SEC 在加密货币行业的过度扩张遇到阻力

美国证券交易委员会对加密行业的持续打击面临着波场创始人孙宇晨和监管机构诉讼中其他被告的进一步批评。被告因 SEC 缺乏管辖权和监管指导而主张驳回，强调了其区块链产品与传统证券发行的不同以及 SEC 对代币角色的狭隘解释。他们强调在 TRON 代币推出之前缺乏明确的监管指导方针，并断言 SEC 将其范围扩大到主要是外国产品的尝试太过分了。

SEC's Expansive Reach in Crypto Industry Faces Mounting Resistance

SEC 在加密行业的广泛影响力面临越来越大的阻力

Amidst heightened scrutiny of the cryptocurrency industry, the United States Securities and Exchange Commission (SEC) has come under fire for its aggressive enforcement actions. The latest salvo in this regulatory battle has emerged in a lawsuit filed by the SEC against Tron Foundation, its founder Justin Sun, and various other defendants. In a motion to dismiss the case, the defendants have vehemently criticized the SEC's overreach and lack of regulatory guidance, highlighting the need for clear and proportionate regulatory frameworks in the burgeoning digital asset space.

在加密货币行业受到严格审查的情况下，美国证券交易委员会（SEC）因其激进的执法行动而受到批评。这场监管之争的最新一波攻势是美国证券交易委员会对波场基金会、其创始人孙宇晨和其他几位被告提起的诉讼。在驳回案件的动议中，被告强烈批评 SEC 的越权行为和缺乏监管指导，强调在蓬勃发展的数字资产领域需要明确且相称的监管框架。

The SEC's Case: Alleged Unregistered Securities Offerings

美国证券交易委员会的案件：涉嫌未经注册的证券发行

Last year, the SEC initiated legal proceedings against Justin Sun and his affiliated entities, accusing them of selling unregistered securities through the issuance of Tron (TRX) and BitTorrent (BTT) tokens. The SEC further alleged that Sun and several celebrity endorsers, including Lindsay Lohan, Jake Paul, and Austin Mahone, engaged in fraudulent activities by promoting the crypto assets without proper disclosure.

去年，美国证券交易委员会对孙宇晨及其附属实体提起法律诉讼，指控他们通过发行 Tron (TRX) 和 BitTorrent (BTT) 代币出售未经注册的证券。美国证券交易委员会进一步指控 Sun 和包括 Lindsay Lohan、Jake Paul 和 Austin Mahone 在内的几位名人代言人在没有适当披露的情况下通过推广加密资产来从事欺诈活动。

Defendants' Motion for Dismissal: A Multi-Pronged Attack

被告的驳回动议：多管齐下

In their motion to dismiss, the defendants have mounted a multifaceted attack on the SEC's case, raising concerns about the agency's jurisdictional overreach, selective enforcement practices, and lack of regulatory clarity.

在驳回动议中，被告对 SEC 的案件进行了多方面的攻击，引发了对该机构管辖权越权、选择性执法行为以及缺乏监管透明度的担忧。

Jurisdictional Arguments:

管辖权论据：

The defendants contend that the SEC lacks personal jurisdiction over the foreign defendants and that its attempts to assert authority over products and activities primarily conducted outside the United States are excessive. They argue that the SEC's rationale for jurisdiction, based on alleged contacts with the U.S., is strained and fails to establish a substantial nexus between the defendants and the alleged violations.

被告辩称，美国证券交易委员会对外国被告缺乏属人管辖权，并且其试图对主要在美国境外进行的产品和活动主张权威的做法是过度的。他们认为，美国证券交易委员会基于所谓与美国的接触而提出的管辖权理由是紧张的，并且未能在被告与涉嫌违规行为之间建立实质性联系。

Selective Enforcement and Regulatory Uncertainty:

选择性执法和监管不确定性：

The defendants further criticize the SEC for its inconsistent and selective enforcement of securities laws in the digital asset space. They point out that the SEC's guidelines prior to the launch of TRX addressed activities distinct from those at issue in the lawsuit. They argue that the SEC's subsequent enforcement actions have largely focused on secondary market transactions, which were not explicitly covered by earlier guidance.

被告进一步批评美国证券交易委员会在数字资产领域对证券法的不一致和选择性执行。他们指出，SEC 在 TRX 推出之前的指导方针所涉及的活动与诉讼中涉及的活动不同。他们认为，美国证券交易委员会随后的执法行动主要集中在二级市场交易上，而早期的指导意见并未明确涵盖这些交易。

The defendants also emphasize the lack of clear regulatory guidance from the SEC on the classification and regulation of digital assets. They assert that the SEC's "narrow reading" of tokens as exclusively investment vehicles ignores the broader technological context and governance structures of blockchain projects.

被告还强调美国证券交易委员会对数字资产的分类和监管缺乏明确的监管指导。他们声称，美国证券交易委员会将代币“狭义解读”为专门的投资工具，忽略了区块链项目更广泛的技术背景和治理结构。

Failure to Plead Fraud with Particularity:

未能特别说明欺诈行为：

The defendants contend that the SEC's complaint fails to meet the legal requirement to plead fraud with particularity. They argue that the SEC has failed to provide factual allegations and identify the specific role of each defendant in the alleged violations. Instead, the complaint lumps all defendants together under the label "Sun Defendants" without providing sufficient detail to substantiate the claims.

被告辩称，美国证券交易委员会的投诉不符合具体指控欺诈的法律要求。他们认为，美国证券交易委员会未能提供事实指控，也未能确定每个被告在涉嫌违规行为中的具体角色。相反，起诉书将所有被告归为“太阳被告”，但没有提供足够的细节来证实指控。

Lack of Fair Notice:

缺乏公平通知：

Finally, the defendants argue that the SEC's complaint fails to provide fair notice of the specific conduct that the agency alleges to be unlawful. They assert that the SEC's vague and general allegations do not provide them with adequate information to effectively defend themselves.

最后，被告辩称，美国证券交易委员会的投诉未能公平地告知该机构所指控的非法行为。他们声称，美国证券交易委员会的模糊和笼统的指控没有为他们提供足够的信息来有效地为自己辩护。

Conclusion: A Call for Clarity and Proportionality

结论：呼吁明确性和相称性

The defendants' motion to dismiss highlights the growing frustration within the cryptocurrency industry over the SEC's aggressive enforcement tactics and lack of clear regulatory guidance. The case serves as a reminder of the urgent need for a balanced and proportionate approach to regulating digital assets, one that fosters innovation while protecting investors.

被告的驳回动议凸显了加密货币行业对美国证券交易委员会激进的执法策略和缺乏明确监管指导的日益不满。该案例提醒人们迫切需要采取一种平衡且相称的方法来监管数字资产，这种方法既要促进创新，又要保护投资者。

As the SEC continues its crackdown on the crypto industry, it is imperative that the agency provides clear and comprehensive regulatory frameworks that strike a balance between protecting investors and stifling innovation. The outcome of the Tron Foundation lawsuit will undoubtedly have far-reaching implications for the future of digital asset regulation in the United States and beyond.

随着美国证券交易委员会继续打击加密货币行业，该机构必须提供清晰、全面的监管框架，以在保护投资者和抑制创新之间取得平衡。波场基金会诉讼的结果无疑将对美国及其他地区数字资产监管的未来产生深远影响。