此次合併並沒有阻止 SEC 審查質押的 ETH

最近批准在美國上市以太坊 ETF 現貨，這讓以太坊是證券還是商品的問題變得更加清晰。

The recent approval of spot Ethereum ETFs in the US has brought some clarity to the question of whether ether is a security or a commodity. The issuance order for the funds lists them as “commodity-based trust shares,” placing ether’s status as a commodity. This could provide a strategic advantage to any crypto companies caught in legal battles with the U.S. Securities and Exchange Commission (SEC) regarding ether.

美國最近批准了以太坊 ETF 現貨，這讓以太坊到底是證券還是商品的問題變得更加清晰。這些基金的發行令將其列為“基於商品的信託股票”，將以太坊置於商品地位。這可以為任何與美國證券交易委員會（SEC）就以太坊問題陷入法律糾紛的加密貨幣公司提供戰略優勢。

However, many of these battles surround staking and staked ether, which the agency is yet to provide any clarity on. From the day Ethereum switched to proof of stake, SEC Chairman Gary Gensler has been hinting that staking could violate securities laws.

然而，其中許多爭論都圍繞著質押和質押以太幣，該機構尚未對此提供任何澄清。從以太坊轉向權益證明的那天起，SEC 主席加里·詹斯勒 (Gary Gensler) 就一直暗示權益可能違反證券法。

In an interview with the Wall Street Journal in September 2022, Gensler said, “From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others.” He was not referring to any one specific cryptocurrency at the time.

Gensler 在 2022 年 9 月接受《華爾街日報》採訪時表示，“從代幣的角度來看……這是豪伊測試下的另一個跡象，投資大眾正在根據其他人的努力來預期利潤。”他當時沒有指任何一種特定的加密貨幣。

In March, Fortune reported that the Ethereum Foundation had been under scrutiny by the SEC since Ethereum transitioned to a proof-of-stake model in September 2022. This transition, according to sources familiar with the SEC’s investigation, provided the agency “with a new pretext to attempt to define Ethereum as a security.” Software firm Consensys also received a Wells notice from the agency regarding MetaMask staking, which partners with liquid staking providers Lido and RocketPool. Crypto exchanges Kraken and Coinbase were also sued by the agency in relation to their staking services among other allegations.

今年3 月，《財星》雜誌報導，自以太坊於2022 年9 月過渡到權益證明模式以來，以太坊基金會一直受到SEC 的審查。機構“提供了一個新的機會”。軟體公司 Consensys 也收到了該機構關於 MetaMask 質押的 Wells 通知，該機構與流動性質押提供者 Lido 和 RocketPool 合作。加密貨幣交易所 Kraken 和 Coinbase 也因質押服務等指控而被該機構起訴。

“The change in Ethereum’s consensus mechanism to proof of stake (and the way in which staking was determined to work, as a result) was certainly a moment in time when the facts surrounding the protocol (or aspects of the protocol) changed,” said Zachary Fallon, a partner at law firm Ketsal, in an email. “And it seems to me that the SEC has viewed this change as potentially material and worth exploring for purposes of its potential oversight.”

「以太坊共識機制向權益證明的轉變（以及因此決定權益發揮作用的方式）無疑是圍繞協議（或協議的各個方面）的事實發生變化的時刻，」說Ketsal 律師事務所合夥人Zachary Fallon 在一封電子郵件中說。 “在我看來，美國證券交易委員會認為這一變化具有潛在的實質性，並且值得出於其潛在監督的目的進行探討。”

Prior to the approvals of the spot Ethereum ETFs, the ETF issuers who intended to offer staking were asked to remove that detail from their filings, which means the ether ETF approvals do not put staked ether in the clear in the same way it does for ether’s security status. However, several ETF experts previously told Unchained that it was unlikely that staking would be included in the initial approval of the funds because it was not “the status quo” across all applications.

在現貨以太坊 ETF 獲得批准之前，打算提供質押的 ETF 發行人被要求從其文件中刪除該詳細信息，這意味著以太坊 ETF 的批准不會像以太坊那樣將質押的以太幣公開化。狀態。然而，幾位 ETF 專家先前告訴 Unchained，基金的初步批准中不太可能包含質押，因為這並不是所有申請的「現狀」。

And while the issuance order brings some more clarity to ether’s security status, Sam Enzer, a partner at Cahill Gordon & Reindel, previously told Unchained that the commission could still revisit that determination. An SEC spokesperson declined to comment on the status of ether or staked ether.

