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The writer is the co-founder of Ethereum and CEO & founder of Consensys, a blockchain software company
作者是以太坊的聯合創辦人，同時也是區塊鏈軟體公司Consensys的首席執行長和創辦人
Imagine a scenario in which the US government — suddenly, arbitrarily and without any justifiable authority — outlawed a commodity like petrol. Now imagine this occurred in the early 1900s, right as Henry Ford emerged on the scene, creating a model for the automotive industry that has endured for over a century. A ban on petrol would have equated to a ban on driving altogether, crippling the burgeoning auto industry, allowing the rest of the world to pursue game-changing innovations and creating a lasting, depressive impact on the way Americans live.
想像一下這樣一個場景：美國政府在沒有任何合理權威的情況下，突然、武斷地禁止了像汽油這樣的商品。再想像一下，這發生在20世紀初，正當亨利•福特(Henry Ford)出現在舞臺上，爲汽車行業創造了一個已經持續了一個多世紀的模型。禁止汽油就等同於全面禁止駕駛，這將使得新興的汽車工業受到重創，讓世界其他地方有機會追求改變遊戲規則的創新，並對美國人的生活方式產生持久的、壓抑的影響。
This comparison may seem extreme but it is instructive regarding the potential impact of a US Securities and Exchange Commission ruling on the future of ether, currently under consideration. Ether is the digital commodity that, like petrol, powers programs running on the Ethereum network, the world’s largest programmable blockchain.
這種比較可能看起來有些極端，但它對於美國證券交易委員會(US Securities and Exchange Commission)正在考慮中的對以太幣未來可能產生的影響具有啓示性。以太幣是一種數字商品，就像石油一樣，爲運行在全球最大的可編程區塊鏈——以太坊網路上的程式提供動力。
This network has the potential to usher us into the next phase of the internet, where content, identity, ownership, security and accessibility are, crucially, controlled by the user, not any big tech company. That’s why many companies, including BlackRock, Franklin Templeton, Nike, Adidas, Gucci and Publicis, are working on software applications that involve the tokenisation of physical and financial assets, loyalty and engagement systems and much more, using Ethereum.
這個網路有可能引領我們進入網路的下一個階段，這個階段中，內容、身份、所有權、安全性和可訪問性將由用戶而不是任何大型科技公司來控制，這一點至關重要。這就是爲什麼許多公司，包括貝萊德(BlackRock)、富蘭克林鄧普頓(Franklin Templeton)、耐克(Nike)、Adidas(Adidas)、古馳(Gucci)和陽獅公司(Publicis)，都在使用以太坊開發涉及實物和金融資產代幣化、忠誠度和參與系統等的軟體應用。
Yet, in an unprecedented power grab, the SEC has recently waged war on digital assets like ether and, by extension, the entire Ethereum ecosystem — likely sparing no company, developer or user in its seeming attempt to recategorise ether as a security. This is a reversal from historical and recent statements made by the Commodity Futures Trading Commission, which defines ether as a commodity, as well as prior guidance from the SEC itself.
然而，美國證交會(SEC)近期對以太坊等數位資產進行了前所未有的權力爭奪，甚至可能對整個以太坊生態系統中的所有公司、開發者或用戶產生影響，因爲它似乎試圖將以太坊重新定義爲證券。這與商品期貨交易委員會(Commodity Futures Trading Commission)將以太坊定義爲商品的歷史和近期聲明，以及美國證交會自身之前的指導意見形成了反轉。
Reclassifying ether via a set of arbitrary enforcement actions would cripple our industry in the US, with a profound chilling effect elsewhere. The SEC has been unwilling to follow the fundamental principle of separation of powers in the US, where it is the job of Congress to legislate, not agencies. Instead, it is attempting to regulate by post facto punishment. In the process it will kill technology it doesn’t favour. The SEC has a mandate to regulate securities, not technology. As its commissioner Hester Peirce recently stated, “Congress did not design the SEC to be a merit regulator, and the resulting flexibility for market participants is an important contributor to create the dynamic market environment where entrepreneurs thrive.”
透過一系列武斷的執法行動對以太幣進行重新分類，將使我們在美國的行業陷入癱瘓，並在其他地方產生深遠的寒蟬效應。美國證交會一直不願遵循美國權力分立的基本原則，即立法是國會的職責，而不是機構的職責。相反，它試圖透過事後處罰來進行監管。在這個過程中，它將扼殺它不喜歡的技術。美國證交會的任務是監管證券，而不是技術。正如其委員海絲特•皮爾斯(Hester Peirce)最近所說：「國會並沒有設計美國證交會成爲一個優秀監管機構，而市場參與者的靈活性是創造充滿活力的市場環境的重要因素。」
Make no mistake: if the SEC succeeds in defining ether as a security, the ensuing registration requirements would render it unusable — the modern-day equivalent of banning petrol. It may in effect outlaw all buying and selling of the digital commodity within the US except in very special circumstances. This would signal the end of Ethereum in the country, given that ether is vital for executing any transaction on the network. It would essentially disconnect the US from the next generation internet, leaving the rest of the world free to evolve it through unfettered innovation. Unless, of course, the US puts pressure on other nations to follow suit.
毫無疑問：如果美國證交會成功地將以太坊定義爲一種證券，那麼隨之而來的註冊要求將使其無法使用——這就像是禁止汽油的現代版。除非在非常特殊的情況下，否則這可能會在美國境內禁止所有的數字商品買賣。這將標誌着以太坊在美國的終結，因爲以太坊對於在網路上執行任何交易都至關重要。這將從根本上切斷美國與下一代網路的聯繫，讓世界其他地區可以透過無拘無束的創新來發展它。當然，除非美國向其他國家施加壓力，要求它們效仿。
The implications would also extend far beyond the confines of digital asset trading. The SEC’s misappropriation of regulatory authority threatens to dismantle a sector that supports thousands of American jobs and also stands at the cutting edge of technology, the way we store our data and the future of how we interact digitally.
其影響也將遠遠超出數位資產交易的範圍。美國證交會濫用監管權力的行爲可能會摧毀一個支撐著數千個美國就業崗位的行業，這個行業不僅處於技術的前沿，還影響著我們存儲數據的方式，以及我們未來的數位化互動方式。
We at Consensys are choosing to use litigation to stand up to the agency. This is not merely about protecting our digital asset. It is about safeguarding the future of innovation in the US. An overzealous financial regulator must not hold game-changing technology hostage.
我們在Consensys選擇透過訴訟來對抗這個機構。這不僅僅是爲了保護我們的數位資產，更是爲了維護美國創新的未來。我們不能讓一個過度積極的金融監管機構扼殺具有顛覆性的技術。