接受 SEC 調查嗎？由於保密條款，以太坊基金會無法提供更多細節。

While the Ethereum Foundation has received an inquiry from a state authority, this doesn’t mean the organization is the subject of investigation.

雖然以太坊基金會已收到國家當局的質詢，但這並不意味著該組織成為調查對象。

Carol Goforth, professor at the University of Arkansas School of Law specializing in business associations and securities regulation, explained the relevance of this detail to Cointelegraph:

以太坊 Reddit 頁面上發布的 2015 年權證金絲雀的先前版本。資料來源：Reddit 阿肯色大學法學院專門研究商業協會和證券監管的教授 Carol Goforth 解釋了這一細節與 Cointelegraph 的相關性：

“If we assume the foundation is not the subject of the investigation, the SEC’s power to mandate cooperation may be limited.”

The SEC may believe that the Ethereum Foundation has information that could help the commission in a different investigation, for example.

「如果我們假設該基金會不是調查的對象，那麼美國證券交易委員會強制合作的權力可能會受到限制。」例如，美國證券交易委員會可能認為以太坊基金會掌握的資訊可以幫助委員會進行另一項調查。

Either way, Goforth explained that the foundation would be open to cooperation. She said the “desire to see Ether continue to be actively traded in U.S. markets” would be a clear incentive to cooperate with the authorities.

不管怎樣，戈福斯解釋說，基金會將對合作持開放態度。她表示，「希望看到以太幣繼續在美國市場活躍交易」將是與當局合作的明確動機。

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An additional reason to collaborate with the SEC would be to help “explain why Ether does not meet the Howey investment contract test” and, therefore, be used to prove that it’s not a security.

與 SEC 合作的另一個原因是幫助“解釋為什麼以太幣不符合 Howey 投資合約測試”，從而用來證明它不是證券。

On the other hand, if the Ethereum Foundation were the subject of investigation, the SEC could take “a couple of years to move from an investigation to a lawsuit,” Goforth said.

另一方面，如果以太坊基金會成為調查對象，美國證券交易委員會可能需要“幾年時間才能從調查轉向訴訟”，Goforth 說。

Effects on the crypto market if Ether is classified as a security

An ongoing investigation would be detrimental for Ethereum until the case is resolved and could affect decisions such as the approval of an Ether ETF and the further adoption of the asset — as exemplified by the cost of the Ripple/SEC lawsuit.

如果以太幣被歸類為證券，對加密貨幣市場的影響在案件解決之前，正在進行的調查將對以太坊不利，並可能影響以太幣 ETF 的批准和資產的進一步採用等決策——例如Ripple/ SEC 訴訟。

Basel Ismail, CEO of investment analytics company Blockcircle, told Cointelegraph:

投資分析公司 Blockcircle 執行長巴塞爾·伊斯梅爾 (Basel Ismail) 告訴 Cointelegraph：

“If Ethereum were to be classified as a security, it would be atrocious for the short-term market valuation of the entire crypto ecosystem.”

In his opinion, if a market-leading blockchain that is relatively decentralized and counts thousands of active developers globally turns out to be considered a security, then almost all crypto projects could fall into that category.

「如果以太坊被歸類為證券，那麼對於整個加密生態系統的短期市場估值將是殘酷的。」在他看來，如果一個市場領先、相對去中心化、在全球擁有數千名活躍開發者的區塊鏈結果被認為是一種證券，那麼幾乎所有的加密項目都可以歸類在這個類別中。

For the trader, it would be “safe to assume that any other ERC-20 token that raised capital using a similar funding mechanism will need to comply with the same registration processes and rules.”

對於交易者來說，“可以肯定地認為，使用類似融資機制籌集資金的任何其他 ERC-20 代幣都需要遵守相同的註冊流程和規則。”

In his opinion, the contagion effect could eventually “destroy many companies” in the sector, as their treasury funds aren’t deep enough to sustain such a shock.

在他看來，傳染效應最終可能會“摧毀該行業的許多公司”，因為它們的財政資金不足以承受這種衝擊。

Crypto exchanges that list Ether and operate in the U.S. markets would automatically support an asset legally considered a security. The exchanges would, therefore, be forced to choose between delisting Ethereum from their platform or registering as securities broker-dealers with the SEC.

