eToro 与 SEC 达成和解：行业律师的反应

根据协议，该平台只能在美国上市 BTC、BCH 和 ETH，这是否暗示 SEC 认为哪些数字资产不是证券？

Trading platform eToro has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC) that it operated as an unregistered broker and clearing agency and that it facilitated trading in some crypto assets that are securities, according to a statement by the regulator on Thursday.

根据美国证券交易委员会 (SEC) 周四的一份声明，交易平台 eToro 已同意与美国证券交易委员会 (SEC) 达成和解，指控其作为未注册经纪商和清算机构运营，并促进了一些属于证券的加密资产的交易。

The SEC said that eToro, which is based in Israel, agreed to pay a $1.5 million fine and will be limited to trading just three digital assets: bitcoin (BTC), bitcoin cash (BCH) and ether (ETH).

美国证券交易委员会表示，总部位于以色列的 eToro 同意支付 150 万美元的罚款，并将仅限于交易三种数字资产：比特币 (BTC)、比特币现金 (BCH) 和以太坊 (ETH)。

Etoro is not a big player in the U.S. crypto market. It has only 240,000 customer accounts compared to Coinbase's 100 million. But the SEC agreement is significant for the clues it offers about how the regulator views the key legal question of which digital assets are not securities, and therefore outside its supervision, lawyers contacted by CoinDesk said.

Etoro 并不是美国加密货币市场的重要参与者。与 Coinbase 的 1 亿个客户账户相比，它只有 24 万个客户账户。但 CoinDesk 联系的律师表示，SEC 协议非常重要，因为它提供了监管机构如何看待数字资产不是证券、因此不受其监管这一关键法律问题的线索。

Below is a sampling of reactions from leading digital asset-focused attorneys:

以下是专注于数字资产的领先律师的反应样本：

Joseph Tully, securities litigation lawyer at Tully & Weiss: “It appears that the SEC has officially sanctioned BTC, BCH, and ETH so we know that the SEC considers at least those three to be commodities and not securities. The key words here [are] at ‘at least.’ There may be others, but there is no legal guidance based upon this settlement.”

Tully & Weiss 证券诉讼律师 Joseph Tully：“看来 SEC 已经正式批准了 BTC、BCH 和 ETH，所以我们知道 SEC 至少认为这三者是商品，而不是证券。这里的关键词是“至少”。可能还有其他的，但没有基于此和解的法律指导。”

Drew Hinkes, Partner with K&L Gates:

Drew Hinkes，K&L Gates 合伙人：

Joshua Ashley Klayman, U.S. Head of FinTech and Head of Blockchain and Digital Assets at Linklaters: “What we know from the face of the Cease and Desist Order is that eToro submitted an Offer of Settlement that the SEC accepted. eToro does not admit or deny the findings set forth in the Cease and Desist Letter, except with respect to the SEC’s jurisdiction.

Linklaters 美国金融科技主管兼区块链和数字资产主管 Joshua Ashley Klayman 表示：“从停止令中我们了解到，eToro 提交了 SEC 接受的和解要约。 eToro 不承认或否认停止函中提出的调查结果，但涉及 SEC 管辖权的情况除外。

"It is important to remember that, unlike in a court case, where allegations must be proven, parties have freedom of contract to agree to settlements. Here, we have very little information about which digital asset or assets the SEC may have alleged were the subject of securities transactions. We also do not have visibility into eToro’s motivations for settling, nor its business plans or strategy generally.

“重要的是要记住，与法庭案件不同，法庭案件中的指控必须得到证实，双方拥有同意和解的合同自由。在这里，我们对 SEC 可能指控的数字资产或资产的信息知之甚少。我们也不了解 eToro 的和解动机及其总体业务计划或战略。

"For those reasons, in my view, one should exercise caution and should not assume that the existence of the Cease and Desist Order will have an impact on any enforcement action that may be before the courts, now or in the future. Put differently, no allegations were proven in connection with this Cease and Desist Order, and it appears that no allegations were even made by the Commission as to which specific digital assets the Commission thought to be securities or to form part of a securities transaction.”

“出于这些原因，我认为，人们应该谨慎行事，不应假设停止令的存在会对法院现在或将来可能采取的任何执法行动产生影响。换句话说，没有任何与该停止令有关的指控得到证实，而且委员会似乎甚至没有就委员会认为哪些特定数字资产是证券或构成证券交易的一部分提出任何指控。”

Bill Hughes, lawyer at Consensys:

Bill Hughes，Consensys 律师：

Former SEC lawyer Alexandra Damsker:

前 SEC 律师 Alexandra Damsker：

“What a disappointment to take the settlement.

“接受和解真是令人失望。

"These people are chickens - we have an opening post [the Supreme Court decision] Loper: they should go to the courts and get a determination. The SEC actually DOESN’T have the final say here.

“这些人都是胆小鬼——我们有一个开场白（最高法院的判决）洛珀：他们应该去法院并得到一个决定。美国证券交易委员会实际上在这里没有最终决定权。

"But they are just cutting off the business and running off, tail between their legs. Oh well.”

“但他们只是断绝生意，然后夹着尾巴逃跑。哦，好吧。”

We’ll update this article with more reactions as we receive them.

我们将在收到更多反应后更新本文。