CFTC 和 SEC：针对加密货币的战争被视为安全代币

CFTC是商品期货交易委员会，是监管商品和defi期货市场的美国政府机构

The President of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated on Thursday that he believes that most cryptocurrencies should not be classified as security tokens.

商品期货交易委员会（CFTC）主席 Rostin Behnam 周四表示，他认为大多数加密货币不应被归类为证券型代币。

However, he also noted that Bitcoin and Ethereum should be considered commodities due to a court ruling, but this classification does not yet extend to the majority of altcoins.

不过，他还指出，由于法院裁决，比特币和以太坊应被视为商品，但这种分类尚未扩展到大多数山寨币。

The CFTC oversees the commodity and defi futures markets in the U.S., and in 2017, they authorized the stock market debut of the first futures on Bitcoin, which were later used to issue ETFs approved by the SEC.

CFTC 负责监管美国的商品和 DeFi 期货市场，并于 2017 年授权首个比特币期货在股市上市，该期货后来被用于发行 SEC 批准的 ETF。

The Securities and Exchange Commission (SEC) is responsible for securities and exchanges, and there has been an ongoing dispute between the two agencies over the regulation of the crypto market.

美国证券交易委员会（SEC）负责证券和交易所，两个机构之间关于加密货币市场的监管一直存在争议。

Given that Bitcoin and Ethereum are classified as commodities, the CFTC should handle their regulation. However, the SEC disagrees and rejected ETFs on BTC spot after approving them for Bitcoin futures.

鉴于比特币和以太坊被归类为商品，CFTC 应该对其进行监管。然而，美国证券交易委员会 (SEC) 不同意并在批准比特币期货 ETF 后拒绝了比特币现货 ETF。

After a court ruled that the rejection was illegitimate, the SEC finally caved and approved ETFs on Bitcoin spot in January.

在法院裁定拒绝不合法后，美国证券交易委员会最终屈服并于 1 月份批准了比特币现货 ETF。

For Ethereum, the SEC approved ETFs in May, likely due to the court ruling that classifies Ethereum as a commodity.

对于以太坊，美国证券交易委员会 (SEC) 在 5 月份批准了 ETF，这可能是由于法院裁决将以太坊归类为商品。

It’s important to note that the reasoning about whether cryptocurrencies are commodities or securities cannot be generalized and must be applied individually to each cryptocurrency.

值得注意的是，关于加密货币是商品还是证券的推理不能一概而论，必须单独应用于每种加密货币。

Therefore, it cannot be assumed that all cryptos similar to Bitcoin and Ethereum are commodities just because those two are. Each case needs to be analyzed separately.

因此，不能仅仅因为比特币和以太坊是商品，就认为所有类似于比特币和以太坊的加密货币都是商品。每个案例都需要单独分析。

For instance, in the case of XRP (the cryptocurrency of Ripple), a court ruled that its trades on secondary markets (the exchanges) cannot be considered investment contracts, so it is, in fact, to be considered a commodity in that case.

例如，就XRP（瑞波币的加密货币）而言，法院裁定其在二级市场（交易所）上的交易不能被视为投资合约，因此在该案中它实际上应被视为商品。

But there is still an ongoing lawsuit by the SEC against Ripple, which is accused of initially issuing XRP on the primary market as a security token.

但 SEC 对 Ripple 的诉讼仍在进行中，该公司被指控最初在一级市场上发行 XRP 作为安全令牌。

In the financial realm, a security is a title issued by an issuer who is legally required to register it with the SEC before issuing it.

在金融领域，证券是发行人发行的一种所有权，法律要求发行人在发行前必须向 SEC 注册。

The key point is that it is essentially a financial contract in which the issuer promises gains to the subscriber, but only in relation to activities carried out by the issuer itself, and not by the purchaser.

关键在于，它本质上是一种金融合同，其中发行人向认购者承诺收益，但仅限于发行人本身而不是购买者进行的活动。

So if someone sells investment contracts to investors who buy them with the sole purpose of making a profit thanks to the work of the seller, they are issuing a security, and they are required to be registered with the competent authority. If they are not registered, the security is considered unregistered, and therefore its sale is considered illegal.