儘管發行令使以太坊的安全狀況更加清晰，但 Cahill Gordon & Reindel 合夥人 Sam Enzer 先前告訴 Unchained，委員會仍可能重新審視這項決定。 SEC 發言人拒絕就以太幣或質押以太幣的狀況發表評論。

“The SEC has, I think, … reserved room to argue that ether staking is securities activity,” said Enzer. “Whether they will press that argument remains to be seen.”

「我認為，美國證券交易委員會……保留了爭論以太坊質押是證券活動的空間，」恩澤說。 “他們是否會堅持這一論點還有待觀察。”

The Consensys lawsuit against the SEC seems to indicate that the SEC views liquid staking tokens as securities, with passages such as, “[O]n September 21, 2022, Consensys received another letter from the SEC staff advising that the agency was conducting an investigation into certain staking protocols on the Ethereum network.”

Consensys 針對 SEC 的訴訟似乎表明 SEC 將流動性質押代幣視為證券，其中的段落如下：「2022 年 9 月 21 日，Consensys 收到了 SEC 工作人員的另一封信，建議該機構正在進行調查進入以太坊網路上的某些質押協議。

Elsewhere the lawsuit stated, “The SEC staff also stated its view that Consensys, in connection with its MetaMask Staking program, violates both Sections 5(a) and 5(c) of the Securities Act by engaging in the offer and sale of unregistered securities and violates Section 15(a) of the Exchange Act by acting as an unregistered broker-dealer.” The liquid staking tokens available on MetaMask Staking in the US include tokens from Lido and Rocket Pool.

訴訟的其他地方指出，「SEC 工作人員還表示，Consensys 與其 MetaMask 質押計劃有關，透過參與發行和出售未註冊證券，違反了《證券法》第 5(a) 和 5(c) 條並以未註冊經紀自營商身分行事，違反了《交易法》第15(a) 條。美國 MetaMask Stake 上提供的流動質押代幣包括來自 Lido 和 Rocket Pool 的代幣。

Alex More, head of litigation at Carrington, Coleman, Sloman, and Blumenthal, previously told Unchained that it would be tough to argue that a user who is staking is participating in a securities transaction because there is no managerial efforts, they are just protecting the integrity of the network. The challenge is when an entity — decentralized or centralized — aids the user in the staking process, he said. If the entity does something to manage those staked assets then the SEC might have a stronger case that it’s a securities offering, he added.

Carrington、Coleman、Sloman 和 Blumenthal 的訴訟主管 Alex More 先前告訴 Unchained，很難說質押用戶正在參與證券交易，因為沒有任何管理努力，他們只是在保護權益。他說，挑戰在於一個實體（無論是去中心化還是中心化）在質押過程中幫助使用者。他補充說，如果該實體採取措施來管理這些質押資產，那麼美國證券交易委員會可能會更有力地證明這是證券發行。

Enzer agrees with More’s assessment, noting that he doesn’t believe staked ether itself is a security nor is Gensler going to sue someone who holds staked ether. Tokens are not securities, he added.

Enzer 同意 More 的評估，並指出他不認為質押以太本身是一種證券，Gensler 也不會起訴持有質押以太的人。他補充說，代幣不是證券。

“I think [Gensler] thinks the Ethereum Foundation is a centralized issuer and the security they are offering is a staking program,” said Enzer. “The staked ether, you could say, is the object of that transaction.”

「我認為 [Gensler] 認為以太坊基金會是一個中心化發行人，他們提供的安全性是一個質押計劃，」恩澤說。 “你可以說，質押的以太幣就是該交易的對象。”

The foundation, staking providers and developers of staking protocols could all be in danger of being characterized as operating an investment contract scheme by the SEC, he added.

他補充說，基金會、質押提供者和質押協議開發商都可能面臨被 SEC 定性為營運投資合約計畫的危險。

The Ethereum Foundation did not respond to a request for comment from Unchained regarding the status of staked ether or

以太坊基金會沒有回應 Unchained 關於質押以太幣狀態的置評請求，或者