區塊鏈遊說者就「交易商」的定義向 SEC 提起訴訟

在德州北區提起的訴訟中，區塊鏈協會（BA）和德州加密貨幣自由聯盟（CFAT）對SEC 的「交易商規則」提出質疑，認為違反了《行政程序法》。新規則重新定義了“交易商”，將做市商和流動性提供者納入其中，使他們受到針對傳統證券交易商的監管。原告認為，SEC的規則制定過程有缺陷，該規則的實施將阻礙數位資產產業參與者的運作。

Two major blockchain advocacy groups, the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT), have initiated a legal challenge against the United States Securities and Exchange Commission (SEC) in the Northern District of Texas.

兩大區塊鏈倡議團體區塊鏈協會（BA）和德州加密貨幣自由聯盟（CFAT）已在德州北區對美國證券交易委員會（SEC）發起法律挑戰。

This lawsuit centers on the SEC's recently implemented "Dealer Rule," which the plaintiffs argue violates the Administrative Procedure Act (APA) and hinders the operation of businesses within the digital asset industry.

這起訴訟的焦點是美國證券交易委員會最近實施的“交易商規則”，原告認為該規則違反了《行政程序法》（APA）並阻礙了數位資產行業內的業務運營。

The SEC redefined the term "dealer" in February, broadening its scope to include any entity providing liquidity or acting as a market maker. Notably, this rule specifically targets entities managing at least $50 million in assets, effectively bringing automated market makers and liquidity providers within decentralized finance (DeFi) platforms under the same regulatory umbrella as traditional securities dealers.

SEC 在二月重新定義了「交易商」一詞，將其範圍擴大到包括任何提供流動性或充當做市商的實體。值得注意的是，該規則專門針對管理至少5,000 萬美元資產的實體，有效地將去中心化金融（DeFi）平台內的自動化做市商和流動性提供者置於與傳統證券交易商相同的監管範圍內。

The lawsuit alleges that the implementation of the Dealer Rule lacked transparency and fair rulemaking procedures. According to the plaintiffs, the SEC failed to adequately address concerns raised during the 39-day comment period in 2022, leading to unclear regulations that hinder the operation of digital asset industry participants.

訴訟稱，《經銷商規則》的實施缺乏透明度和公平的規則制定程序。原告稱，SEC未能充分解決2022年39天徵求意見期內提出的擔憂，導致監管不明確，阻礙了數位資產產業參與者的營運。

BA and CFAT contend that the SEC's expansive interpretation of the term "dealer" contradicts decades of established meaning and could severely damage the vast network of individuals and businesses involved in digital asset trading. They argue that the rule imposes unnecessary burdens and uncertainties that stifle innovation and hamper market growth.

BA 和 CFAT 認為 SEC 對「交易商」一詞的廣泛解釋與數十年來的既定含義相矛盾，並可能嚴重損害參與數位資產交易的個人和企業的龐大網絡。他們認為，該規則施加了不必要的負擔和不確定性，從而抑制創新並阻礙​​市場成長。

"The SEC's unlawful radical expansion bears no resemblance to the long-standing and well-settled meaning of the term, and mandates an approach that will cause irreparable damage to the tens of millions of Americans and businesses who participate in digital asset trading," the Blockchain Association stated in a recent press release.

“美國證券交易委員會的非法激進擴張與該術語長期存在且既定的含義毫無相似之處，它強制執行的做法將對數千萬參與數位資產交易的美國人和企業造成不可挽回的損害，”區塊鏈協會在最近的新聞稿中表示。

The lawsuit also highlights the internal dissent within the SEC itself. Commissioners Hester Pierce and Mark Uyeda criticized the new rule, expressing concerns about its potential overreach and the blurring of lines between dealers and traders. The SEC reportedly adopted this rule following a 3-2 vote, reflecting significant internal opposition.

該訴訟也凸顯了 SEC 內部的分歧。委員 Hester Pierce 和 Mark Uyeda 批評了新規則，表達了對其潛在的過度擴張以及經銷商和貿易商之間界線模糊的擔憂。據報道，SEC 以 3 比 2 的投票結果通過了這項規則，反映出內部的強烈反對。

"This is the latest example of the SEC's blatant attempts to unlawfully regulate outside its authority, skirting legal obligations to address the numerous concerns received during its compressed comment period," wrote Blockchain Association CEO Kristin Smith in an emailed statement to Unchained.

區塊鏈協會執行長Kristin Smith 在給Unchained 的電子郵件聲明中寫道：「這是SEC 公然試圖在其權限之外進行非法監管的最新例子，規避了解決其壓縮評論期內收到的眾多擔憂的法律義務。

The legal challenge by BA and CFAT represents a significant escalation in the ongoing battle between the SEC and the digital asset industry. The outcome of this lawsuit will have far-reaching implications for the regulatory landscape of digital assets in the United States and potentially reshape the way digital asset businesses operate.

BA 和 CFAT 的法律挑戰標誌著 SEC 與數位資產產業之間持續鬥爭的重大升級。該訴訟的結果將對美國數位資產的監管格局產生深遠影響，並有可能重塑數位資產業務的運作方式。