US Supreme Court case could change crypto industry regulation

Two court cases before the U.S. Supreme Court could impact the blockchain industry, taking power away from agencies like the SEC.

美国最高法院审理的两起案件可能会影响区块链行业，剥夺美国证券交易委员会等机构的权力。

It is no secret that the head of the United States Securities and Exchange Commission (SEC), Gary Gensler, has issues with the current state of the crypto and blockchain industry.

美国证券交易委员会 (sec) 主席加里·詹斯勒 (gary gensler) 对加密货币和区块链行业的现状存在疑问，这已不是什么秘密。

The U.S. government is not, however, made up of just regulatory agencies. Some U.S. lawmakers do not share Gensler‘s views and have pushed back on the SEC’s crypto asset regulation.

然而，美国政府不仅仅由监管机构组成。一些美国立法者不同意 gensler 的观点，并反对 sec 的加密资产监管。

1⃣ Those offering crypto asset investments/services may not be complying wapplicable law, including federal securities laws. Investors in crypto asset securities should understand they may be deprived of key info & other important protections in connection wtheir investment.

1⃣ 提供加密资产投资/服务的人可能不遵守适用法律，包括联邦证券法。加密资产证券的投资者应该了解，他们可能会被剥夺与其投资相关的关键信息和其他重要保护。

— Gary Gensler (@GaryGensler) January 8, 2024

- 加里·詹斯勒 (@garygensler) 2024 年 1 月 8 日

Varying sentiments in the U.S. government have left an uncertain and shaky landscape for crypto projects to build if incorporated in the United States.

美国政府的不同情绪给加密项目在美国的建设留下了不确定和不稳定的前景。

Part of the problem is the ever-changing and undefined process through which the SEC decides what is and is not a security, magnified by the agencys use of the Howey test — a metric many in the crypto industry think is outdated.

部分问题在于美国证券交易委员会决定什么是证券、什么不是证券的流程不断变化且不确定，该机构使用 howey 测试（许多加密货币行业人士认为这一指标已经过时）放大了这一问题。

However, the way the government of the United States creates laws is different from many other countries.

然而，美国政府制定法律的方式与许多其他国家不同。

The SEC has its limitations, but what are those limitations, and how does anyone know if it has overstepped its powers？

sec 有其局限性，但这些局限性是什么？人们如何知道它是否超越了权力？

Two cases before the Supreme Court of the United States (SCOTUS) may significantly limit these kinds of definitions with respect to cryptocurrency, freeing up the industry to grow in the U.S. again.

美国最高法院（scotus）审理的两个案件可能会极大地限制加密货币的此类定义，从而使该行业再次在美国发展。

The pending cases on the docket are Loper vs. Raimondo and Relentless, Inc. vs the U.S. Dept of Commerce.

待决案件包括 loper 诉 raimondo 案和 relentless, inc. 诉美国商务部案。

Recent: Murder by (smart) contract: Ari Juels publishes crypto thriller

最近：（智能）合约谋杀案：ari juels 出版加密惊悚小说

According to the SCOTUS blog, the issue for both cases is potentially clarifying the extent of U.S. federal agencies use of their own discretion and interpretation of the law instead of what Congress has expressly stated.

据 scotus 博客称，这两起案件的问题可能是澄清美国联邦机构使用自己的自由裁量权和对法律的解释的程度，而不是国会明确规定的程度。

The Loper case exemplifies the practical consequences of the Chevron deference, where a longstanding fisheries conservation law was interpreted to require fishing vessel owners to bear the cost of onboard monitors. Critics argue this is an arbitrary application of the rule, imposing unsustainable costs on smaller businesses, potentially driving them out of business.

洛佩尔案体现了雪佛龙公司服从的实际后果，其中长期存在的渔业保护法被解释为要求渔船船东承担船上监测器的费用。批评者认为，这是对该规则的任意应用，给小型企业带来了不可持续的成本，并可能导致它们破产。

The 1984 court case, Chevron vs. Natural Resources Defense Council, set the precedent of the Chevron deference, which significantly impacts many industries, including cryptocurrencies.

1984 年的法庭案件“雪佛龙诉自然资源保护委员会”开创了雪佛龙尊重的先例，这对包括加密货币在内的许多行业产生了重大影响。

Chevron deference

雪佛龙尊重

So what is the Chevron deference？ The U.S. Congress is not generally an expert on any topic, as it is a diverse set of people who rotate in and out of office.

