eToro 與 SEC 達成和解：行業律師的反應

根據協議，該平台只能在美國上市 BTC、BCH 和 ETH，這是否暗示 SEC 認為哪些數位資產不是證券？

Trading platform eToro has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC) that it operated as an unregistered broker and clearing agency and that it facilitated trading in some crypto assets that are securities, according to a statement by the regulator on Thursday.

根據美國證券交易委員會(SEC) 週四的一份聲明，交易平台eToro 已同意與美國證券交易委員會(SEC) 達成和解，指控其作為未註冊經紀商和清算機構運營，並促進了一些屬於證券的加密資產的交易。

The SEC said that eToro, which is based in Israel, agreed to pay a $1.5 million fine and will be limited to trading just three digital assets: bitcoin (BTC), bitcoin cash (BCH) and ether (ETH).

美國證券交易委員會表示，總部位於以色列的 eToro 同意支付 150 萬美元的罰款，並將僅限於交易三種數位資產：比特幣 (BTC)、比特幣現金 (BCH) 和以太坊 (ETH)。

Etoro is not a big player in the U.S. crypto market. It has only 240,000 customer accounts compared to Coinbase's 100 million. But the SEC agreement is significant for the clues it offers about how the regulator views the key legal question of which digital assets are not securities, and therefore outside its supervision, lawyers contacted by CoinDesk said.

Etoro 並不是美國加密貨幣市場的重要參與者。與 Coinbase 的 1 億個客戶帳戶相比，它只有 24 萬個客戶帳戶。但 CoinDesk 聯繫的律師表示，SEC 協議非常重要，因為它提供了監管機構如何看待數位資產不是證券、因此不受其監管這一關鍵法律問題的線索。

Below is a sampling of reactions from leading digital asset-focused attorneys:

以下是專注於數位資產的領先律師的反應樣本：

Joseph Tully, securities litigation lawyer at Tully & Weiss: “It appears that the SEC has officially sanctioned BTC, BCH, and ETH so we know that the SEC considers at least those three to be commodities and not securities. The key words here [are] at ‘at least.’ There may be others, but there is no legal guidance based upon this settlement.”

Tully & Weiss 證券訴訟律師 Joseph Tully：「看來 SEC 已經正式批准了 BTC、BCH 和 ETH，所以我們知道 SEC 至少認為這三者是商品，而不是證券。這裡的關鍵字是「至少」。可能還有其他的，但沒有基於此和解的法律指導。

Drew Hinkes, Partner with K&L Gates:

Drew Hinkes，K&L Gates 合夥人：

Joshua Ashley Klayman, U.S. Head of FinTech and Head of Blockchain and Digital Assets at Linklaters: “What we know from the face of the Cease and Desist Order is that eToro submitted an Offer of Settlement that the SEC accepted. eToro does not admit or deny the findings set forth in the Cease and Desist Letter, except with respect to the SEC’s jurisdiction.

Linklaters 美國金融科技主管兼區塊鏈和數位資產主管 Joshua Ashley Klayman 表示：「從停止令中我們了解到，eToro 提交了 SEC 接受的和解要約。 eToro 不承認或否認停止函中提出的調查結果，但涉及 SEC 管轄權的情況除外。

"It is important to remember that, unlike in a court case, where allegations must be proven, parties have freedom of contract to agree to settlements. Here, we have very little information about which digital asset or assets the SEC may have alleged were the subject of securities transactions. We also do not have visibility into eToro’s motivations for settling, nor its business plans or strategy generally.

「重要的是要記住，與法庭案件不同，法庭案件中的指控必須得到證實，雙方擁有同意和解的合約自由。在這裡，我們對 SEC 可能指控的數位資產或資產的資訊知之甚少。我們也不了解eToro 的和解動機及其整體業務計劃或策略。

"For those reasons, in my view, one should exercise caution and should not assume that the existence of the Cease and Desist Order will have an impact on any enforcement action that may be before the courts, now or in the future. Put differently, no allegations were proven in connection with this Cease and Desist Order, and it appears that no allegations were even made by the Commission as to which specific digital assets the Commission thought to be securities or to form part of a securities transaction.”

「基於這些原因，我認為，人們應該謹慎行事，不應假設停止令的存在會對法院現在或將來可能採取的任何執法行動產生影響。換句話說，沒有任何與該停止令有關的指控得到證實，而且委員會似乎甚至沒有就委員會認為哪些特定數字資產是證券或構成證券交易的一部分提出任何指控。

Bill Hughes, lawyer at Consensys:

Bill Hughes，Consensys 律師：

Former SEC lawyer Alexandra Damsker:

前 SEC 律師 Alexandra Damsker：

“What a disappointment to take the settlement.

「接受和解真是令人失望。

"These people are chickens - we have an opening post [the Supreme Court decision] Loper: they should go to the courts and get a determination. The SEC actually DOESN’T have the final say here.

「這些人都是膽小鬼——我們有一個開場白（最高法院的判決）洛珀：他們應該去法院並得到一個決定。美國證券交易委員會實際上在這裡沒有最終決定權。

"But they are just cutting off the business and running off, tail between their legs. Oh well.”

“但他們只是斷絕生意，然後夾著尾巴逃跑。哦，好吧。”

We’ll update this article with more reactions as we receive them.

我們將在收到更多反應後更新本文。