德州法官推翻了 SEC 的經紀交易商規則，加密產業取得了勝利

近幾個月來，加里·詹斯勒 (Gary Gensler) 領導下的美國證券交易委員會 (SEC) 因其「強制監管」政策而受到批評

A Texan federal judge has struck down the Securities and Exchange Commission’s (SEC) broker-dealer rule in a recent court ruling.

德州聯邦法官在最近的一項法院裁決中推翻了美國證券交易委員會 (SEC) 的經紀自營商規則。

According to the ruling, the SEC had overstepped its authority by adopting a broad definition of a “dealer” that is not supported by the Exchange Act’s text, structure, or spirit.

根據裁決，美國證券交易委員會對「交易商」採取了寬泛的定義，而該定義並未得到《交易法》的文本、結構或精神的支持，從而超越了其權力。

The crypto industry has hailed the decision as a major win, with the Blockchain Association calling it a “massive” victory for the growing industry.

加密貨幣行業稱讚這一決定是重大勝利，區塊鏈協會稱這是不斷發展的行業的「巨大」勝利。

The SEC had adopted new rules for market participants on February 6, 2024, which included an updated definition of a broker/dealer.

美國證券交易委員會 (SEC) 於 2024 年 2 月 6 日通過了針對市場參與者的新規則，其中包括經紀人/交易商的更新定義。

Under the agency’s revised rules, market participants with over $50 million in capital were required to register as dealers or securities dealers.

根據該機構修訂後的規則，資本超過 5,000 萬美元的市場參與者必須註冊為交易商或證券交易商。

At the time of the rules’ publication, over 40 market participants were set to be impacted by the broker’s definition and regulations.

在規則發佈時，超過 40 個市場參與者將受到經紀商定義和法規的影響。

However, critics and observers accused the SEC of overstepping its authority and creating unrealistic requirements.

然而，批評者和觀察者指責 SEC 越權並提出不切實際的要求。

For instance, critics hit the agency for enforcing the Know Your Customer (KYC) protocol, even on decentralized platforms with no central operators.

例如，批評者批評該機構執行「了解你的客戶」（KYC）協議，即使是在沒有中央運營商的去中心化平台上。

According to Judge Reed O’Connor, the SEC had abused its authority and that the agency’s proposed dealer rules are “untethered” from the country’s securities laws.

法官里德·奧康納 (Reed O’Connor) 表示，美國證券交易委員會濫用了其權力，該機構提議的交易商規則「不受國家證券法的約束」。

The complaints were filed in court after the SEC formally updated the definitions last February 2024. The Crypto Freedom Alliance and the Blockchain Association were among the organizations that initiated the complaint against the agency.

這些投訴是在 SEC 去年 2 月正式更新定義後向法院提出的。

The SEC now faces uncertain times, especially with Chairman Gary Gensler announcing his intention to resign.

美國證券交易委員會現在面臨不確定的時期，特別是在主席加里·詹斯勒宣布打算辭職的情況下。

In a Twitter/X post dated November 22nd, Gensler shared that he will step down on January 20th, 2025. With Gensler’s resignation and the legal challenges, the SEC’s crypto approach remains uncertain.

在 11 月 22 日的 Twitter/X 貼文中，Gensler 表示他將於 2025 年 1 月 20 日辭職。

On January 20, 2025 I will be stepping down as @SECGov Chair.

我將於 2025 年 1 月 20 日辭去@SECGov 主席職務。

A thread 🧵⬇️

一條線索🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

- 蓋瑞‧詹斯勒 (@GaryGensler) 2024 年 11 月 21 日

O’Connor’s ruling marks the latest challenge and setback for the SEC. While the agency can still appeal this ruling in the 5th Circuit Court of Appeals, the decision is a big blow. Crypto support has scored a win over the clarification of the dealer’s definition, and with incoming US President Donald Trump at the helm, the industry can expect friendlier policies soon.

奧康納的裁決標誌著美國證券交易委員會面臨的最新挑戰和挫折。雖然該機構仍然可以向第五巡迴上訴法院對該裁決提出上訴，但這項決定是一個巨大的打擊。加密貨幣支援已經贏得了對交易商定義的澄清，隨著即將上任的美國總統唐納德·川普的掌舵，該行業很快就可以期待更友好的政策。