SEC 激進的 Uniswap 行動引發熱議：批評者大罵

法律專家表示，美國證券交易委員會 (SEC) 因在調查 Uniswap 時越權而面臨批評。區塊鏈協會政策顧問 Laura Sanders 強調，SEC 對 Uniswap 等二級平台上交易的數位資產缺乏權威。 Coinbase 先前與 SEC 的遭遇及其不明確的監管指導方針凸顯了該行業的挫敗感。 Uniswap Labs 首席法律官 Marvin Ammori 對 SEC 的論點提出質疑，稱其“特別軟弱”，並強調該協議符合美國法律。

SEC's Overreach Draws Fire in Uniswap Enforcement Case: Critics Allege Abuse of Power and Weak Legal Arguments

SEC 過度幹預 Uniswap 執法案引發批評：批評者指控濫權且法律論點薄弱

The Securities and Exchange Commission (SEC) has come under intense scrutiny following its announcement that it intends to take enforcement action against decentralized exchange (DEX) Uniswap. The move has sparked a torrent of criticism from industry heavyweights and legal experts, who accuse the regulator of overstepping its authority, pursuing regulation by enforcement, and failing to provide clear guidance to crypto firms.

美國證券交易委員會 (SEC) 宣布打算對去中心化交易所 (DEX) Uniswap 採取執法行動後，受到了嚴格的審查。此舉引發了行業重量級人物和法律專家的強烈批評，他們指責監管機構越權，以執法方式進行監管，並且未能為加密貨幣公司提供明確的指導。

Uniswap's founder, Hayden Adams, denounced the SEC's action as "annoyed, disappointed, and ready to fight." He vehemently defended the legality of the DEX's services and criticized SEC Chairman Gary Gensler for his heavy-handed approach to "good actors" in the crypto space while failing to prevent the FTX debacle.

Uniswap 創始人海登·亞當斯 (Hayden Adams) 譴責 SEC 的行為「感到惱火、失望，並準備好戰鬥」。他強烈捍衛 DEX 服務的合法性，並批評 SEC 主席加里·詹斯勒 (Gary Gensler) 對加密貨幣領域的「好演員」採取高壓手段，卻未能阻止 FTX 的崩潰。

Industry groups have echoed Adams' sentiments, calling on Washington to enact comprehensive legislation that establishes a clear regulatory framework for the digital asset sector. They argue that the SEC's narrow interpretation of securities laws is ill-suited to the complexities of the crypto market and is stifling innovation.

產業組織呼應了亞當斯的觀點，呼籲華盛頓制定全面的立法，為數位資產產業建立明確的監管框架。他們認為，美國證券交易委員會對證券法的狹隘解釋不適合加密貨幣市場的複雜性，並且正在扼殺創新。

"The SEC continues to push the limits of its congressional mandate," said Laura Sanders, policy counsel at the Blockchain Association. "Its authority is confined to securities, which do not include tokens exchanged on secondary platforms such as Uniswap. The recent ruling in SEC v. Coinbase underscores the weakness of the SEC's position."

區塊鏈協會政策顧問勞拉桑德斯 (Laura Sanders) 表示：“美國證券交易委員會繼續挑戰其國會授權的限制。” 「其權限僅限於證券，不包括在 Uniswap 等二級平台上交換的代幣。最近 SEC 訴 Coinbase 案的裁決凸顯了 SEC 立場的弱點。”

Marvin Ammori, Uniswap Labs' chief legal officer, echoed these concerns, arguing that the SEC's "arguments are particularly weak." He asserted that the DEX's protocol, app, and wallet do not meet the legal definitions of securities exchanges or brokers and that the SEC is engaging in "arbitrary enforcement and continued abuse of power."

Uniswap Labs 首席法律長 Marvin Ammori 也表達了這些擔憂，認為 SEC 的「論點特別薄弱」。他聲稱，DEX 的協議、應用程式和錢包不符合證券交易所或經紀人的法律定義，並且 SEC 正在進行「任意執法和持續濫用權力」。

Jake Chervinsky, chief legal officer at Variant, went further, accusing the SEC of "actively trying to drive crypto founders out of the United States through fear and intimidation." He pointed out that Gensler's term will expire in 2026 and that it is Congress, not the SEC, that has the authority to determine the law surrounding cryptocurrencies.

Variant 首席法律官 Jake Chervinsky 更進一步，指責 SEC“積極試圖通過恐懼和恐嚇將加密貨幣創始人趕出美國。”他指出，Gensler 的任期將於 2026 年到期，有權決定加密貨幣相關法律的是國會，而不是 SEC。

Chervinsky praised the crypto sector's resilience and efforts to fight back through litigation. However, he acknowledged that the road to clarity on the applicability of securities laws to digital assets may be long and arduous.

切爾文斯基讚揚了加密產業的韌性以及透過訴訟進行反擊的努力。然而，他承認，明確證券法對數位資產的適用性的道路可能是漫長而艱鉅的。

The SEC's enforcement action against Uniswap has had a significant impact on the token's price, with UNI falling 32% in the week following the announcement. Wells notices typically precede enforcement actions that can result in fines, asset seizures, or even forced shutdowns.

SEC 針對 Uniswap 的執法行動對該代幣的價格產生了重大影響，公告發布後一周內 UNI 下跌了 32%。威爾斯通知通常先於執法行動，這可能導致罰款、資產扣押，甚至強制關閉。

However, given Uniswap's decentralized nature, it is unclear how the SEC would be able to shut it down. Some experts speculate that Gensler may believe the DEX is not as decentralized as it claims, but this remains to be proven.

然而，鑑於 Uniswap 的去中心化性質，目前尚不清楚 SEC 將如何關閉它。一些專家推測 Gensler 可能認為 DEX 並不像它聲稱的那樣去中心化，但這仍有待證明。

The Uniswap case highlights the ongoing tension between the SEC and the crypto industry. Critics argue that the regulator is overreaching its authority and failing to provide the clarity and guidance necessary for the industry to thrive. They call on Congress to intervene and enact sensible legislation that establishes a clear regulatory framework for the digital asset sector.

Uniswap 案件凸顯了 SEC 與加密貨幣產業之間持續的緊張關係。批評者認為，監管機構超越了其權力，未能提供該行業蓬勃發展所需的清晰度和指導。他們呼籲國會幹預並制定合理的立法，為數位資產產業建立明確的監管框架。