以太坊基金会正接受 SEC 以太币分类调查

On Feb. 26, 2024, a discreet modification appeared on the Ethereum Foundation website. 

2024 年 2 月 26 日，以太坊基金会网站上出现了一项谨慎的修改。

The footer of the website and the website’s warrant canary were deleted according to a GitHub commit, which stated: “This commit removes a section of the footer as we have received a voluntary enquiry from a state authority that included a requirement for confidentiality.”

根据 GitHub 的一份承诺，该网站的页脚和网站的权证金丝雀已被删除，其中指出：“此承诺删除了页脚的一部分，因为我们收到了州当局的自愿询问，其中包括保密要求。”

A warrant canary is usually some form of text or visual element — in the case of the Ethereum Foundation, a yellow bird — which some companies include on their websites to indicate they’ve never been served with a government subpoena or document request.

权证金丝雀通常是某种形式的文本或视觉元素——在以太坊基金会的例子中，是一只黄色的鸟——一些公司将其添加到其网站上，以表明他们从未收到过政府传票或文件请求。

If a government agency does request information, the company may remove the text, implicitly suggesting to visitors that it has received a subpoena. 

如果政府机构确实要求提供信息，该公司可能会删除该文本，暗示访问者已收到传票。

The Ethereum Foundation removed this key section, indicating that the foundation is indeed under a confidential investigation. Due to the confidentiality clause, the Ethereum Foundation cannot offer further details.

以太坊基金会删除了这个关键部分，表明该基金会确实正在接受保密调查。由于保密条款，以太坊基金会无法提供更多细节。

Citing anonymous tips, Fortune reported that the United States Securities and Exchange Commission (SEC) was opening a probe into the foundation as part of a campaign to classify Ethereum’s underlying asset, Ether (ETH), as a commodity.

《财富》杂志援引匿名消息报道称，美国证券交易委员会（SEC）正在对该基金会展开调查，作为将以太坊基础资产以太币（ETH）归类为商品活动的一部分。

The reported inquiry couldn’t have come at a worse time, as the May deadlines for SEC approval of Ether exchange-traded funds (ETFs) approach.

由于美国证券交易委员会 (SEC) 批准 ETH 交易所交易基金 (ETF) 的 5 月份最后期限即将到来，所报道的调查来得正是时候。

While the debate about whether Ether is a security has been going on for several years, doubts are now beginning to emerge.

虽然关于以太币是否是一种证券的争论已经持续了好几年，但现在开始出现疑虑。

Why would the SEC investigate the Ethereum Foundation almost 10 years after its launch? Does the SEC have jurisdiction over an organization based in Switzerland? Will the upcoming spot Ether ETF be delayed due to this action? Most importantly, what would happen to Ethereum and the crypto market if it is classified as a security?

为什么 SEC 在以太坊基金会成立近 10 年后还要对其进行调查？ SEC 对瑞士的组织有管辖权吗？即将推出的现货以太ETF是否会因为这一行动而被推迟？最重要的是，如果以太坊和加密货币市场被归类为证券，会发生什么？

Is the Ethereum Foundation actually under SEC investigation?

The Ethereum Foundation cannot provide further details due to a confidential clause.

以太坊基金会实际上正在接受 SEC 调查吗？由于保密条款，以太坊基金会无法提供更多细节。

While the Ethereum Foundation has received an inquiry from a state authority, this doesn’t mean the organization is the subject of investigation.

虽然以太坊基金会已收到国家当局的质询，但这并不意味着该组织成为调查对象。

Carol Goforth, professor at the University of Arkansas School of Law specializing in business associations and securities regulation, explained the relevance of this detail to Cointelegraph:

以太坊 Reddit 页面上发布的 2015 年权证金丝雀的先前版本。资料来源：Reddit 阿肯色大学法学院专门研究商业协会和证券监管的教授 Carol Goforth 解释了这一细节与 Cointelegraph 的相关性：

“If we assume the foundation is not the subject of the investigation, the SEC’s power to mandate cooperation may be limited.”

