SEC v. Coinbase：區塊鏈協會專家分析裁決，看到加密貨幣交易所的勝利和挑戰

區塊鏈協會總法律顧問 Marisa Tashman Coppel 提供了她對 SEC 最近針對 Coinbase 案件的法院命令的分析。 Coppel 對SEC 駁回Coinbase Wallet 作為未註冊經紀商運營的指控表示歡迎，稱其為“DeFi 的巨大勝利”，但對法院對“生態系統”的廣泛定義以及代幣因其依賴績效而屬於投資合約的論點表示擔憂代幣生態系統。

SEC v. Coinbase: Blockchain Association's Legal Counsel Weighs In on Preliminary Ruling

SEC v. Coinbase：區塊鏈協會法律顧問對初步裁決發表意見

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase, the Blockchain Association's Legal Counsel, Marisa Tashman Coppel, has provided her analysis of the recent court order, highlighting both potential victories and challenges for Coinbase.

在美國證券交易委員會(SEC) 和加密貨幣交易所Coinbase 之間正在進行的法律鬥爭中，區塊鏈協會的法律顧問Marisa Tashman Coppel 對最近的法院命令進行了分析，強調了Coinbase 的潛在勝利和挑戰。

Dismissal of Brokerage Allegations

駁回經紀指控

Coppel applauds the court's decision to dismiss the SEC's claim that Coinbase Wallet operates as an unregistered broker. She views this as a significant win for decentralized finance (DeFi) and peer-to-peer technology developers. By rejecting the SEC's assertion, the court has prevented an overly broad interpretation of brokerage activities under existing securities regulations.

Coppel 對法院駁回 SEC 關於 Coinbase Wallet 作為未註冊經紀人運營的指控的決定表示讚賞。她認為這對去中心化金融（DeFi）和點對點技術開發商來說是重大勝利。透過駁回 SEC 的主張，法院避免了對現行證券法規下的經紀活動進行過於寬泛的解釋。

Ongoing Claims

持續索賠

However, the court did allow the SEC's other claims to proceed, including allegations of the sale of unregistered securities. While Coppel acknowledges that this is not an ideal outcome, she emphasizes that it provides Coinbase with an opportunity to engage in the discovery process and gather evidence that could strengthen their defense.

然而，法院確實允許 SEC 的其他索賠繼續進行，包括出售未註冊證券的指控。雖然 Coppel 承認這不是一個理想的結果，但她強調，這為 Coinbase 提供了參與發現過程並收集可以加強防禦的證據的機會。

Preliminary Nature of Proceedings

訴訟的初步性質

Coppel cautions that the current stage of the proceedings is preliminary, and the court is required to accept the SEC's allegations as true for the purposes of considering the motion to dismiss. As discovery progresses, she expects closer scrutiny of key issues such as token decentralization, the role of token holders, and the application of investment contract analysis.

科佩爾警告說，目前的訴訟階段是初步的，法院必須接受 SEC 的指控，才能考慮駁回動議。隨著發現的進展，她預計對代幣去中心化、代幣持有者的角色以及投資合約分析的應用等關鍵問題進行更嚴格的審查。

Concerns over Expansive "Ecosystem" Definition

對廣泛的「生態系統」定義的擔憂

Coppel expresses particular concern over the court's expansive definition of "ecosystem" in its analysis of whether tokens are investment contracts. She argues that the court's reasoning, if applied broadly, could potentially classify a wide range of collectibles and even luxury items as unregistered securities. To illustrate her point, she cites the example of Lakers season tickets, which, while tied to the performance of the team, are not typically considered investment contracts.

科佩爾對法院在分析代幣是否屬於投資合約時對「生態系統」的廣泛定義表示特別擔憂。她認為，法院的推理如果廣泛適用，可能會將多種收藏品甚至奢侈品歸類為未註冊證券。為了說明她的觀點，她引用了湖人隊季票的例子，雖然季票與球隊的表現掛鉤，但通常不被視為投資合約。

Optimism for Coinbase's Defense

對 Coinbase 防禦的樂觀態度

Despite the court's decision to allow the SEC's other claims to proceed, Coppel remains optimistic about Coinbase's chances in the case. She praises Coinbase's legal team, led by Paul Grewal, as "some of the best lawyers in the world" and highlights the strength of their arguments. She also notes that courts are generally reluctant to grant full dismissal of claims against government agencies at this early stage.

儘管法院決定允許 SEC 的其他索賠繼續進行，但 Coppel 仍然對 Coinbase 在此案中的勝算持樂觀態度。她稱讚 Paul Grewal 領導的 Coinbase 法律團隊是“世界上最好的律師之一”，並強調了他們的論點的力量。她也指出，法院通常不願意在早期階段完全駁回針對政府機構的索賠。

Implications for Future Crypto Cases

對未來加密案件的影響

While the SEC may attempt to use this ruling as support for its positions in other crypto-related cases, Coppel hopes that courts will exercise caution in relying too heavily on an opinion rendered before any factual discovery has taken place. She believes that the specific facts of each case should be considered in determining whether tokens constitute securities.

雖然 SEC 可能會嘗試利用這項裁決來支持其在其他加密貨幣相關案件中的立場，但 Coppel 希望法院在過度依賴任何事實發現之前所提供的意見時保持謹慎。她認為，在決定代幣是否構成證券時，應考慮每個案件的具體事實。

In conclusion, the Blockchain Association's analysis of the preliminary ruling in SEC v. Coinbase highlights both potential victories and challenges for the cryptocurrency exchange. While the dismissal of the brokerage allegations is a positive development for DeFi, Coinbase still faces ongoing claims from the SEC. As the case progresses through the discovery process, the court's scrutiny of key issues will shape the ultimate outcome.

總而言之，區塊鏈協會對 SEC v. Coinbase 案初步裁決的分析強調了加密貨幣交易所的潛在勝利和挑戰。雖然經紀指控被駁回對 DeFi 來說是一個積極的進展，但 Coinbase 仍面臨 SEC 的持續指控。隨著案件在證據開示過程中取得進展，法院對關鍵問題的審查將決定最終結果。