区块链游说者就“交易商”的定义向 SEC 提起诉讼

在德克萨斯州北区提起的诉讼中，区块链协会（BA）和德克萨斯加密货币自由联盟（CFAT）对 SEC 的“交易商规则”提出质疑，认为其违反了《行政程序法》。新规则重新定义了“交易商”，将做市商和流动性提供者纳入其中，使他们受到针对传统证券交易商的监管。原告认为，SEC的规则制定过程存在缺陷，该规则的实施将阻碍数字资产行业参与者的运作。

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.

两大区块链倡导团体区块链协会（BA）和德克萨斯州加密货币自由联盟（CFAT）已在德克萨斯州北区对美国证券交易委员会（SEC）发起法律挑战。

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.

这起诉讼的焦点是美国证券交易委员会最近实施的“交易商规则”，原告认为该规则违反了《行政程序法》（APA）并阻碍了数字资产行业内的业务运营。

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 在二月份重新定义了“交易商”一词，将其范围扩大到包括任何提供流动性或充当做市商的实体。值得注意的是，该规则专门针对管理至少 5000 万美元资产的实体，有效地将去中心化金融（DeFi）平台内的自动化做市商和流动性提供者置于与传统证券交易商相同的监管范围内。

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.

诉讼称，《经销商规则》的实施缺乏透明度和公平的规则制定程序。原告称，SEC未能充分解决2022年39天征求意见期内提出的担忧，导致监管不明确，阻碍了数字资产行业参与者的运营。

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 认为 SEC 对“交易商”一词的广泛解释与数十年来的既定含义相矛盾，并可能严重损害参与数字资产交易的个人和企业的庞大网络。他们认为，该规则施加了不必要的负担和不确定性，从而抑制创新并阻碍市场增长。

"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.

“美国证券交易委员会的非法激进扩张与该术语长期存在且既定的含义毫无相似之处，它强制执行的做法将对数千万参与数字资产交易的美国人和企业造成不可挽回的损害，”区块链协会在最近的新闻稿中表示。

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.

该诉讼还凸显了 SEC 内部的分歧。委员 Hester Pierce 和 Mark Uyeda 批评了新规则，表达了对其潜在的过度扩张以及经销商和贸易商之间界限模糊的担忧。据报道，SEC 以 3 比 2 的投票结果通过了这一规则，反映出内部的强烈反对。

"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.

区块链协会首席执行官 Kristin Smith 在给 Unchained 的电子邮件声明中写道：“这是 SEC 公然试图在其权限之外进行非法监管的最新例子，规避了解决其压缩评论期内收到的众多担忧的法律义务。”

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 的法律挑战标志着 SEC 与数字资产行业之间持续斗争的重大升级。该诉讼的结果将对美国数字资产的监管格局产生深远影响，并有可能重塑数字资产业务的运营方式。