SEC 主席 Gensler 任期結束，面臨司法制裁

SEC v. Coinbase (COIN) 案發生了令 SEC 不受歡迎的轉折，第三巡迴法院做出了對 Coinbase 有利的裁決。

The United States Securities and Exchange Commission (SEC) has faced backlash from a Third Circuit Court ruling in favor of Coinbase (NASDAQ:COIN) in the SEC v Coinbase case.

美國證券交易委員會 (SEC) 在 SEC v. Coinbase 案中面臨第三巡迴法院對 Coinbase（納斯達克股票代碼：COIN）有利的裁決的強烈反對。

Coinbase's Chief Legal Officer Paul Grewal announced the decision on Twitter, highlighting that the Third Circuit Court had ordered the SEC to provide a "more complete explanation" for its order.

Coinbase 首席法律官 Paul Grewal 在 Twitter 上宣布了這一決定，並強調第三巡迴法院已命令 SEC 為其命令提供「更完整的解釋」。

“We just won our petition for a writ of mandamus at the Third Circuit. Rebuking SEC for its order denying our rulemaking petition, the Court held that the “SEC’s order was conclusory and insufficiently reasoned, and thus arbitrary and capricious, we grant Coinbase’s petition in part and remand to the SEC for a more complete explanation.”

「我們剛剛在第三巡迴法院贏得了履行職責令的請願書。法院譴責SEC 拒絕我們的規則制定請求的命令，認為「SEC 的命令是結論性的，理由不足，因此是武斷且反复無常的，我們部分批准了Coinbase 的請求，並將其發還給SEC 以獲得更完整的解釋。

The court's decision follows Coinbase's filing with the Third Circuit Court in August 2022, seeking to overturn the SEC's denial of its application to have the agency initiate rulemaking proceedings on the classification of digital assets.

在法院做出這項決定之前，Coinbase 於 2022 年 8 月向第三巡迴法院提交了文件，試圖推翻 SEC 拒絕其申請啟動數位資產分類規則制定程序的決定。

Coinbase had applied to the SEC in September 2021 to have the agency initiate rulemaking proceedings on the classification of digital assets. The SEC denied the application in April 2022 without providing a detailed explanation.

Coinbase 於 2021 年 9 月向 SEC 申請，要求該機構啟動有關數位資產分類的規則制定程序。 SEC 於 2022 年 4 月拒絕了該申請，但沒有提供詳細解釋。

Coinbase then filed a petition for a writ of mandamus with the Third Circuit Court, arguing that the SEC's denial was arbitrary and capricious and that the court should order the agency to provide a more complete explanation for its decision.

隨後，Coinbase 向第三巡迴法院提交了一份履行職責令的請願書，認為 SEC 的拒絕是武斷且反复無常的，法院應命令該機構對其決定提供更完整的解釋。

The Third Circuit Court agreed with Coinbase and remanded the SEC to explain itself further. The court also noted that the SEC should not give “yet another poor explanation in an already-long line of them.”

第三巡迴法院同意 Coinbase 的觀點，並要求 SEC 進一步解釋。法院還指出，美國證券交易委員會不應該「在已經很長的解釋中再給出一個糟糕的解釋」。

“But sporadically enforcing ill-fitting rules against crypto companies that are trying to follow the law goes way beyond fighting fraud. It targets a whole industry and risks de facto banning it. On remand, the SEC must grapple with that problem.”

「但偶爾對試圖遵守法律的加密貨幣公司執行不合適的規則遠遠超出了打擊詐欺的範圍。它針對整個行業，並且有事實上被禁止的風險。在還押時，美國證券交易委員會必須解決這個問題。

Ripple's Chief Legal Officer Stuart Alderoty shared excerpts from the court ruling on Twitter, highlighting the court's conclusion that the SEC was attempting to ban the crypto industry through selective enforcement of securities laws.

Ripple 首席法律官 Stuart Alderoty 在 Twitter 上分享了法院裁決的摘錄，強調了法院的結論，即 SEC 試圖通過選擇性執行證券法來禁止加密行業。

“Huge congratulations to Paul Grewal and Coinbase for their win today. In Gensler’s final days, his anti-crypto crusade is imploding, and a federal appeals court has laid bare what the industry has said for years: his selective enforcement of securities laws was a (not so) covert attempt to ban the industry outright. Shameful.”

「熱烈祝賀 Paul Grewal 和 Coinbase 今天獲勝。在Gensler 的最後幾天，他的反加密運動正在爆發，聯邦上訴法院揭露了該行業多年來的說法：他選擇性地執行證券法是一次（並非如此）秘密的嘗試，旨在徹底禁止該行業。可恥。

The latest court ruling could pressure the SEC to reconsider its appeal in the Ripple case. Amicus Curiae attorney John E. Deaton recently assessed the upside for an SEC appeal, saying,

最新的法院裁決可能會迫使 SEC 重新考慮其在 Ripple 案件中的上訴。法庭之友律師 John E. Deaton 最近評估了 SEC 上訴的好處，他說：

“Hence, my point: appealing the Ripple ruling is a fool’s errand and I think Paul Atkins will see it that way.”

“因此，我的觀點是：對 Ripple 的裁決提出上訴是一件愚蠢的事情，我認為保羅·阿特金斯也會這麼認為。”

XRP Price Trends: Legal Battle Drives Sentiment XRP advanced by 0.80% on Monday, January 13, partially reversing Sunday's 2.81% loss to close at $2.5245. Notably, XRP outperformed the broader crypto market, which declined by 0.91% to a total market cap of $3.20 trillion.

XRP 價格趨勢：法律鬥爭推動市場情緒 XRP 於 1 月 13 日星期一上漲 0.80%，部分扭轉了周日 2.81% 的跌幅，收於 2.5245 美元。值得注意的是，XRP 的表現優於更廣泛的加密貨幣市場，後者下跌 0.91%，總市值為 3.20 兆美元。

XRP's price action is closely tied to the developments in the Ripple case. If the SEC files its opening brief and convincingly challenges the Programmatic Sale of XRP ruling, XRP could drop below $2.

XRP 的價格走勢與 Ripple 案的進展密切相關。如果 SEC 提交開庭簡報並令人信服地挑戰 XRP 程序化銷售裁決，XRP 可能會跌至 2 美元以下。

On the other hand, if the agency withdraws its appeal, XRP could break above its 2018 record high of $3.5505.

另一方面，如果該機構撤回上訴，XRP 可能會突破 2018 年的歷史新高 3.5505 美元。