The SEC may believe that the Ethereum Foundation has information that could help the commission in a different investigation, for example.

“如果我们假设该基金会不是调查的对象，那么美国证券交易委员会强制合作的权力可能会受到限制。”例如，美国证券交易委员会可能认为以太坊基金会掌握的信息可以帮助委员会进行另一项调查。

Either way, Goforth explained that the foundation would be open to cooperation. She said the “desire to see Ether continue to be actively traded in U.S. markets” would be a clear incentive to cooperate with the authorities.

不管怎样，戈福斯解释说，基金会将对合作持开放态度。她表示，“希望看到以太币继续在美国市场活跃交易”将是与当局合作的明确动机。

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An additional reason to collaborate with the SEC would be to help “explain why Ether does not meet the Howey investment contract test” and, therefore, be used to prove that it’s not a security.

与 SEC 合作的另一个原因是帮助“解释为什么以太币不符合 Howey 投资合约测试”，从而用来证明它不是证券。

On the other hand, if the Ethereum Foundation were the subject of investigation, the SEC could take “a couple of years to move from an investigation to a lawsuit,” Goforth said.

另一方面，如果以太坊基金会成为调查对象，美国证券交易委员会可能需要“几年时间才能从调查转向诉讼”，Goforth 说。

Effects on the crypto market if Ether is classified as a security

An ongoing investigation would be detrimental for Ethereum until the case is resolved and could affect decisions such as the approval of an Ether ETF and the further adoption of the asset — as exemplified by the cost of the Ripple/SEC lawsuit.

如果以太币被归类为证券，对加密货币市场的影响在案件解决之前，正在进行的调查将对以太坊不利，并可能影响以太币 ETF 的批准和资产的进一步采用等决策——例如Ripple/SEC 诉讼。

Basel Ismail, CEO of investment analytics company Blockcircle, told Cointelegraph:

投资分析公司 Blockcircle 首席执行官巴塞尔·伊斯梅尔 (Basel Ismail) 告诉 Cointelegraph：

“If Ethereum were to be classified as a security, it would be atrocious for the short-term market valuation of the entire crypto ecosystem.”

In his opinion, if a market-leading blockchain that is relatively decentralized and counts thousands of active developers globally turns out to be considered a security, then almost all crypto projects could fall into that category.

“如果以太坊被归类为证券，那么对于整个加密生态系统的短期市场估值来说将是残酷​​的。”在他看来，如果一个市场领先、相对去中心化、在全球拥有数千名活跃开发者的区块链结果被认为是一种证券，那么几乎所有的加密项目都可以归入该类别。

For the trader, it would be “safe to assume that any other ERC-20 token that raised capital using a similar funding mechanism will need to comply with the same registration processes and rules.”

对于交易者来说，“可以肯定地认为，使用类似融资机制筹集资金的任何其他 ERC-20 代币都需要遵守相同的注册流程和规则。”

In his opinion, the contagion effect could eventually “destroy many companies” in the sector, as their treasury funds aren’t deep enough to sustain such a shock.

在他看来，传染效应最终可能会“摧毁该行业的许多公司”，因为它们的财政资金不足以承受这种冲击。

Crypto exchanges that list Ether and operate in the U.S. markets would automatically support an asset legally considered a security. The exchanges would, therefore, be forced to choose between delisting Ethereum from their platform or registering as securities broker-dealers with the SEC.

列出以太坊并在美国市场运营的加密货币交易所将自动支持合法被视为证券的资产。因此，交易所将被迫在将以太坊从其平台上摘牌或向美国证券交易委员会注册为证券经纪交易商之间做出选择。

Goforth explained that any trading platform that matches buyers and sellers has to register as a securities exchange or comply with an exemption, such as becoming an Alternative Trading System (ATS). Goforth said that both options require extensive disclosures and approval from the SEC.

