德克萨斯州法官推翻了 SEC 的经纪交易商规则，加密行业取得了胜利

近几个月来，加里·詹斯勒 (Gary Gensler) 领导下的美国证券交易委员会 (SEC) 因其“强制监管”政策而受到批评

A Texan federal judge has struck down the Securities and Exchange Commission’s (SEC) broker-dealer rule in a recent court ruling.

德克萨斯州联邦法官在最近的一项法院裁决中推翻了美国证券交易委员会 (SEC) 的经纪自营商规则。

According to the ruling, the SEC had overstepped its authority by adopting a broad definition of a “dealer” that is not supported by the Exchange Act’s text, structure, or spirit.

根据裁决，美国证券交易委员会对“交易商”采用了宽泛的定义，而该定义并未得到《交易法》的文本、结构或精神的支持，从而超越了其权力。

The crypto industry has hailed the decision as a major win, with the Blockchain Association calling it a “massive” victory for the growing industry.

加密货币行业称赞这一决定是一次重大胜利，区块链协会称这是不断发展的行业的“巨大”胜利。

The SEC had adopted new rules for market participants on February 6, 2024, which included an updated definition of a broker/dealer.

美国证券交易委员会 (SEC) 于 2024 年 2 月 6 日通过了针对市场参与者的新规则，其中包括经纪人/交易商的更新定义。

Under the agency’s revised rules, market participants with over $50 million in capital were required to register as dealers or securities dealers.

根据该机构修订后的规则，资本超过 5000 万美元的市场参与者必须注册为交易商或证券交易商。

At the time of the rules’ publication, over 40 market participants were set to be impacted by the broker’s definition and regulations.

在规则发布时，超过 40 个市场参与者将受到经纪商定义和法规的影响。

However, critics and observers accused the SEC of overstepping its authority and creating unrealistic requirements.

然而，批评者和观察人士指责 SEC 越权并提出不切实际的要求。

For instance, critics hit the agency for enforcing the Know Your Customer (KYC) protocol, even on decentralized platforms with no central operators.

例如，批评者批评该机构执行“了解你的客户”（KYC）协议，即使是在没有中央运营商的去中心化平台上。

According to Judge Reed O’Connor, the SEC had abused its authority and that the agency’s proposed dealer rules are “untethered” from the country’s securities laws.

里德·奥康纳法官表示，美国证券交易委员会滥用了其权力，该机构提议的交易商规则“不受国家证券法的约束”。

The complaints were filed in court after the SEC formally updated the definitions last February 2024. The Crypto Freedom Alliance and the Blockchain Association were among the organizations that initiated the complaint against the agency.

这些投诉是在美国证券交易委员会于 2024 年 2 月正式更新定义后向法庭提出的。加密货币自由联盟和区块链协会是对该机构发起投诉的组织之一。

The SEC now faces uncertain times, especially with Chairman Gary Gensler announcing his intention to resign.

美国证券交易委员会现在面临着不确定的时期，特别是在主席加里·詹斯勒宣布打算辞职的情况下。

In a Twitter/X post dated November 22nd, Gensler shared that he will step down on January 20th, 2025. With Gensler’s resignation and the legal challenges, the SEC’s crypto approach remains uncertain.

在 11 月 22 日的 Twitter/X 帖子中，Gensler 表示他将于 2025 年 1 月 20 日辞职。随着 Gensler 的辞职和法律挑战，SEC 的加密货币政策仍然不确定。

On January 20, 2025 I will be stepping down as @SECGov Chair.

我将于 2025 年 1 月 20 日辞去@SECGov 主席职务。

A thread 🧵⬇️

一条线索🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

- 加里·詹斯勒 (@GaryGensler) 2024 年 11 月 21 日

O’Connor’s ruling marks the latest challenge and setback for the SEC. While the agency can still appeal this ruling in the 5th Circuit Court of Appeals, the decision is a big blow. Crypto support has scored a win over the clarification of the dealer’s definition, and with incoming US President Donald Trump at the helm, the industry can expect friendlier policies soon.

奥康纳的裁决标志着美国证券交易委员会面临的最新挑战和挫折。虽然该机构仍然可以向第五巡回上诉法院对该裁决提出上诉，但这一决定是一个巨大的打击。加密货币支持已经赢得了对交易商定义的澄清，并且随着即将上任的美国总统唐纳德·特朗普的掌舵，该行业很快就可以期待更友好的政策。