Coinbase 在与 SEC 关于加密资产规则的法律纠纷中赢得部分胜利

美国第三巡回上诉法院在 1 月 13 日做出裁决，裁定 Coinbase 在与美国证券交易委员会 (SEC) 的法律纠纷中取得部分胜利。

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.

根据美国第三巡回上诉法院 1 月 13 日的裁决，Coinbase 在与美国证券交易委员会 (SEC) 的法律纠纷中赢得了部分胜利。

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.

由巡回法官 Ambro 领导的一个小组认为，根据《行政程序法》(APA)，美国证券交易委员会的推理是“任意且反复无常的”，该法要求各机构充分解释其行为。

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.

法院的意见还指出，SEC 拒绝 Coinbase 为加密资产制定更清晰规则的申请的决定并无充分依据。

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，监管机构将被迫解释其为何避免为美国加密资产公司提供明确规则。Coinbase 于 2022 年向 SEC 提交申请，要求根据加密资产等数字资产的独特性质采用新规则。代币。

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

该公司认为，现有的证券法框架与区块链技术“根本上不兼容”，并且在经济上不切实际。

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.

该交易所强调了几个问题：去中心化的发行人、许多数字资产的非投资用途（包括交易费用和网络治理）等等。 SEC 于 2023 年 12 月拒绝了该申请，并做出了简短的解释，指出现有法律已经足够，并且它的优先事项在其他方面，包括执法行动和渐进措施。

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 随后向法院提交了审查请求，要求 SEC 提供更详细的理由。 在其看来，第三巡回法院没有命令 SEC 开始规则制定，这是该机构自由裁量权的胜利。

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

然而，法院认为 SEC 缺乏足够的理由拒绝 Coinbase 的申请。

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.”

法院强调，虽然监管机构拥有广泛的自由裁量权，但他们的决定必须遵循“清晰的逻辑路径”。法院还表示，“SEC 多次起诉加密资产公司不遵守法律，但没有告诉他们如何遵守法律”与法律。这种狡猾的态度造成了严重的宪法问题，应该利用正当程序来确保公平。”

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.

法院还指出，监管机构未能就加密资产被视为证券的正当程序要求或有意义的指导提供通知。此外，该裁决还引发了有关 SEC 如何对稳定币、实用代币以及 BTC 和 ETH 等主要加密资产进行分类的问题。 “美国证券交易委员会拒绝承认现有规则不适合区块链技术。它的官方沉默和相互矛盾的非官方信号带来了不确定性，”裁决补充道。

“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.”

“加密资产发行方和交易所只能祈祷，希望该机构不要责怪他们。”Coinbase 首席法律官 Paul Grewal 分享了这场法律胜利，并赞扬了“法院的审慎考虑”​​。

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 对此次交易表示祝贺，并指出这是一次“重大胜利”，因为部分授权来自巡回法院。该裁决为未来的加密资产案件树立了具有约束力的先例。

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.

加密资产创新委员会 (CCI) 首席执行官 Ji Kim 也向 Coinbase 表示祝贺，并强调了 CCI 在此案中提交的法庭之友陈述。文件指出：“在没有 SEC 指导的情况下，行业参与者必须弄清楚他们是否必须注册为交易商，如果需要，他们可以在注册实体中处理哪些资产。”

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 首席法务官 Katherine Minarik 强调了第三巡回法院的两项行动促使 SEC 做出适当回应，“这是它应该做的”。

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，这项裁决“规模巨大”，并且“否定了 SEC 在无数案件中的立场”，即不需要在现有法律框架之外制定任何规则。

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.”

虽然该裁决并不要求美国证券交易委员会制定规则，但索恩指出，这需要完整的解释，并表示“这是一个相当大的问题。”