Goforth 解释说，任何匹配买家和卖家的交易平台都必须注册为证券交易所或遵守豁免规定，例如成为另类交易系统（ATS）。 Goforth 表示，这两种选择都需要进行广泛的披露并获得 SEC 的批准。

She further highlighted a crucial point that would probably force the crypto exchanges to select the path of delisting ETH before registering as a securities exchange.

她进一步强调了一个关键点，这可能会迫使加密货币交易所在注册为证券交易所之前选择将 ETH 退市的路径。

However, many exchanges may simply opt to de-list rather than undergo the significant process of registering with the SEC.

然而，许多交易所可能只是选择退市，而不是经历向 SEC 注册的重要程序。

As Goforth noted, once the crypto exchange wishes to register as a securities exchange, it cannot provide exchange services for any security asset unless that security is registered.

正如 Goforth 指出的那样，一旦加密货币交易所希望注册为证券交易所，除非该证券已注册，否则它无法为任何证券资产提供兑换服务。

Since the SEC has only officially declared Bitcoin as not being a security, the crypto exchange “would be at risk if it helped its customers to buy or sell any other cryptocurrency,” as virtually no crypto assets are registered. In her opinion, this would be “tantamount to saying don’t do business in the United States.”

由于美国证券交易委员会只是正式宣布比特币不是一种证券，因此加密货币交易所“如果帮助其客户购买或出售任何其他加密货币，就会面临风险”，因为几乎没有加密资产被注册。在她看来，这“等于说不要在美国做生意”。

While Ether’s significant market cap might be able to take the hit as Ether moved off of U.S. exchanges, the same cannot be said for most ERC-20 tokens.

虽然随着以太坊退出美国交易所，以太坊的巨大市值可能会受到冲击，但对于大多数 ERC-20 代币来说却并非如此。

Ismail explained, “Liquidity would be drained, and order books would be considerably more shallow, creating extreme price slippage and hindering the chances for market makers to stabilize the price of the asset for some time.”

伊斯梅尔解释说：“流动性将被耗尽，订单簿将大大减少，从而造成极端的价格滑落，并阻碍做市商在一段时间内稳定资产价格的机会。”

Does the SEC have jurisdiction over the Ethereum Foundation?

What use is it worrying about possible effects if the Ethereum Foundation is based in Switzerland and the SEC is a U.S. regulator?

SEC 对以太坊基金会有管辖权吗？如果以太坊基金会总部设在瑞士，而 SEC 是美国监管机构，那么担心可能产生的影响有什么用呢？

The SEC may technically only have jurisdiction over companies in the United States, but Goforth explained that it could claim extraterritorial jurisdiction if the challenged activity has a material impact in the United States.

从技术上讲，美国证券交易委员会可能只对美国境内的公司拥有管辖权，但戈福斯解释说，如果受质疑的活动在美国产生重大影响，它可以主张域外管辖权。

A past example within the crypto industry occurred in 2020 when the SEC imposed a worldwide injunction against Telegram’s planned issuance of its GRAM token. Telegram eventually had to return $1.2 billion and pay $18.5 million as a penalty despite not being based in U.S. territory.

加密行业过去的一个例子发生在 2020 年，当时 SEC 对 Telegram 计划发行其 GRAM 代币发出了全球禁令。尽管总部不在美国境内，但 Telegram 最终还是不得不退还 12 亿美元，并支付 1850 万美元的罚款。

Goforth confirmed that no specific legal mandates require the Ethereum Foundation to cooperate. However, she highlighted how the SEC values cooperation and can consider that when deciding on which action to take.

Goforth 确认，没有具体的法律要求以太坊基金会进行合作。不过，她强调了美国证券交易委员会如何重视合作，并在决定采取何种行动时可以考虑这一点。

If the Ethereum Foundation did not collaborate, the SEC could issue a subpoena, legally forcing the organization to share any data the regulators request.

如果以太坊基金会不合作，美国证券交易委员会可以发出传票，合法地迫使该组织分享监管机构要求的任何数据。

Could Ether move to DEXs abroad?

