加密行业对 SEC 提起先发制人的诉讼

加密行业在德克萨斯州向美国证券交易委员会提起先发制人的诉讼，挑战证券法的执行。 DEF 为 Beba 的空投行为辩护，称其没有违反规定，因为它不涉及货币投资。这一大胆举措对 SEC 的 Howey 测试标准提出了质疑，旨在为未来的加密货币举措建立法律明确性。

Crypto Industry Takes on SEC with Preemptive Lawsuit

加密货币行业先发制人地向 SEC 发起诉讼

Why Now?

为什么现在？

The crypto industry is taking a bold stance against the Securities and Exchange Commission (SEC) with a preemptive lawsuit filed in a Texas federal court. The DeFi Education Fund (DEF) is challenging the SEC's enforcement of securities law against Beba, a Texas-based apparel company that airdropped its BEBA crypto token to customers for free.

加密行业对美国证券交易委员会（SEC）采取了大胆的立场，向德克萨斯州联邦法院提起了先发制人的诉讼。 DeFi 教育基金 (DEF) 正在挑战 SEC 对 Beba 执行证券法的行为，Beba 是一家总部位于德克萨斯州的服装公司，该公司向客户免费空投其 BEBA 加密代币。

Beba's Airdrop: Legal or Not?

贝巴的空投：合法与否？

Beba's airdrop has not yet been targeted by the SEC, but DEF is seeking a court order declaring it legal. The suit argues that the airdrop did not violate U.S. securities laws because it did not involve an investment of money from counterparties. This is a key factor in the SEC's Howey Test, which is used to identify investment contracts.

Beba 的空投尚未成为 SEC 的目标，但 DEF 正在寻求法院命令宣布其合法。诉讼称，空投并未违反美国证券法，因为它不涉及交易对手的资金投资。这是美国证券交易委员会豪伊测试的一个关键因素，该测试用于识别投资合同。

SEC's Enforcement Actions: Overzealous or Justified?

SEC 的执法行动：过分热心还是合理？

The crypto industry has historically been on the defensive against SEC lawsuits. However, DEF's lawsuit marks a shift in strategy. Amanda Tuminelli, DEF's Chief Legal Officer, believes the SEC has abused its power by targeting the industry without clear guidance.

加密行业历来一直对美国证券交易委员会的诉讼采取防御措施。然而，DEF 的诉讼标志着战略的转变。 DEF 首席法务官阿曼达·图米内利 (Amanda Tuminelli) 认为，SEC 在没有明确指导的情况下针对该行业滥用了权力。

Unofficial SEC Policies: Violation of the APA?

非官方 SEC 政策：违反 APA？

DEF alleges that the SEC has violated the Administrative Procedures Act (APA) by creating unofficial, internal policies about crypto without disclosing them publicly. The SEC maintains that it is enforcing existing securities laws, but DEF argues that its actions constitute a new policy that should have been subject to public notice and comment.

DEF 声称 SEC 在未公开披露的情况下制定了有关加密货币的非官方内部政策，从而违反了《行政程序法》(APA)。 SEC 坚称其正在执行现有的证券法，但 DEF 辩称，其行为构成了一项本应接受公众通知和评论的新政策。

Crypto Firms Suing the SEC: A Tactical Advantage?

加密货币公司起诉 SEC：战术优势？

The SEC has been aggressively pursuing legal action against crypto companies for years. Why are crypto firms only now opting for offensive lawsuits? Tuminelli suggests that the risks for companies like Beba may be so evident that it's worth attracting the SEC's ire preemptively.

多年来，美国证券交易委员会一直积极对加密货币公司采取法律行动。为什么加密货币公司现在才选择进攻性诉讼？图米内利表示，像 Beba 这样的公司面临的风险可能非常明显，值得先发制人地引起 SEC 的愤怒。

Historical Precedents: SEC's Targeting of Crypto Firms

历史先例：美国证券交易委员会针对加密货币公司

The SEC has targeted crypto firms similar to Beba in the past. In 2018, it sued Tomahawk Exploration LLC for distributing "Tomahawkcoins" without raising any money. In 2022, it sued Hydrogen Technology Corporation for distributing free "Hydro" tokens and creating a secondary market.

SEC 过去曾针对与 Beba 类似的加密货币公司。 2018年，它起诉Tomahawk Exploration LLC在未筹集任何资金的情况下分发“Tomahawkcoins”。 2022年，它起诉氢科技公司分发免费的“Hydro”代币并创建二级市场。

Legal Expert's Perspective: Airdrops Outside SEC's Jurisdiction?

法律专家的视角：空投超出了 SEC 的管辖范围？

University of Kentucky law professor Brian L. Frye believes DEF has made a "solid case" that airdrops fall outside the SEC's jurisdiction. He argues that the SEC is not claiming to make a new rule for crypto but rather regulating under its existing authority. However, he believes DEF's claims about the SEC violating the APA may be more difficult to prove.

肯塔基大学法学教授布莱恩·L·弗莱 (Brian L. Frye) 认为，DEF 已经提出了“可靠的证据”，证明空投不属于 SEC 的管辖范围。他认为，美国证券交易委员会并不是声称要为加密货币制定新规则，而是要根据其现有权力进行监管。不过，他认为 DEF 关于 SEC 违反 APA 的说法可能更难以证明。