Coinbase 在集體訴訟中被指控違反證券法

Coinbase 面臨集體訴訟，指控其在未經適當註冊的情況下故意出售被歸類為證券的數位資產，包括 Solana、Polygon 和 Near Protocol。原告尋求撤銷銷售、損害賠償和禁制令救濟，認為 Coinbase 的銷售違反了國家證券法，並且其充當了「證券經紀人」。 Coinbase 為其行為進行了辯護，質疑證券法規對加密資產二級銷售的適用性。

Coinbase Faces Class-Action Lawsuit Over Alleged Securities Violations

Coinbase 因涉嫌證券違規而面臨集體訴訟

In a major development in the evolving regulatory landscape of digital assets, Coinbase, one of the world's largest cryptocurrency exchanges, has become the target of a class-action lawsuit alleging violations of state securities laws. The lawsuit, filed in the U.S. District Court for the Northern District of California, San Francisco Division, accuses Coinbase of knowingly selling unregistered securities, potentially exposing investors to significant financial harm.

在數位資產監管環境不斷演變的重大發展中，全球最大的加密貨幣交易所之一 Coinbase 已成為指控違反國家證券法的集體訴訟的目標。該訴訟向美國加州北區地方法院舊金山分院提起，指控 Coinbase 故意出售未經註冊的證券，可能使投資者面臨重大財務損失。

Plaintiffs' Assertions

原告的主張

The plaintiffs, Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard, allege that Coinbase has engaged in the unlawful sale of digital assets that should be classified as securities under state law. The complaint specifically mentions eight tokens sold on Coinbase's platform: Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM).

原告 Gerardo Aceves、Thomas Fan、Edwin Martinez、Tiffany Smoot、Edouard Cordi 和 Brett Maggard 指控 Coinbase 非法銷售根據州法律應歸類為證券的數位資產。投訴特別提到了Coinbase 平台上出售的八種代幣：Solana (SOL)、Polygon (MATIC)、Near Protocol (NEAR)、Decentraland (MANA)、Algorand (ALGO)、Uniswap (UNI)、Tezos (XTZ) 和Stellar Lumens （XLM）。

The plaintiffs argue that Coinbase's own user agreement acknowledges its role as a "Securities Broker," suggesting that the digital asset sales on the platform may qualify as investment contracts or other forms of securities. They further contend that Coinbase's Prime brokerage functions as a securities broker, providing further evidence of the company's involvement in the sale of securities.

原告辯稱，Coinbase 自己的用戶協議承認其作為「證券經紀人」的角色，這表明該平台上的數位資產銷售可能符合投資合約或其他形式的證券的資格。他們進一步認為，Coinbase 的 Prime 經紀業務充當證券經紀人的角色，這提供了該公司參與證券銷售的進一步證據。

Legal Implications

法律影響

The classification of digital assets as securities has been a subject of intense debate and litigation in recent years. If a digital asset is deemed to be a security, it must comply with a stringent set of regulations and disclosures under federal and state securities laws. This can significantly impact the operations of cryptocurrency exchanges and the rights of investors.

近年來，數位資產作為證券的分類一直是激烈爭論和訴訟的主題。如果數位資產被視為證券，則它必須遵守聯邦和州證券法下的一系列嚴格的法規和揭露。這可能會嚴重影響加密貨幣交易所的營運和投資者的權利。

The plaintiffs in the Coinbase lawsuit seek full rescission of the allegedly unlawful sales, statutory damages under state laws, and injunctive relief. The case is expected to proceed to a jury trial, further intensifying the legal scrutiny of Coinbase's operations.

Coinbase 訴訟中的原告尋求全面撤銷涉嫌非法銷售、州法律規定的法定損害賠償以及禁令救濟。該案預計將進入陪審團審判，進一步加強對 Coinbase 營運的法律審查。

Coinbase's Response

Coinbase 的回應

In a response to the lawsuit, Coinbase has argued that the secondary sales of crypto assets do not meet the criteria for securities transactions and has questioned the applicability of securities regulations in this context. The company has also filed an interlocutory appeal in response to a judge's ruling allowing the SEC's case against Coinbase to proceed.

在對訴訟的回應中，Coinbase 辯稱，加密資產的二次銷售不符合證券交易的標準，並質疑證券法規在此背景下的適用性。該公司還針對法官允許 SEC 對 Coinbase 案件繼續審理的裁決提出了中間上訴。

Ongoing Regulatory Battle

持續的監管鬥爭

The class-action lawsuit is separate from Coinbase's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has also been examining whether the tokens sold on Coinbase should be treated as securities. In June 2023, the SEC filed a lawsuit against Coinbase, accusing it of operating as an unregistered national securities exchange and broker. Coinbase has vigorously contested the SEC's allegations and has called for clearer regulations in the cryptocurrency industry.

這項集體訴訟與 Coinbase 與美國證券交易委員會 (SEC) 正在進行的法律戰無關，後者也一直在研究 Coinbase 上出售的代幣是否應被視為證券。 2023 年 6 月，SEC 對 Coinbase 提起訴訟，指控其作為未註冊的國家證券交易所和經紀商運作。 Coinbase 對 SEC 的指控提出了強烈質疑，並呼籲對加密貨幣行業進行更清晰的監管。

Parallel Lawsuits and Regulatory Scrutiny

並行訴訟和監管審查

In addition to the class-action lawsuit and the SEC's enforcement action, Coinbase faces multiple other legal challenges. Hundreds of customers have sued the company over its handling of the GYEN stablecoin, which they argue was far from stable. Coinbase's crypto staking program has also come under regulatory scrutiny, with the SEC alleging that it operates as an unregistered investment contract and security.

除了集體訴訟和 SEC 的執法行動外，Coinbase 還面臨其他多項法律挑戰。數百名客戶就該公司對 GYEN 穩定幣的處理方式提起訴訟，他們認為穩定幣遠非穩定。 Coinbase 的加密貨幣質押計劃也受到監管審查，美國證券交易委員會 (SEC) 聲稱該計劃作為未註冊的投資合約和證券運作。

Industry Implications

產業影響

The legal battles faced by Coinbase are reflective of the ongoing tensions between cryptocurrency companies and financial regulators over how to classify and oversee digital assets. As the SEC intensifies its crypto enforcement, further legal battles are likely for Coinbase and other major players in the industry. The outcome of these cases could have significant implications for the future of digital asset regulation and the broader cryptocurrency ecosystem.

Coinbase 面臨的法律戰爭反映了加密貨幣公司和金融監管機構之間在如何對數位資產進行分類和監管方面持續存在的緊張關係。隨著 SEC 加強加密貨幣執法，Coinbase 和該行業的其他主要參與者可能會面臨進一步的法律訴訟。這些案件的結果可能對數位資產監管的未來和更廣泛的加密貨幣生態系統產生重大影響。