因此，如果有人向投资者出售投资合同，而投资者购买这些合同的唯一目的是通过卖方的工作赚取利润，那么他们就发行了证券，并且需要在主管当局注册。如果未注册，则该证券被视为未注册，因此其销售被视为非法。

This reasoning applies not only to traditional financial products, but to any type of financial asset, including cryptocurrencies.

这种推理不仅适用于传统金融产品，也适用于任何类型的金融资产，包括加密货币。

Therefore, if someone creates a cryptocurrency, or a token, which is sold in exchange for the promise of generating a profit for those who buy it, that cryptocurrency should be considered a security token.

因此，如果有人创建了一种加密货币或代币，并出售该代币以换取为购买者产生利润的承诺，则该加密货币应被视为安全代币。

The security token, being security in all respects, must be registered with the SEC in order to be lawfully sold on the U.S. financial markets.

证券型代币在各个方面都是证券，必须在 SEC 注册才能在美国金融市场上合法出售。

Practically no cryptocurrency is registered with the SEC, except for very rare exceptions.

实际上，除了极少数例外，没有加密货币在美国证券交易委员会注册。

Exceptions are instead made for those cryptocurrencies that are not securities because they do not promise any profit.

相反，那些非证券的加密货币是例外，因为它们不承诺任何利润。

BTC for example have never been sold by those who created or mined them as investment contracts, but only as assets whose market value is volatile. In other words, those who buy them do not receive a promise of profit.

例如，比特币的创造者或开采者从未将其作为投资合约出售，而只是作为市场价值波动的资产。换句话说，购买它们的人并没有收到利润的承诺。

The same thing applies to ETH, even if in this case there is staking that promises gains. In theory, however, staking exists thanks to the activities carried out by those who own the tokens and deposit them on their own node. The discussion changes only for the so-called staking-as-a-service that many crypto exchanges, for example, do, which could fall under investment contracts.

同样的情况也适用于 ETH，即使在这种情况下存在承诺收益的质押。然而，从理论上讲，由于拥有代币并将其存储在自己的节点上的人所进行的活动，质押的存在。讨论仅针对所谓的“质押即服务”而改变，例如许多加密货币交易所所做的，这可能属于投资合同。

While on one hand the SEC for a long time has tried in vain to prove that Ethereum should be considered an unregistered security, the CFTC on the other hand has always maintained that both Bitcoin and Ethereum should be considered commodities.

一方面，美国证券交易委员会（SEC）长期以来一直试图证明以太坊应被视为未注册的证券，但徒劳无功；另一方面，美国商品期货交易委员会（CFTC）始终坚持认为，比特币和以太坊都应被视为商品。

From this point of view, yesterday’s words of President Behnam are not surprising: he merely reiterated that there is now even a court ruling that confirms it.

从这个角度来看，贝纳姆总统昨天的言论并不令人意外：他只是重申，现在甚至有法院的裁决证实了这一点。

Instead, the CTFC had never really pronounced itself on altcoins.

相反，CTFC 从未在山寨币上真正表明过自己的立场。

The SEC continues to consider almost all altcoins as securities, while the CFTC argues that most cryptos should not be considered as such.

SEC 继续将几乎所有山寨币视为证券，而 CFTC 则认为大多数加密货币不应被视为证券。

Yesterday, during a hearing at the Senate Appropriations Committee, Behnam explicitly stated that he believes 70%-80% of all cryptocurrencies are non-security.

昨天，在参议院拨款委员会的听证会上，Behnam 明确表示，他认为所有加密货币中 70%-80% 都是非安全性的。

Moreover, he said it explicitly, whereas SEC Chairman Gary Gensler has often made unclear statements about it.

而且，他说得很明确，而 SEC 主席加里·詹斯勒 (Gary Gensler) 却经常对此发表含糊其辞的言论。

This on one hand intensifies the confrontation between SEC and CFTC, and the struggle to gain oversight of the crypto market, and on the other hand suggests that there is a 20% or 30% of tokens that should almost certainly be considered unregistered securities.

这一方面加剧了 SEC 和 CFTC 之间的对抗，以及获得对加密货币市场监管的斗争，另一方面表明有 20% 或 30% 的代币几乎肯定应该被视为未注册证券。