此次合并并没有阻止 SEC 审查质押的 ETH

最近批准在美国上市以太坊 ETF 现货，这让以太坊是证券还是商品的问题变得更加清晰。

The recent approval of spot Ethereum ETFs in the US has brought some clarity to the question of whether ether is a security or a commodity. The issuance order for the funds lists them as “commodity-based trust shares,” placing ether’s status as a commodity. This could provide a strategic advantage to any crypto companies caught in legal battles with the U.S. Securities and Exchange Commission (SEC) regarding ether.

美国最近批准现货以太坊 ETF，让以太坊到底是证券还是商品的问题变得更加清晰。这些基金的发行令将其列为“基于商品的信托股票”，将以太币的地位置于商品之上。这可以为任何与美国证券交易委员会（SEC）就以太坊问题陷入法律纠纷的加密货币公司提供战略优势。

However, many of these battles surround staking and staked ether, which the agency is yet to provide any clarity on. From the day Ethereum switched to proof of stake, SEC Chairman Gary Gensler has been hinting that staking could violate securities laws.

然而，其中许多争论都围绕着质押和质押以太币，该机构尚未对此提供任何澄清。从以太坊转向权益证明的那天起，SEC 主席加里·詹斯勒 (Gary Gensler) 就一直暗示权益可能违反证券法。

In an interview with the Wall Street Journal in September 2022, Gensler said, “From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others.” He was not referring to any one specific cryptocurrency at the time.

Gensler 在 2022 年 9 月接受《华尔街日报》采访时表示，“从代币的角度来看……这是豪伊测试下的另一个迹象，投资大众正在根据其他人的努力来预期利润。”他当时没有指任何一种特定的加密货币。

In March, Fortune reported that the Ethereum Foundation had been under scrutiny by the SEC since Ethereum transitioned to a proof-of-stake model in September 2022. This transition, according to sources familiar with the SEC’s investigation, provided the agency “with a new pretext to attempt to define Ethereum as a security.” Software firm Consensys also received a Wells notice from the agency regarding MetaMask staking, which partners with liquid staking providers Lido and RocketPool. Crypto exchanges Kraken and Coinbase were also sued by the agency in relation to their staking services among other allegations.

今年 3 月，《财富》杂志报道称，自以太坊于 2022 年 9 月过渡到权益证明模式以来，以太坊基金会一直受到 SEC 的审查。据熟悉 SEC 调查的消息人士称，这一转变为该机构“提供了一个新的机会”。试图将以太坊定义为证券的借口。”软件公司 Consensys 还收到了该机构关于 MetaMask 质押的 Wells 通知，该机构与流动性质押提供商 Lido 和 RocketPool 合作。加密货币交易所 Kraken 和 Coinbase 也因质押服务等指控而被该机构起诉。

“The change in Ethereum’s consensus mechanism to proof of stake (and the way in which staking was determined to work, as a result) was certainly a moment in time when the facts surrounding the protocol (or aspects of the protocol) changed,” said Zachary Fallon, a partner at law firm Ketsal, in an email. “And it seems to me that the SEC has viewed this change as potentially material and worth exploring for purposes of its potential oversight.”

“以太坊共识机制向权益证明的转变（以及因此决定权益发挥作用的方式）无疑是围绕协议（或协议的各个方面）的事实发生变化的时刻，”说Ketsal 律师事务所合伙人 Zachary Fallon 在一封电子邮件中说道。 “在我看来，美国证券交易委员会认为这一变化具有潜在的实质性，并且值得出于其潜在监督的目的进行探讨。”

Prior to the approvals of the spot Ethereum ETFs, the ETF issuers who intended to offer staking were asked to remove that detail from their filings, which means the ether ETF approvals do not put staked ether in the clear in the same way it does for ether’s security status. However, several ETF experts previously told Unchained that it was unlikely that staking would be included in the initial approval of the funds because it was not “the status quo” across all applications.

在现货以太坊 ETF 获得批准之前，打算提供质押的 ETF 发行人被要求从其文件中删除该详细信息，这意味着以太坊 ETF 的批准不会像以太坊那样将质押的以太币公开化。安全状态。然而，几位 ETF 专家此前告诉 Unchained，基金的初步批准中不太可能包含质押，因为这并不是所有申请的“现状”。

And while the issuance order brings some more clarity to ether’s security status, Sam Enzer, a partner at Cahill Gordon & Reindel, previously told Unchained that the commission could still revisit that determination. An SEC spokesperson declined to comment on the status of ether or staked ether.