列出以太坊並在美國市場運營的加密貨幣交易所將自動支援合法被視為證券的資產。因此，交易所將被迫在將以太坊從其平台上摘牌或向美國證券交易委員會註冊為證券經紀交易商之間做出選擇。

Goforth explained that any trading platform that matches buyers and sellers has to register as a securities exchange or comply with an exemption, such as becoming an Alternative Trading System (ATS). Goforth said that both options require extensive disclosures and approval from the SEC.

Goforth 解釋說，任何符合買家和賣家的交易平台都必須註冊為證券交易所或遵守豁免規定，例如成為另類交易系統（ATS）。 Goforth 表示，這兩種選擇都需要進行廣泛的披露並獲得 SEC 的批准。

She further highlighted a crucial point that would probably force the crypto exchanges to select the path of delisting ETH before registering as a securities exchange.

她進一步強調了一個關鍵點，這可能會迫使加密貨幣交易所在註冊為證券交易所之前選擇將 ETH 退市的路徑。

However, many exchanges may simply opt to de-list rather than undergo the significant process of registering with the SEC.

然而，許多交易所可能只是選擇退市，而不是經歷向 SEC 註冊的重要程序。

As Goforth noted, once the crypto exchange wishes to register as a securities exchange, it cannot provide exchange services for any security asset unless that security is registered.

正如 Goforth 所指出的那樣，一旦加密貨幣交易所希望註冊為證券交易所，除非證券已註冊，否則它無法為任何證券資產提供兌換服務。

Since the SEC has only officially declared Bitcoin as not being a security, the crypto exchange “would be at risk if it helped its customers to buy or sell any other cryptocurrency,” as virtually no crypto assets are registered. In her opinion, this would be “tantamount to saying don’t do business in the United States.”

由於美國證券交易委員會只是正式宣布比特幣不是一種證券，因此加密貨幣交易所“如果幫助其客戶購買或出售任何其他加密貨幣，就會面臨風險”，因為幾乎沒有加密資產被註冊。在她看來，這「等於說不要在美國做生意」。

While Ether’s significant market cap might be able to take the hit as Ether moved off of U.S. exchanges, the same cannot be said for most ERC-20 tokens.

雖然隨著以太坊退出美國交易所，以太坊的龐大市值可能會受到衝擊，但對於大多數 ERC-20 代幣來說卻並非如此。

Ismail explained, “Liquidity would be drained, and order books would be considerably more shallow, creating extreme price slippage and hindering the chances for market makers to stabilize the price of the asset for some time.”

伊斯梅爾解釋說：“流動性將被耗盡，訂單簿將大大減少，從而造成極端的價格滑落，並阻礙做市商在一段時間內穩定資產價格的機會。”

Does the SEC have jurisdiction over the Ethereum Foundation?

What use is it worrying about possible effects if the Ethereum Foundation is based in Switzerland and the SEC is a U.S. regulator?

SEC 對以太坊基金會有管轄權嗎？如果以太坊基金會總部設在瑞士，而 SEC 是美國監管機構，那麼擔心可能產生的影響有什麼用呢？

The SEC may technically only have jurisdiction over companies in the United States, but Goforth explained that it could claim extraterritorial jurisdiction if the challenged activity has a material impact in the United States.

從技術上講，美國證券交易委員會可能只對美國境內的公司擁有管轄權，但戈福斯解釋說，如果受質疑的活動在美國產生重大影響，它可以主張域外管轄權。

A past example within the crypto industry occurred in 2020 when the SEC imposed a worldwide injunction against Telegram’s planned issuance of its GRAM token. Telegram eventually had to return $1.2 billion and pay $18.5 million as a penalty despite not being based in U.S. territory.

加密產業過去的一個例子發生在 2020 年，當時 SEC 對 Telegram 計劃發行其 GRAM 代幣發出了全球禁令。儘管總部不在美國境內，但 Telegram 最終必須退還 12 億美元，並支付 1,850 萬美元的罰款。

Goforth confirmed that no specific legal mandates require the Ethereum Foundation to cooperate. However, she highlighted how the SEC values cooperation and can consider that when deciding on which action to take.

Goforth 確認，沒有具體的法律要求以太坊基金會進行合作。不過，她強調了美國證券交易委員會如何重視合作，並在決定採取何種行動時可以考慮這一點。

If the Ethereum Foundation did not collaborate, the SEC could issue a subpoena, legally forcing the organization to share any data the regulators request.

