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The writer is the co-founder of Ethereum and CEO & founder of Consensys, a blockchain software company
作者是以太坊的联合创始人，同时也是区块链软件公司Consensys的首席执行官和创始人
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.
想象一下这样一个场景：美国政府在没有任何合理权威的情况下，突然、武断地禁止了像汽油这样的商品。再想象一下，这发生在20世纪初，正当亨利•福特(Henry Ford)出现在舞台上，为汽车行业创造了一个已经持续了一个多世纪的模型。禁止汽油就等同于全面禁止驾驶，这将使得新兴的汽车工业受到重创，让世界其他地方有机会追求改变游戏规则的创新，并对美国人的生活方式产生持久的、压抑的影响。
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.
这种比较可能看起来有些极端，但它对于美国证券交易委员会(US Securities and Exchange Commission)正在考虑中的对以太币未来可能产生的影响具有启示性。以太币是一种数字商品，就像石油一样，为运行在全球最大的可编程区块链——以太坊网络上的程序提供动力。
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.
这个网络有可能引领我们进入互联网的下一个阶段，这个阶段中，内容、身份、所有权、安全性和可访问性将由用户而不是任何大型科技公司来控制，这一点至关重要。这就是为什么许多公司，包括贝莱德(BlackRock)、富兰克林邓普顿(Franklin Templeton)、耐克(Nike)、阿迪达斯(Adidas)、古驰(Gucci)和阳狮公司(Publicis)，都在使用以太坊开发涉及实物和金融资产代币化、忠诚度和参与系统等的软件应用。
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，美国证交会(SEC)近期对以太坊等数字资产进行了前所未有的权力争夺，甚至可能对整个以太坊生态系统中的所有公司、开发者或用户产生影响，因为它似乎试图将以太坊重新定义为证券。这与商品期货交易委员会(Commodity Futures Trading Commission)将以太坊定义为商品的历史和近期声明，以及美国证交会自身之前的指导意见形成了反转。
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.”
通过一系列武断的执法行动对以太币进行重新分类，将使我们在美国的行业陷入瘫痪，并在其他地方产生深远的寒蝉效应。美国证交会一直不愿遵循美国权力分立的基本原则，即立法是国会的职责，而不是机构的职责。相反，它试图通过事后处罚来进行监管。在这个过程中，它将扼杀它不喜欢的技术。美国证交会的任务是监管证券，而不是技术。正如其委员海丝特•皮尔斯(Hester Peirce)最近所说：“国会并没有设计美国证交会成为一个优秀监管机构，而市场参与者的灵活性是创造充满活力的市场环境的重要因素。”
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.
毫无疑问：如果美国证交会成功地将以太坊定义为一种证券，那么随之而来的注册要求将使其无法使用——这就像是禁止汽油的现代版。除非在非常特殊的情况下，否则这可能会在美国境内禁止所有的数字商品买卖。这将标志着以太坊在美国的终结，因为以太坊对于在网络上执行任何交易都至关重要。这将从根本上切断美国与下一代互联网的联系，让世界其他地区可以通过无拘无束的创新来发展它。当然，除非美国向其他国家施加压力，要求它们效仿。
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.
其影响也将远远超出数字资产交易的范围。美国证交会滥用监管权力的行为可能会摧毁一个支撑着数千个美国就业岗位的行业，这个行业不仅处于技术的前沿，还影响着我们存储数据的方式，以及我们未来的数字化互动方式。
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.
我们在Consensys选择通过诉讼来对抗这个机构。这不仅仅是为了保护我们的数字资产，更是为了维护美国创新的未来。我们不能让一个过度积极的金融监管机构扼杀具有颠覆性的技术。