美國證券監管機構不一定讓 Solana 作為證券擺脫困境

儘管美國證券監管機構撤回了要求法院做出裁決的請求，但並不一定能讓 Solana 作為證券擺脫困境

The United States securities regulator may still classify Solana as a security, despite retracting its request for a court to rule on the matter in its Binance lawsuit on July 30.

美國證券監管機構可能仍將 Solana 歸類為證券，儘管在 7 月 30 日的幣安訴訟中撤回了要求法院就此事做出裁決的請求。

“There is no reason to think SEC has decided SOL is a non-security,” said Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund in a July 30 X post.

專注於加密貨幣的風險投資公司 Variant Fund 的首席法務官 Jake Chervinsky 在 7 月 30 日的帖子中表示：“沒有理由認為 SEC 已經認定 SOL 是非證券。”

Chervinsky’s post pertains to the latest response from the Securities and Exchange Commission, seeking to amend its complaint regarding the “Third Party Crypto Asset Securities.” In essence, the regulator is telling the court that it is no longer asking to determine whether the tokens listed in the lawsuit are securities or not.

切爾文斯基的貼文涉及美國證券交易委員會的最新回應，尋求修改其有關「第三方加密資產證券」的投訴。本質上，監管機構告訴法院，它不再要求確定訴訟中列出的代幣是否是證券。

While Chervinsky didn’t elaborate on what that “litigation tactic” may be, he highlighted that the SEC still refers to the same tokens as securities in other crypto exchange lawsuits, including its one with Coinbase.

雖然 Chervinsky 沒有詳細說明這種「訴訟策略」可能是什麼，但他強調，SEC 在其他加密貨幣交易訴訟中仍然將相同的代幣稱為證券，包括與 Coinbase 的訴訟。

In separate posts, Miles Jennings, general counsel and head of decentralization at a16z Crypto, and Justin Slaughter, policy director at Paradigm, seemed to agree.

a16z Crypto 總法律顧問兼權力下放負責人 Miles Jennings 和 Paradigm 政策總監賈斯汀·斯勞特 (Justin Slaughter) 在不同的帖子中似乎也同意這一觀點。

Slaughter argued that many are “overreading this filing” and that it doesn’t mean the SEC has decided that Solana and other tokens are not securities.

Slaughter 認為，許多人“過度閱讀了這份文件”，這並不意味著 SEC 已決定 Solana 和其他代幣不是證券。

Jennings explained that Judge Amy Berman Jackson had set such a high bar to establish the Howey test in the Binance case that it wasn’t worth the SEC’s time and effort to prove these tokens are securities.

詹寧斯解釋說，艾米·伯曼·傑克遜法官在幣安案中設定瞭如此高的標準來建立 Howey 測試，以至於 SEC 不值得花費時間和精力來證明這些代幣是證券。

However, Judge Katherine Polk Failla in the Coinbase lawsuit seems more “inclined” to agree with the SEC’s position — hence, it isn’t worth making the same request made in the Binance lawsuit.

然而，Coinbase 訴訟中的法官 Katherine Polk Failla 似乎更「傾向於」同意 SEC 的立場——因此，不值得在幣安訴訟中提出同樣的要求。

Jennings added that he isn’t convinced the SEC has mounted a strong enough case to establish the connection between token sales on secondary markets and the managerial efforts of token issuers.

詹寧斯補充說，他不相信 SEC 已經提出了足夠有力的案例來建立二級市場上的代幣銷售與代幣發行人的管理努力之間的聯繫。

“Obviously, I’m speculating about their political motive, but that speculation is informed by information I’m privy to about the SEC’s behavior behind closed doors,” he noted.

「顯然，我正在猜測他們的政治動機，但這種猜測是基於我所了解的有關 SEC 秘密行為的信息，」他指出。

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“I think people are overreading this filing,” said Slaughter. “It does not mean the SEC has decided that SOL and other tokens are not securities. In fact, the SEC continues to allege that many tokens are securities in other filings (e.g., Coinbase).”

「我認為人們過度閱讀了這份文件，」斯勞特說。 「這並不意味著 SEC 已決定 SOL 和其他代幣不是證券。事實上，SEC 在其他文件（例如 Coinbase）中繼續聲稱許多代幣是證券。

Which tokens are affected?In its suit against Binance, the SEC claimed several tokens were securities. The list includes Solana SOL $183 , BNB BNB $587 , Cardano ADA $0.40 , Polygon MATIC $0.5164 , Sandbox SAND $0.33 , Decentraland MANA $0.33 and Axie Infinity AXS $5.91 .

哪些代幣受到影響？清單包括 Solana SOL 183 美元、BNB BNB 587 美元、Cardano ADA 0.40 美元、Polygon MATIC 0.5164 美元、Sandbox SAND 0.33 美元、Decentraland MANA 0.33 美元和 Axie Infinity AXS 5.91 美元。

SOL

索爾

$183

$183

BNB

幣安銀行

$587

$587

ADA

ADA

$0.40

0.40 美元

MATIC

瑪蒂克

$0.5164

$0.5164

SAND

沙

$0.33

0.33 美元

MANA

瑪娜

$0.33

0.33 美元

AXS

AXS

$5.91

5.91 美元

The SEC has, at one point, claimed at least 68 tokens are securities, affecting more than $100 billion worth of cryptocurrencies in the market.

美國證券交易委員會 (SEC) 曾經一度聲稱至少有 68 種代幣屬於證券，影響了市場上價值超過 1,000 億美元的加密貨幣。

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