SEC 激进的 Uniswap 行动引发热议：批评者大骂

法律专家表示，美国证券交易委员会 (SEC) 因在调查 Uniswap 时越权而面临批评。区块链协会政策顾问 Laura Sanders 强调，SEC 对 Uniswap 等二级平台上交易的数字资产缺乏权威。 Coinbase 之前与 SEC 的遭遇及其不明确的监管指导方针凸显了该行业的挫败感。 Uniswap Labs 首席法律官 Marvin Ammori 对 SEC 的论点提出质疑，称其“特别软弱”，并强调该协议符合美国法律。

SEC's Overreach Draws Fire in Uniswap Enforcement Case: Critics Allege Abuse of Power and Weak Legal Arguments

SEC 过度干预 Uniswap 执法案引发批评：批评者指控滥用权力且法律论据薄弱

The Securities and Exchange Commission (SEC) has come under intense scrutiny following its announcement that it intends to take enforcement action against decentralized exchange (DEX) Uniswap. The move has sparked a torrent of criticism from industry heavyweights and legal experts, who accuse the regulator of overstepping its authority, pursuing regulation by enforcement, and failing to provide clear guidance to crypto firms.

美国证券交易委员会 (SEC) 宣布打算对去中心化交易所 (DEX) Uniswap 采取执法行动后，受到了严格的审查。此举引发了行业重量级人物和法律专家的强烈批评，他们指责监管机构越权，以执法方式进行监管，并且未能为加密货币公司提供明确的指导。

Uniswap's founder, Hayden Adams, denounced the SEC's action as "annoyed, disappointed, and ready to fight." He vehemently defended the legality of the DEX's services and criticized SEC Chairman Gary Gensler for his heavy-handed approach to "good actors" in the crypto space while failing to prevent the FTX debacle.

Uniswap 创始人海登·亚当斯 (Hayden Adams) 谴责 SEC 的行为“感到恼火、失望，并准备好战斗”。他强烈捍卫 DEX 服务的合法性，并批评 SEC 主席加里·詹斯勒 (Gary Gensler) 对加密货币领域的“好演员”采取高压手段，却未能阻止 FTX 的崩溃。

Industry groups have echoed Adams' sentiments, calling on Washington to enact comprehensive legislation that establishes a clear regulatory framework for the digital asset sector. They argue that the SEC's narrow interpretation of securities laws is ill-suited to the complexities of the crypto market and is stifling innovation.

行业组织呼应了亚当斯的观点，呼吁华盛顿制定全面的立法，为数字资产行业建立明确的监管框架。他们认为，美国证券交易委员会对证券法的狭隘解释不适合加密货币市场的复杂性，并且正在扼杀创新。

"The SEC continues to push the limits of its congressional mandate," said Laura Sanders, policy counsel at the Blockchain Association. "Its authority is confined to securities, which do not include tokens exchanged on secondary platforms such as Uniswap. The recent ruling in SEC v. Coinbase underscores the weakness of the SEC's position."

区块链协会政策顾问劳拉·桑德斯 (Laura Sanders) 表示：“美国证券交易委员会继续挑战其国会授权的限制。” “其权限仅限于证券，不包括在 Uniswap 等二级平台上交换的代币。最近 SEC 诉 Coinbase 案的裁决凸显了 SEC 立场的弱点。”

Marvin Ammori, Uniswap Labs' chief legal officer, echoed these concerns, arguing that the SEC's "arguments are particularly weak." He asserted that the DEX's protocol, app, and wallet do not meet the legal definitions of securities exchanges or brokers and that the SEC is engaging in "arbitrary enforcement and continued abuse of power."

Uniswap Labs 首席法律官 Marvin Ammori 也表达了这些担忧，认为 SEC 的“论点特别薄弱”。他声称，DEX 的协议、应用程序和钱包不符合证券交易所或经纪人的法律定义，并且 SEC 正在进行“任意执法和持续滥用权力”。

Jake Chervinsky, chief legal officer at Variant, went further, accusing the SEC of "actively trying to drive crypto founders out of the United States through fear and intimidation." He pointed out that Gensler's term will expire in 2026 and that it is Congress, not the SEC, that has the authority to determine the law surrounding cryptocurrencies.

Variant 首席法律官 Jake Chervinsky 更进一步，指责 SEC“积极试图通过恐惧和恐吓将加密货币创始人赶出美国。”他指出，Gensler 的任期将于 2026 年到期，有权决定加密货币相关法律的是国会，而不是 SEC。

Chervinsky praised the crypto sector's resilience and efforts to fight back through litigation. However, he acknowledged that the road to clarity on the applicability of securities laws to digital assets may be long and arduous.

切尔文斯基赞扬了加密行业的韧性以及通过诉讼进行反击的努力。然而，他承认，明确证券法对数字资产的适用性的道路可能是漫长而艰巨的。

The SEC's enforcement action against Uniswap has had a significant impact on the token's price, with UNI falling 32% in the week following the announcement. Wells notices typically precede enforcement actions that can result in fines, asset seizures, or even forced shutdowns.

SEC 针对 Uniswap 的执法行动对该代币的价格产生了重大影响，公告发布后一周内 UNI 下跌了 32%。威尔斯通知通常先于执法行动，这可能导致罚款、资产扣押，甚至强制关闭。

However, given Uniswap's decentralized nature, it is unclear how the SEC would be able to shut it down. Some experts speculate that Gensler may believe the DEX is not as decentralized as it claims, but this remains to be proven.

然而，鉴于 Uniswap 的去中心化性质，目前尚不清楚 SEC 将如何关闭它。一些专家推测 Gensler 可能认为 DEX 并不像它声称的那样去中心化，但这仍有待证明。

The Uniswap case highlights the ongoing tension between the SEC and the crypto industry. Critics argue that the regulator is overreaching its authority and failing to provide the clarity and guidance necessary for the industry to thrive. They call on Congress to intervene and enact sensible legislation that establishes a clear regulatory framework for the digital asset sector.

Uniswap 案件凸显了 SEC 与加密货币行业之间持续的紧张关系。批评者认为，监管机构超越了其权力，未能提供该行业蓬勃发展所需的清晰度和指导。他们呼吁国会进行干预并制定合理的立法，为数字资产行业建立明确的监管框架。