那么雪佛龙的尊重是什么？美国国会通常不是任何主题的专家，因为它是由不同的人轮流担任和卸任的。

Congress has delegated the enforcement of law to administrative agencies to help create a more focused and effective process to enforce laws.

国会已将执法权委托给行政机构，以帮助建立更有针对性和更有效的执法流程。

These agencies are responsible for administering and enforcing laws passed in the legislative process.

这些机构负责管理和执行立法过程中通过的法律。

However, the Chevron case decided that federal agencies could enforce laws as long as the actions taken by a federal agency in carrying out the law were not unreasonable and Congress did not directly put forth legislation or remained silent on that part of the law, according to the Legal Information Institute of Cornell Law School.

然而，雪佛龙案决定，只要联邦机构在执行法律时采取的行动并非不合理，并且国会没有直接提出立法或对该部分法律保持沉默，联邦机构就可以执行法律。康奈尔大学法学院法律信息研究所。

Chevron deference allows for a rational and reasonable interpretation by the agency that Congress has delegated to administer the law. However, many figures in the cryptocurrency space would argue that the SECs decrees on crypto have been far from rational or reasonable.

雪佛龙的尊重允许国会授权执行法律的机构做出理性和合理的解释。然而，加密货币领域的许多人士认为，美国证券交易委员会关于加密货币的法令远非理性或合理。

Crypto industry speaks out about lack of precise regulation

加密行业直言缺乏精确监管

Coinbase CEO Brian Armstrong has repeatedly spoken about how unclear regulations drive the crypto industry offshore and how the U.S. will eventually find the “right outcome” for crypto.

coinbase 首席执行官布莱恩·阿姆斯特朗 (brian armstrong) 多次谈到，监管不明确如何推动加密行业走向海外，以及美国最终将如何找到加密行业的“正确结果”。

Removing or limiting the Chevron deference as a precedent means that the people of the U.S. can better influence their elected officials to create clearer laws that impact sectors such as digital assets.

取消或限制雪佛龙公司的先例意味着美国人民可以更好地影响他们当选的官员，制定更明确的法律来影响数字资产等行业。

Since Congress has not precisely reached a consensus on digital assets, agencies like the SEC can utilize the Chevron deference in interpretation and enforcement at will. Until Congress defines what classifications and under what circumstances digital assets are securities or commodities, as well as a long list of new considerations based on the revolutionary nature of this asset class, the SEC can suddenly declare something a security.

由于国会尚未就数字资产达成确切共识，sec等机构可以随意利用雪佛龙的尊重进行解释和执行。在国会定义数字资产的分类以及在什么情况下是证券或商品，以及基于该资产类别的革命性的一长串新考虑因素之前，美国证券交易委员会可以突然宣布某物为证券。

Ripples win can have a lasting impact

涟漪效应的胜利可以产生持久的影响

The regulatory uncertainty in the U.S. is why the July 2023 ruling that Ripples XRP (XRP) token is not a security when sold on retail digital asset exchanges was a significant milestone for the industry, providing some precedent going forward.

由于美国监管的不确定性，2023 年 7 月裁定 ripples xrp (xrp) 代币在零售数字资产交易所出售时不属于证券，这一裁决对该行业来说是一个重要的里程碑，为未来提供了一些先例。

The case of Loper vs. Relentless, Inc., now in front of the Supreme Court, challenges federal agencies use of the Chevron deference.

loper 诉 relentless, inc. 案现已提交最高法院审理，该案对联邦机构对雪佛龙尊重的使用提出了挑战。

These cases may remove or limit the SEC‘s power, forcing the agency to follow the U.S. Congress’s direction on how cryptocurrency, blockchain and the entire industry are handled going forward more closely.

这些案件可能会取消或限制 sec 的权力，迫使该机构遵循美国国会关于如何更严格地处理加密货币、区块链和整个行业的指示。

Attorney Jeremy Hogan, who documented the entire Ripple vs. SEC case on his YouTube channel Legal Briefs, told Cointelegraph:

律师 jeremy hogan 在他的 youtube 频道 legal briefs 上记录了整个 ripple 诉 sec 案件，他告诉 cointelegraph：

“The ruling in the Loper case, if it does in fact overturn the Chevron deference, would come at a crucial and pivotal time in major litigation involving digital assets and the SEC.”

“如果洛珀案的裁决确实推翻了雪佛龙公司的尊重，那么它将在涉及数字资产和 sec 的重大诉讼的关键时刻做出。”

When asked about how the previous Ripple court ruling and current Coinbase case could impact the decision of this case, Hogan said: “Major litigation, which includes the Ripple case being the furthest along but may very well be followed by the Coinbase case, is quickly heading to appellate review. The Supreme Court could tip the appellate ruling toward Ripple or Coinbase with a favorable ruling on Loper.”