If centralized exchanges did shut down ETH trading in the U.S. market, decentralized exchanges (DEXs) could become an alternative.

以太币可以转移到国外的 DEX 吗？如果中心化交易所确实关闭了美国市场的 ETH 交易，去中心化交易所（DEX）可能会成为替代方案。

The decentralized nature of such platforms, which makes them difficult for regulators to target, combined with their global reach, may allow Ethereum-based projects to engage in regulatory arbitrage.

此类平台的去中心化性质使监管机构难以瞄准它们，再加上其全球影响力，可能会让基于以太坊的项目参与监管套利。

Sergey Gorbunov, CEO of Interop Labs and co-founder of the Axelar protocol, told Cointelegraph, “If ETH becomes a security, DEXs may largely maintain operations due to their decentralized global nature.”

Interop Labs 首席执行官兼 Axelar 协议联合创始人谢尔盖·戈尔布诺夫 (Sergey Gorbunov) 告诉 Cointelegraph，“如果 ETH 成为一种证券，由于去中心化的全球性质，DEX 可能会在很大程度上维持运营。”

However, he admitted that some challenges would emerge, such as “new compliance requirements in certain jurisdictions.”

不过，他承认将会出现一些挑战，例如“某些司法管辖区的新合规要求”。

For example, Gorbunov illustrated how this new regulation update could threaten DEXs that connect with centralized crypto exchanges for liquidity purposes.

例如，戈尔布诺夫阐述了这一新的监管更新如何威胁到出于流动性目的而与集中式加密货币交易所连接的去中心化交易所。

But, decentralization does not guarantee safety from regulators. U.S. authorities have demonstrated their ability to close down platforms, such as crypto mixer Tornado Cash, by targeting developers.

但是，去中心化并不能保证监管机构的安全。美国当局已经展示了他们通过针对开发者关闭加密货币混合器 Tornado Cash 等平台的能力。

Goforth noted that the SEC could target “some founder group, promoters or other active participants,” while Gorbunov said regulators could target individuals or organizations that support the open network, such as code validators or contributors.

Goforth 指出，SEC 可以针对“一些创始人团体、发起人或其他积极参与者”，而 Gorbunov 表示，监管机构可以针对支持开放网络的个人或组织，例如代码验证者或贡献者。

A silver lining?

The implications of the SEC classifying Ethereum as a security appear grim. However, Ismail said that while it would be harmful to markets and adoption in the short term, there could be positive effects in the long run.

一线希望？美国证券交易委员会将以太坊归类为证券的影响似乎很严峻。然而，伊斯梅尔表示，虽然短期内这会对市场和采用造成损害，但从长远来看可能会产生积极影响。

The Ethereum Foundation and the SEC could find a resolution to the problem where the foundation would be forced to pay a “monstrous fine” and register as a security in the U.S. markets.

以太坊基金会和美国证券交易委员会可以找到解决问题的方法，即基金会将被迫支付“巨额罚款”并在美国市场注册为证券。

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Ether trading would then need to adhere to the same rules that apply to stocks or bonds. Ismail implied that this outcome would at least offer regulation clarity for the market participants. In his opinion, in the long term this could be beneficial for crypto market valuation.

以太坊交易需要遵守适用于股票或债券的相同规则。伊斯梅尔暗示，这一结果至少将为市场参与者提供监管的清晰度。他认为，从长远来看，这可能有利于加密货币市场的估值。

If the SEC brings the Ethereum Foundation to court, the conclusion would be binary — Ether is either a commodity or a security. Either outcome would create ripple effects on the token’s market valuation, and the impact on the ecosystem built on the blockchain would be massive. It could become the most crucial lawsuit in the crypto ecosystem.

如果美国证券交易委员会将以太坊基金会告上法庭，那么结论将是二元的——以太币要么是商品，要么是证券。无论哪种结果都会对代币的市场估值产生连锁反应，并且对区块链上构建的生态系统的影响将是巨大的。它可能成为加密生态系统中最关键的诉讼。