上诉法院：SEC 必须更好地解释为何拒绝 Coinbase 的加密资产监管请求

联邦上诉法院表示，美国证券交易委员会需要更好地解释为何拒绝 Coinbase 制定法规以涵盖蓬勃发展的加密资产行业的请求

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.

一家联邦上诉法院周一表示，美国证券交易委员会必须更好地解释为什么它拒绝了 Coinbase Inc 制定法规以涵盖蓬勃发展的加密资产行业的请求，尽管法官没有推翻该机构的决定。

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.

美国第三巡回上诉法院以 3-0 的裁决做出了 Coinbase 的部分胜利，在 SEC 于 2022 年 7 月驳回了要求该机构明确证券法如何适用于加密货币和代币等资产的请求后，Coinbase 进入了法庭。

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

Coinbase 认为，美国证券交易委员会一直在将现有的证券法应用于数字资产，因此需要制定广泛的规则。

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.

在被要求置评时，Coinbase 发言人指出，该公司首席法律官 Paul Grewal 在 X 上发表的一篇帖子称，他们“感谢法院的认真考虑”。寻求评论的消息已留给美国证券交易委员会。

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.

美国证券交易委员会 (SEC) 将于 2023 年 6 月对 Coinbase Inc 采取执法行动，指控其数字资产交易平台作为未注册的经纪人、交易所和清算机构运作。

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，美国证券交易委员会表示，其加密货币法规可能会根据其目前正在追求的“众多承诺”而改变，并且制定新规则将使其摆脱其他职责。

“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 写道：“与规则制定请愿书主要关注点不同的一句话是结论性的，并不能向我们保证 SEC 考虑了 Coinbase 的可操作性反对意见，也没有解释它是如何解释这些反对意见的。”

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，该机构已采取总体立场，认为某些数字资产可能符合证券资格，并表示可能会通过未来的一些规则制定流程直接解决 Coinbase 提出的问题。

“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.’”

安布罗写道：“它表示，它认为现有的证券法框架对于数字资产并非不可行，但我们没有记录依据来确定它为何相信这一点或如何得出这一结论。” “这个解释并不‘站不住脚’——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，美国证券交易委员会必须对“理由不足”的决定提供更完整的解释，但法官并未命令其采取制定新规则的程序。

“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.”

“美国证券交易委员会多次起诉加密货币公司不遵守法律，但不会告诉他们如何遵守法律，”法官斯蒂芬诺斯·比巴斯 (Stephanos Bibas) 在评论中写道。 “这种谨慎造成了严重的宪法问题；正当程序保证公平通知。”