上訴法院：SEC 必須更好地解釋為何拒絕 Coinbase 的加密資產監管請求

聯邦上訴法院表示，美國證券交易委員會需要更好地解釋為何拒絕 Coinbase 制定法規以涵蓋蓬勃發展的加密資產產業的請求

A federal appeals court on Monday said the U.S. Securities and Exchange Commission must better explain why it turned down a request from Coinbase Inc to develop regulations to cover the booming crypto asset sector, although the judges stopped short of reversing the agency’s decision.

聯邦上訴法院週一表示，美國證券交易委員會必須更好地解釋為什麼它拒絕了 Coinbase Inc 制定法規以涵蓋蓬勃發展的加密資產行業的請求，儘管法官沒有推翻該機構的決定。

The 3-0 ruling issued by the 3rd U.S. Circuit Court of Appeals was a partial win for Coinbase, which went to court after the SEC denied its July 2022 request that the agency make clear how securities laws apply to assets such as cryptocurrencies and tokens.

美國第三巡迴上訴法院以3-0 的裁決做出了Coinbase 的部分勝利，在SEC 於2022 年7 月駁回了要求該機構明確證券法如何適用於加密貨幣和代幣等資產的請求後，Coinbase進入了法庭。

Coinbase has argued that the SEC has been applying existing securities laws to digital assets, prompting a need for wide-ranging rules.

Coinbase 認為，美國證券交易委員會一直在將現有的證券法應用於數位資產，因此需要製定廣泛的規則。

Asked for comment, a Coinbase spokeswoman pointed out a post on X by Paul Grewal, the company’s chief legal officer, that said they “appreciate the court’s careful consideration.” Messages seeking comment were left for the SEC.

在被要求置評時，Coinbase 發言人指出，該公司首席法律官 Paul Grewal 在 X 上發表的一篇貼文稱，他們「感謝法院的認真考慮」。尋求評論的消息已留給美國證券交易委員會。

A June 2023 enforcement action remains pending by the SEC against Coinbase Inc, alleging its trading platform for digital assets operates as an unregistered broker, exchange and clearing agency.

美國證券交易委員會 (SEC) 將於 2023 年 6 月對 Coinbase Inc 採取執法行動，指控其數位資產交易平台作為未註冊的經紀人、交易所和清算機構運作。

The SEC has said its crypto regulations may change based on “numerous undertakings” it is currently pursuing and that developing new rules would take it away from other duties, the court said.

法院表示，美國證券交易委員會表示，其加密貨幣法規可能會根據其目前正在追求的「眾多承諾」而改變，並且制定新規則將使其擺脫其他職責。

“A single sentence disagreeing with the main concerns of a rulemaking petition is conclusory and does not provide us with any assurance that the SEC considered Coinbase’s workability objections, nor does it explain how it accounted for them,” wrote Judge Thomas L. Ambro.

法官Thomas L. Ambro 寫道：「與規則制定請願書主要關注點不同的一句話是結論性的，並不能向我們保證SEC 考慮了Coinbase 的可操作性反對意見，也沒有解釋它是如何解釋這些反對意見的。

Ambro said the agency has taken a general position that some digital assets may qualify as securities and has said it might directly address the issues raised by Coinbase through some future rulemaking process.

Ambro 表示，該機構已採取總體立場，認為某些數位資產可能符合證券資格，並表示可能會透過未來的一些規則制定流程直接解決 Coinbase 提出的問題。

“It has said that it believes the existing securities-law framework is not unworkable for digital assets, but we have no basis in the record for determining why it believes that or how it arrived at that conclusion,” Ambro wrote. “This explanation is not ‘slim’ — it is ‘vacuous.’”

安布羅寫道：“它表示，它認為現有的證券法框架對於數位資產並非不可行，但我們沒有記錄依據來確定它為何相信這一點或如何得出這一結論。” 「這個解釋並不‘站不住腳’——而是‘空洞’。”

The court said the SEC must provide a more complete explanation for an “insufficiently reasoned” decision but the judges did not order it to undertake the process of making new rules.

法院表示，美國證券交易委員會必須對「理由不足」的決定提供更完整的解釋，但法官並未命令其採取製定新規則的程序。

“The SEC repeatedly sues crypto companies for not complying with the law, yet it will not tell them how to comply,” Judge Stephanos Bibas wrote in a concurrence. “That caginess creates a serious constitutional problem; due process guarantees fair notice.”

「美國證券交易委員會多次起訴加密貨幣公司不遵守法律，但不會告訴他們如何遵守法律，」法官斯蒂芬諾斯·比巴斯 (Stephanos Bibas) 在評論中寫道。 「這種謹慎造成了嚴重的憲法問題；正當程序保證公平通知。