Coinbase 在與 SEC 關於加密資產規則的法律糾紛中贏得部分勝利

美國第三巡迴上訴法院在 1 月 13 日做出裁決，裁定 Coinbase 在與美國證券交易委員會 (SEC) 的法律糾紛中取得部分勝利。

Coinbase has won a partial victory in its legal dispute with the United States Securities and Exchange Commission (SEC), according to a Jan. 13 decision by the United States Court of Appeals for the Third Circuit.

根據美國第三巡迴上訴法院 1 月 13 日的裁決，Coinbase 在與美國證券交易委員會 (SEC) 的法律糾紛中贏得了部分勝利。

A panel led by Circuit Judge Ambro found the SEC’s reasoning to be “arbitrary and capricious” under the Administrative Procedure Act (APA), which requires agencies to fully explain their actions.

由巡迴法官 Ambro 領導的一個小組認為，根據《行政程序法》(APA)，美國證券交易委員會的推理是“任意且反复無常的”，該法要求各機構充分解釋其行為。

The court’s opinion also states that the SEC’s decision to reject Coinbase’s application to establish clearer rules for crypto assets was not well-founded.

法院的意見也指出，SEC 拒絕 Coinbase 為加密資產制定更清晰規則的申請的決定並無充分依據。

As a result, regulators will be pressed to explain their avoidance of providing clear rules for U.S. crypto asset companies.Coinbase filed an application with the SEC in 2022, requesting the adoption of new rules based on the unique nature of digital assets like crypto assets and tokens.

因此，監管機構將被迫解釋為何避免為美國加密資產公司提供明確規則。

The company believes that the existing securities law framework is "fundamentally incompatible” with blockchain technology and economically impractical.

該公司認為，現有的證券法框架與區塊鏈技術“根本上不相容”，並且在經濟上不切實際。

The exchange highlighted several issues: decentralized issuers, non-investment uses of many digital assets (including transaction fees and network governance), and more.The SEC rejected the application in December 2023 with a brief explanation, stating that existing law is sufficient and that its priorities lie elsewhere, including enforcement actions and progressive measures.

該交易所強調了幾個問題：去中心化的發行人、許多數位資產的非投資用途（包括交易費用和網路治理）等等。的解釋，指出現有法律已經足夠，並且它的優先事項在其他方面，包括執法行動和漸進措施。

Coinbase then filed a petition for review with the court, asking the SEC to provide more detailed reasons.In its opinion, the Third Circuit did not order the SEC to begin rulemaking, a victory for the agency's discretion.

Coinbase 隨後向法院提交了審查請求，要求 SEC 提供更詳細的理由。

However, the court found that the SEC lacked sufficient reasons to deny Coinbase's application.

然而，法院認為 SEC 缺乏足夠的理由拒絕 Coinbase 的申請。

The court emphasized that while regulators have broad discretion, their decisions must follow a “clear logical path.”The court also stated that “The SEC has repeatedly sued crypto asset companies for not complying with the law, but has not told them how to comply with the law. This cunning attitude has created serious constitutional problems and due process should be used to ensure fairness.”

法院強調，雖然監管機構擁有廣泛的自由裁量權，但他們的決定必須遵循“清晰的邏輯路徑”。與法律。這種狡猾的態度造成了嚴重的憲法問題，應該利用正當程序來確保公平。

The court also noted that the regulator failed to provide notice of due process requirements or meaningful guidance on which crypto assets are considered securities.Moreover, the ruling raises questions about how the SEC classifies stablecoins, utility tokens and major crypto assets like BTC and ETH. “The SEC refuses to acknowledge that existing rules are ill-suited for blockchain technology. Its official silence and conflicting unofficial signals breed uncertainty,” the ruling adds.

法院還指出，監管機構未能就加密資產被視為證券的正當程序要求或有意義的指導提供通知。加密資產進行分類的問題。 「美國證券交易委員會拒絕承認現有規則不適合區塊鏈技術。它的官方沉默和相互矛盾的非官方信號帶來了不確定性，」裁決補充道。

“Crypto asset issuers and exchanges can only cross their fingers and hope that the agency does not blame them.”Coinbase's chief legal officer Paul Grewal shared the legal victory and commended the “court’s careful consideration.”

「加密資產發行方和交易所只能祈禱，希望該機構不要責怪他們。」Coinbase 首席法律官 Paul Grewal 分享了這場法律勝利，並讚揚了「法院的審慎考慮」。

Jake Chervinsky, chief legal officer at Variant Fund, congratulated the exchange and noted that it's a "significant victory" because part of the authorization comes from the circuit court. The ruling sets a binding precedent for future crypto asset cases.

Variant Fund 首席法律官 Jake Chervinsky 對這筆交易表示祝賀，並指出這是一場“重大勝利”，因為部分授權來自巡迴法院。該裁決為未來的加密資產案件樹立了具有約束力的先例。

Ji Kim, CEO of the Crypto Asset Innovation Council (CCI), also congratulated Coinbase and highlighted an amicus brief filed by the CCI in the case. “In the absence of SEC guidance, industry participants must figure out whether they must register as dealers and, if so, which assets they can handle in a registered entity,” the document states.

加密資產創新委員會 (CCI) 執行長 Ji Kim 也向 Coinbase 表示祝賀，並強調了 CCI 在此案中提交的法庭之友陳述。文件指出：“在沒有 SEC 指導的情況下，行業參與者必須弄清楚他們是否必須註冊為交易商，如果需要，他們可以在註冊實體中處理哪些資產。”

Uniswap Labs Chief Legal Officer Katherine Minarik highlighted the Third Circuit Court's two actions that prompted the SEC to respond appropriately, "which is what it should do."

Uniswap Labs 首席法務官 Katherine Minarik 強調了第三巡迴法院的兩項行動促使 SEC 做出適當回應，「這是它應該做的」。

Alex Thorn, head of research at Galaxy Digital, mentioned that the ruling is "huge" and "repudiates the SEC's position in countless cases" that no rulemaking is needed beyond the existing legal framework.

Galaxy Digital 研究主管 Alex Thorn 提到，這項裁決“規模龐大”，並且“否定了 SEC 在無數案件中的立場”，即不需要在現有法律框架之外制定任何規則。

While the ruling does not require the SEC to make a rule, Thorn noted that it would require a full interpretation, saying “it’s a pretty big question.”

雖然該裁決並不要求美國證券交易委員會制定規則，但索恩指出，這需要完整的解釋，並表示“這是一個相當大的問題。”