eToro 以 150 万美元与 SEC 达成和解，同意从其平台上删除代币证券

通过从其平台中删除作为投资合同提供的代币，eToro 选择遵守规定并在我们既定的监管框架内运营。

Social trading platform eToro has agreed to pay $1.5 million to settle charges put forth by the Securities and Exchange Commission, which claimed the company operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.

社交交易平台 eToro 已同意支付 150 万美元，以和解美国证券交易委员会提出的指控，该委员会声称该公司运营与其交易平台相关的未注册经纪人和未注册清算机构，该交易平台促进某些加密资产作为证券的买卖。

As part of the settlement, eToro agreed to “cease and desist from violating the applicable federal securities laws and will make only a limited set of crypto assets available for trading.”

作为和解协议的一部分，eToro 同意“停止违反适用的联邦证券法，并将仅提供有限的加密资产可供交易。”

The SEC’s order highlights ongoing issues between crypto companies and the agency, particularly regarding the regulatory status of digital assets. The lack of clear guidelines has resulted in several high-profile lawsuits, with the SEC targeting various exchanges and cryptocurrencies.

美国证券交易委员会的命令凸显了加密货币公司与该机构之间持续存在的问题，特别是在数字资产的监管状况方面。由于缺乏明确的指导方针，美国证券交易委员会针对各种交易所和加密货币提起了几起备受瞩目的诉讼。

One of the most notable cases, SEC v. Ripple Labs, centered around whether XRP was a security. The outcome of the lawsuit left the legal status of many crypto assets in a grey area, with the court ruling that XRP sales to institutional investors violated securities laws, but retail sales did not.

最引人注目的案件之一是 SEC 诉 Ripple Labs，其焦点是 XRP 是否是一种证券。该诉讼的结果使许多加密资产的法律地位处于灰色地带，法院裁定向机构投资者销售 XRP 违反了证券法，但零售销售则没有。

The regulatory ambiguity extends back to the 2018 Hinman speech, in which then-SEC Director William Hinman stated that Ether, despite being launched through an initial coin offering (ICO), was not considered a security. This speech gave hope to many crypto projects but failed to provide a comprehensive framework, with the SEC later hinting that it might still pursue enforcement actions against certain issuers and promoters of digital assets.

监管上的模糊性可以追溯到 2018 年 Hinman 的演讲，当时的 SEC 主任 William Hinman 在演讲中表示，尽管以太币是通过首次代币发行 (ICO) 推出的，但并不被视为证券。这篇演讲给许多加密项目带来了希望，但未能提供全面的框架，美国证券交易委员会后来暗示，它可能仍会对某些数字资产发行者和推广者采取执法行动。

According to the SEC, eToro operated as a broker and clearing agency since 2020 by providing U.S. customers the ability, through its online trading platform, to trade crypto assets being offered and sold as securities. However, eToro did not comply with the registration provisions of the federal securities laws.

据 SEC 称，eToro 自 2020 年以来一直作为经纪商和清算机构运营，通过其在线交易平台为美国客户提供交易以证券形式提供和出售的加密资产的能力。然而，eToro 并未遵守联邦证券法的注册规定。

The SEC stated in its order that eToro customers were able to trade crypto assets such as XRP, Stellar Lumens (XLM), EOS, Chainlink (LINK), Uniswap (UNI), PancakeSwap (CAKE), and Immutable X (IMX), among others, which were listed on the platform as early as 2020. Many of these crypto assets have faced regulatory scrutiny, with XRP being at the center of a heated legal battle.

SEC 在其命令中表示，eToro 客户能够交易 XRP、Stellar Lumens (XLM)、EOS、Chainlink (LINK)、Uniswap (UNI)、PancakeSwap (CAKE) 和 Immutable X (IMX) 等加密资产其他资产早在 2020 年就已在该平台上市。其中许多加密资产都面临监管审查，其中 XRP 正处于激烈法律斗争的中心。

The SEC highlighted that eToro’s status as an unregistered broker and clearing agency deprived U.S. customers of critical investor protections, including the agency’s oversight, examinations, and enforcement authority.

美国证券交易委员会强调，eToro 作为未注册经纪商和清算机构的地位剥夺了美国客户的重要投资者保护，包括该机构的监督、检查和执行权。

“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries. The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.”

“通过从其平台中删除作为投资合同提供的代币，eToro 选择遵守规定并在我们既定的监管框架内运营，”SEC 执法部主任 Gurbir S. Grewal 表示。该决议不仅增强了投资者保护，还为其他加密货币中介机构提供了一条途径。 150 万美元的罚款反映了 eToro 同意在继续其美国业务的同时停止违反适用的联邦证券法。”

The settlement marks a significant development in the ongoing regulatory saga involving crypto assets and trading platforms in the United States. As eToro now only offers Bitcoin, Bitcoin Cash, and Ether for US customers, it will be interesting to see how other platforms adjust their offerings and whether the SEC provides further guidance on the matter.

该和解标志着美国正在进行的涉及加密资产和交易平台的监管事件取得了重大进展。由于 eToro 目前仅向美国客户提供比特币、比特币现金和以太币，因此了解其他平台如何调整其产品以及 SEC 是否就此事提供进一步指导将会很有趣。