尽管发行令使以太坊的安全状况更加清晰，但 Cahill Gordon & Reindel 合伙人 Sam Enzer 此前告诉 Unchained，委员会仍可能重新审视这一决定。 SEC 发言人拒绝就以太币或质押以太币的状况发表评论。

“The SEC has, I think, … reserved room to argue that ether staking is securities activity,” said Enzer. “Whether they will press that argument remains to be seen.”

“我认为，美国证券交易委员会……保留了争论以太坊质押是证券活动的空间，”恩泽说。 “他们是否会坚持这一论点还有待观察。”

The Consensys lawsuit against the SEC seems to indicate that the SEC views liquid staking tokens as securities, with passages such as, “[O]n September 21, 2022, Consensys received another letter from the SEC staff advising that the agency was conducting an investigation into certain staking protocols on the Ethereum network.”

Consensys 针对 SEC 的诉讼似乎表明 SEC 将流动性质押代币视为证券，其中的段落如下：“2022 年 9 月 21 日，Consensys 收到了 SEC 工作人员的另一封信，建议该机构正在进行调查进入以太坊网络上的某些质押协议。”

Elsewhere the lawsuit stated, “The SEC staff also stated its view that Consensys, in connection with its MetaMask Staking program, violates both Sections 5(a) and 5(c) of the Securities Act by engaging in the offer and sale of unregistered securities and violates Section 15(a) of the Exchange Act by acting as an unregistered broker-dealer.” The liquid staking tokens available on MetaMask Staking in the US include tokens from Lido and Rocket Pool.

诉讼的其他地方指出，“SEC 工作人员还表示，Consensys 与其 MetaMask 质押计划有关，通过参与发行和出售未注册证券，违反了《证券法》第 5(a) 和 5(c) 条并以未注册经纪自营商身份行事，违反了《交易法》第 15(a) 条。”美国 MetaMask Stake 上提供的流动质押代币包括来自 Lido 和 Rocket Pool 的代币。

Alex More, head of litigation at Carrington, Coleman, Sloman, and Blumenthal, previously told Unchained that it would be tough to argue that a user who is staking is participating in a securities transaction because there is no managerial efforts, they are just protecting the integrity of the network. The challenge is when an entity — decentralized or centralized — aids the user in the staking process, he said. If the entity does something to manage those staked assets then the SEC might have a stronger case that it’s a securities offering, he added.

Carrington、Coleman、Sloman 和 Blumenthal 的诉讼主管 Alex More 此前告诉 Unchained，很难说质押用户正在参与证券交易，因为没有任何管理努力，他们只是在保护权益。网络的完整性。他说，挑战在于一个实体（无论是去中心化还是中心化）在质押过程中帮助用户。他补充说，如果该实体采取措施来管理这些质押资产，那么美国证券交易委员会可能会更有力地证明这是一次证券发行。

Enzer agrees with More’s assessment, noting that he doesn’t believe staked ether itself is a security nor is Gensler going to sue someone who holds staked ether. Tokens are not securities, he added.

Enzer 同意 More 的评估，并指出他不认为质押以太本身是一种证券，Gensler 也不会起诉持有质押以太的人。他补充说，代币不是证券。

“I think [Gensler] thinks the Ethereum Foundation is a centralized issuer and the security they are offering is a staking program,” said Enzer. “The staked ether, you could say, is the object of that transaction.”

“我认为 [Gensler] 认为以太坊基金会是一个中心化发行人，他们提供的安全性是一个质押计划，”恩泽说。 “你可以说，质押的以太币就是该交易的对象。”

The foundation, staking providers and developers of staking protocols could all be in danger of being characterized as operating an investment contract scheme by the SEC, he added.

他补充说，基金会、质押提供商和质押协议开发商都可能面临被 SEC 定性为运营投资合约计划的危险。

The Ethereum Foundation did not respond to a request for comment from Unchained regarding the status of staked ether or

以太坊基金会没有回应 Unchained 关于质押以太币状态的置评请求，或者