如果以太坊基金會不合作，美國證券交易委員會可以發出傳票，合法地迫使該組織分享監管機構要求的任何數據。

Could Ether move to DEXs abroad?

If centralized exchanges did shut down ETH trading in the U.S. market, decentralized exchanges (DEXs) could become an alternative.

以太幣可以轉移到國外的 DEX 嗎？如果中心化交易所確實關閉了美國市場的 ETH 交易，去中心化交易所（DEX）可能會成為替代方案。

The decentralized nature of such platforms, which makes them difficult for regulators to target, combined with their global reach, may allow Ethereum-based projects to engage in regulatory arbitrage.

此類平台的去中心化性質使監管機構難以瞄準它們，再加上其全球影響力，可能會讓基於以太坊的專案參與監管套利。

Sergey Gorbunov, CEO of Interop Labs and co-founder of the Axelar protocol, told Cointelegraph, “If ETH becomes a security, DEXs may largely maintain operations due to their decentralized global nature.”

Interop Labs 執行長兼Axelar 協議聯合創始人謝爾蓋·戈爾布諾夫(Sergey Gorbunov) 告訴Cointelegraph，「如果ETH 成為一種證券，由於去中心化的全球性質，DEX 可能會在很大程度上上維持運作。”

However, he admitted that some challenges would emerge, such as “new compliance requirements in certain jurisdictions.”

不過，他承認將會出現一些挑戰，例如「某些司法管轄區的新合規要求」。

For example, Gorbunov illustrated how this new regulation update could threaten DEXs that connect with centralized crypto exchanges for liquidity purposes.

例如，戈爾布諾夫闡述了這項新的監管更新如何威脅到出於流動性目的而與集中式加密貨幣交易所連接的去中心化交易所。

But, decentralization does not guarantee safety from regulators. U.S. authorities have demonstrated their ability to close down platforms, such as crypto mixer Tornado Cash, by targeting developers.

但是，去中心化並不能保證監管機構的安全。美國當局已經展示了他們透過針對開發者關閉加密貨幣混合器 Tornado Cash 等平台的能力。

Goforth noted that the SEC could target “some founder group, promoters or other active participants,” while Gorbunov said regulators could target individuals or organizations that support the open network, such as code validators or contributors.

Goforth 指出，SEC 可以針對“一些創始人團體、發起人或其他積極參與者”，而 Gorbunov 表示，監管機構可以針對支持開放網路的個人或組織，例如代碼驗證者或貢獻者。

A silver lining?

The implications of the SEC classifying Ethereum as a security appear grim. However, Ismail said that while it would be harmful to markets and adoption in the short term, there could be positive effects in the long run.

一線希望？美國證券交易委員會將以太坊歸類為證券的影響似乎很嚴峻。然而，伊斯梅爾表示，雖然短期內這會對市場和採用造成損害，但長期來看可能會產生正面影響。

The Ethereum Foundation and the SEC could find a resolution to the problem where the foundation would be forced to pay a “monstrous fine” and register as a security in the U.S. markets.

以太坊基金會和美國證券交易委員會可以找到解決問題的方法，即基金會將被迫支付「巨額罰款」並在美國市場註冊為證券。

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Ether trading would then need to adhere to the same rules that apply to stocks or bonds. Ismail implied that this outcome would at least offer regulation clarity for the market participants. In his opinion, in the long term this could be beneficial for crypto market valuation.

以太坊交易需要遵守適用於股票或債券的相同規則。伊斯梅爾暗示，這項結果至少將為市場參與者提供監管的清晰度。他認為，從長遠來看，這可能有利於加密貨幣市場的估值。

If the SEC brings the Ethereum Foundation to court, the conclusion would be binary — Ether is either a commodity or a security. Either outcome would create ripple effects on the token’s market valuation, and the impact on the ecosystem built on the blockchain would be massive. It could become the most crucial lawsuit in the crypto ecosystem.

如果美國證券交易委員會將以太坊基金會告上法庭，那麼結論將是二元的——以太幣要么是商品，要么是證券。無論哪種結果都會對代幣的市場估值產生連鎖反應，並且對區塊鏈上構建的生態系統的影響將是巨大的。它可能成為加密生態系統中最關鍵的訴訟。