ESMA 发出危险信号：区块链交易中的 MEV 引发市场滥用担忧

欧洲证券和市场管理局 (ESMA) 将区块链交易重组 (MEV) 视为 MiCA 法规下潜在的市场滥用行为。在 ESMA 的立场中，加密货币专家主张采取细致入微的方法，认为 MEV 主要奖励验证者，只有少数情况构成市场滥用。

European Securities and Markets Authority Raises Concerns over MEV in Blockchain Transactions as Potential Market Abuse

欧洲证券和市场管理局对区块链交易中的 MEV 表示潜在市场滥用的担忧

Brussels, Belgium - The European Securities and Markets Authority (ESMA) has recently released its stance on the practice of maximum extractable value (MEV) within the context of its proposed regulation on Markets in Crypto Assets (MiCA). ESMA expresses concerns that the reorganization of transactions on blockchains to maximize profits could potentially constitute a form of market abuse.

比利时布鲁塞尔 - 欧洲证券和市场管理局 (ESMA) 最近在其拟议的加密资产市场 (MiCA) 监管框架内发布了对最大可提取价值 (MEV) 实践的立场。 ESMA 担心，为实现利润最大化而重组区块链交易可能构成一种市场滥用形式。

ESMA's Definition of MEV as Market Abuse

ESMA 将 MEV 定义为市场滥用

The European Securities and Markets Authority has equated MEV, a practice where blockchain operators rearrange user transactions to optimize their own profits, to market abuse under MiCA. According to ESMA, such tactics can diminish the earnings of end-users, acting as an "invisible tax."

欧洲证券和市场管理局将 MEV（区块链运营商重新安排用户交易以优化自身利润的做法）等同于 MiCA 下的市场滥用。根据 ESMA 的说法，这种策略可能会减少最终用户的收入，充当“隐形税收”。

ESMA has emphasized that MiCA extends existing EU market abuse rules to include suspicious activities related not only to transactions but also to operational aspects of the blockchain itself. Peter Kerstens, an advisor to the European Commission, acknowledges that MEV can raise market integrity issues and trigger abuses such as frontrunning.

ESMA 强调，MiCA 扩展了现有的欧盟市场滥用规则，以涵盖不仅与交易相关而且与区块链本身运营方面相关的可疑活动。欧盟委员会顾问 Peter Kerstens 承认 MEV 可能引发市场诚信问题并引发抢先交易等滥用行为。

Crypto Industry Experts Advocate for a Nuanced Approach to MEV

加密行业专家倡导采用细致入微的 MEV 方法

In response to ESMA's stance, several players in the crypto industry have advocated for a more nuanced approach. Anja Blaj, policy expert at the European Crypto Initiative (EUCI), argues that MEV should not be equated with a negative practice as only a minority of scenarios constitute true market abuses.

为了回应 ESMA 的立场，加密货币行业的一些参与者主张采取更细致的方法。欧洲加密货币倡议 (EUCI) 政策专家 Anja Blaj 认为，MEV 不应等同于负面做法，因为只有少数情况构成真正的市场滥用。

She emphasizes that MEV primarily aims to reward validators for their essential work in the functioning of the blockchain. The EUCI warns against potential overregulation if MiCA were to be applied too broadly to MEV, urging ESMA to precisely clarify which MEV scenarios would constitute market abuse.

她强调，MEV 的主要目的是奖励验证者在区块链运行中所做的重要工作。 EUCI 警告，如果 MiCA 过于广泛地应用于 MEV，可能会出现过度监管，并敦促 ESMA 准确澄清哪些 MEV 场景将构成市场滥用。

ESMA's Public Consultation on MEV

ESMA 关于 MEV 的公众咨询

ESMA is currently conducting a public consultation on its proposals for MiCA, including its stance on MEV. The consultation seeks to gather feedback from stakeholders to help inform ESMA's final regulatory position on this complex and divisive issue. Sector participants have until June 25th to make their voices heard.

ESMA 目前正在就其 MiCA 提案（包括其对 MEV 的立场）进行公众咨询。此次磋商旨在收集利益相关者的反馈，以帮助告知 ESMA 对这一复杂且存在分歧的问题的最终监管立场。行业参与者必须在 6 月 25 日之前表达自己的声音。

Impact on the Crypto Industry

对加密行业的影响

The outcome of ESMA's public consultation will have significant implications for the crypto industry. Should ESMA maintain its stance that MEV constitutes market abuse under MiCA, it could potentially lead to additional regulatory requirements for crypto platforms and validators.

ESMA 公众咨询的结果将对加密货币行业产生重大影响。如果 ESMA 维持 MEV 构成 MiCA 下的市场滥用的立场，则可能会导致对加密平台和验证器提出额外的监管要求。

However, if ESMA adopts a more nuanced approach, it could provide clarity and certainty for the industry, encouraging further innovation and development within the blockchain ecosystem.

然而，如果 ESMA 采用更细致的方法，它可以为行业提供清晰度和确定性，鼓励区块链生态系统内的进一步创新和发展。

Conclusion

结论

The European Securities and Markets Authority's concerns over maximum extractable value (MEV) as potential market abuse have sparked a debate within the crypto industry. While ESMA emphasizes the need to protect investors from abusive practices, industry experts advocate for a balanced approach that recognizes the legitimate role of MEV in rewarding validators for their essential work. The outcome of ESMA's public consultation will shape the regulatory landscape for crypto assets in the European Union and beyond.

欧洲证券和市场管理局对最大可提取价值（MEV）作为潜在市场滥用的担忧引发了加密行业内的争论。虽然 ESMA 强调需要保护投资者免受滥用行为的影响，但行业专家主张采取平衡的方法，承认 MEV 在奖励验证者的基本工作方面的合法作用。 ESMA 公众咨询的结果将塑造欧盟及其他地区加密资产的监管格局。