吴说获悉，11 月 21 日，美国德州北区联邦地区法院裁定 SEC 的“Dealer Rule”超越法定权限，违反《行政程序法》（APA）。法院认为该规则过度扩大“经纪商”定义，不当涵盖去中心化金融（DeFi）交易参与者，且未合理区分“交易者”和“经纪商”。此外，规则制定程序被指武断草率。最终，法院支持原告 Crypto Freedom Alliance of Texas 和 Blockchain Association，撤销该规则，此裁决对 DeFi 和数字资产监管框架产生重要影响。

（转自：吴说）

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