eToro 以 150 萬美元與 SEC 達成和解，同意從其平台上刪除代幣證券

透過從其平台中刪除作為投資合約提供的代幣，eToro 選擇遵守規定並在我們既定的監管框架內運作。

Social trading platform eToro has agreed to pay $1.5 million to settle charges put forth by the Securities and Exchange Commission, which claimed the company operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.

社交交易平台eToro 已同意支付150 萬美元，以和解美國證券交易委員會提出的指控，該委員會聲稱該公司運營與其交易平台相關的未註冊經紀人和未註冊清算機構，該交易平台促進某些加密資產作為證券的買賣。

As part of the settlement, eToro agreed to “cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading.”

作為和解協議的一部分，eToro 同意“停止違反適用的聯邦證券法，並將僅提供有限的加密資產可供交易。”

The SEC’s order highlights ongoing issues between crypto companies and the agency, particularly regarding the regulatory status of digital assets. The lack of clear guidelines has resulted in several high-profile lawsuits, with the SEC targeting various exchanges and cryptocurrencies.

美國證券交易委員會的命令凸顯了加密貨幣公司與該機構之間持續存在的問題，特別是在數位資產的監管狀況方面。由於缺乏明確的指導方針，美國證券交易委員會針對各種交易所和加密貨幣提起了幾起備受矚目的訴訟。

One of the most notable cases, SEC v. Ripple Labs, centered around whether XRP was a security. The outcome of the lawsuit left the legal status of many crypto assets in a grey area, with the court ruling that XRP sales to institutional investors violated securities laws, but retail sales did not.

最引人注目的案件之一是 SEC v. Ripple Labs，其焦點是 XRP 是否是一種證券。該訴訟的結果使許多加密資產的法律地位處於灰色地帶，法院裁定向機構投資者銷售 XRP 違反了證券法，但零售銷售則沒有。

The regulatory ambiguity extends back to the 2018 Hinman speech, in which then-SEC Director William Hinman stated that Ether, despite being launched through an initial coin offering (ICO), was not considered a security. This speech gave hope to many crypto projects but failed to provide a comprehensive framework, with the SEC later hinting that it might still pursue enforcement actions against certain issuers and promoters of digital assets.

監管上的模糊性可以追溯到 2018 年 Hinman 的演講，當時的 SEC 主任 William Hinman 在演講中表示，儘管以太幣是透過首次代幣發行 (ICO) 推出的，但並不被視為證券。這篇演講給許多加密項目帶來了希望，但未能提供全面的框架，美國證券交易委員會後來暗示，它可能仍會對某些數位資產發行者和推廣者採取執法行動。

According to the SEC, eToro operated as a broker and clearing agency since 2020 by providing U.S. customers the ability, through its online trading platform, to trade crypto assets being offered and sold as securities. However, eToro did not comply with the registration provisions of the federal securities laws.

據 SEC 稱，eToro 自 2020 年以來一直作為經紀商和清算機構運營，透過其線上交易平台為美國客戶提供交易以證券形式提供和出售的加密資產的能力。然而，eToro 並未遵守聯邦證券法的註冊規定。

The SEC stated in its order that eToro customers were able to trade crypto assets such as XRP, Stellar Lumens (XLM), EOS, Chainlink (LINK), Uniswap (UNI), PancakeSwap (CAKE), and Immutable X (IMX), among others, which were listed on the platform as early as 2020. Many of these crypto assets have faced regulatory scrutiny, with XRP being at the center of a heated legal battle.

SEC 在其命令中表示，eToro 客戶能夠交易 XRP、Stellar Lumens (XLM)、EOS、Chainlink (LINK)、Uniswap (UNI)、PancakeSwap (CAKE) 和 Immutable X (IMX) 等加密資產其他資產早在2020 年就已在該平台上市。

The SEC highlighted that eToro’s status as an unregistered broker and clearing agency deprived U.S. customers of critical investor protections, including the agency’s oversight, examinations, and enforcement authority.

美國證券交易委員會強調，eToro 作為未註冊經紀商和清算機構的地位剝奪了美國客戶的重要投資者保護，包括該機構的監督、檢查和執行權。

“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries. The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.”

「透過從其平台中刪除作為投資合約提供的代幣，eToro 選擇遵守規定並在我們既定的監管框架內運營，」SEC 執法部主任 Gurbir S. Grewal 表示。該決議不僅增強了投資者保護，也為其他加密貨幣中介機構提供了一條途徑。 150 萬美元的罰款反映了 eToro 同意在繼續其美國業務的同時停止違反適用的聯邦證券法。

The settlement marks a significant development in the ongoing regulatory saga involving crypto assets and trading platforms in the United States. As eToro now only offers Bitcoin, Bitcoin Cash, and Ether for US customers, it will be interesting to see how other platforms adjust their offerings and whether the SEC provides further guidance on the matter.

該和解標誌著美國正在進行的涉及加密資產和交易平台的監管事件取得了重大進展。由於 eToro 目前僅向美國客戶提供比特幣、比特幣現金和以太幣，因此了解其他平台如何調整其產品以及 SEC 是否就此事提供進一步指導將會很有趣。