当被问及之前的 ripple 法院裁决和当前的 coinbase 案件如何影响本案的判决时，hogan 表示：“重大诉讼，其中包括进展最远的 ripple 案件，但很可能紧随其后的是 coinbase 案件，”前往上诉审查。最高法院可能会做出对 loper 有利的裁决，从而使上诉裁决有利于 ripple 或 coinbase。

However, while other industries may see immediate changes to their operations under federal agencies like the SEC if Loper rescinds or limits the Chevron deference, the blockchain and cryptocurrency industry could see a limited impact.

然而，如果 loper 撤销或限制雪佛龙的遵从，其他行业可能会在 sec 等联邦机构的监管下立即发生运营变化，但区块链和加密货币行业可能会受到有限的影响。

Regarding how much of a role the ruling will play in the crypto cases, Hogan replied: “[That] remains to be seen. This is because the SEC, for the most part, relies on the ”Howey“ test for its authority to regulate digital assets, not specific rules that it has laid out for the space, although some would argue that it hasnt laid out any rules at all.”

关于该裁决将在加密货币案件中发挥多大作用，霍根回答说：“[那]还有待观察。这是因为美国证券交易委员会在很大程度上依赖于”howey“测试来确定其监管数字资产的权威，而不是它为该领域制定的具体规则，尽管有些人认为它没有制定任何规则。全部。”

While the cases in front of SCOTUS now are not directly related to cryptocurrencies, the crypto industry was mentioned in the opening remarks. Cointelegraph asked if this means the court will have to address it. Hogan stated, “If the Loper ruling addresses the crypto space explicitly, even in passing, then this will provide invaluable ammo for Coinbase, especially to argue that the SEC is overreaching in its attempt at regulation.”

虽然现在 scotus 面前的案件与加密货币没有直接关系，但开场白中提到了加密行业。 cointelegraph 询问这是否意味着法院必须解决这个问题。 hogan 表示，“如果 loper 的裁决明确地解决了加密货币领域的问题，即使只是顺便提及，那么这将为 coinbase 提供宝贵的弹药，尤其是可以证明 sec 的监管尝试过度了。”

“And its not farfetched to imagine that the Supreme Court will directly address or mention the crypto space in its ruling because the attorney for Loper, during oral argument, cited crypto as an example of agency overreach. If the Supreme Court picks up on that example and uses it in its ruling, it will provide a very important piece of the puzzle as crypto exchanges and companies fight the SEC in court,” he concluded.

“想象最高法院将在其裁决中直接讨论或提及加密货币领域并不牵强，因为 loper 的律师在口头辩论中将加密货币作为机构越权的一个例子。如果最高法院采纳这个例子并在裁决中使用它，那么当加密货币交易所和公司在法庭上与 sec 对抗时，它将提供一个非常重要的拼图。”他总结道。

Lessons for the cryptocurrency industry

加密货币行业的教训

As the blockchain and crypto industry matures, it will likely intersect with other sectors and their regulations. Crypto firms lobbying the U.S. government for a better regulatory environment in which to operate can find angles in cases like those mentioned here to help their cause potentially.

随着区块链和加密货币行业的成熟，它可能会与其他行业及其法规产生交叉。游说美国政府提供更好的运营监管环境的加密货币公司可以在本文提到的案例中找到角度，以帮助他们的事业。

Not everything has been brought up to the level of the Supreme Court to protect Bitcoin (BTC) and other cryptocurrencies, like the argument that code is speech, and speech is an inalienable right expressly mentioned in the U.S. Bill of Rights. Every case that comes in front of an entity like SCOTUS has the potential to make an impression on the blockchain space, either positively or negatively.

并不是所有的事情都被提升到最高法院的层面来保护比特币（btc）和其他加密货币，比如代码就是言论，而言论是美国人权法案中明确提到的一项不可剥夺的权利。像 scotus 这样的实体遇到的每一个案例都有可能给区块链领域留下积极或消极的印象。

Being vigilant and open to how the interpretations of the law are taking place could mean the difference between the U.S. flourishing or being left behind as the blockchain, decentralized ledger technology and related industries continue to advance.

随着区块链、去中心化账本技术和相关行业的不断发展，对法律的解释保持警惕和开放可能意味着美国是繁荣还是落后。