Coinbase 有機會在 SEC 法庭糾紛中跳過

美國紐約南區地方法院法官凱瑟琳·波爾克·法拉 (Katherine Polk Failla) 週二決定批准 Coinbase 的請求，要求高等法院考慮該糾紛中的一個核心問題

Coinbase has been granted permission by a U.S. judge to pursue a limited appeal of the Securities and Exchange Commission’s (SEC) accusations that the crypto exchange engaged in the trading of unregistered securities, in a move that could have broader implications for the crypto industry.

Coinbase 已獲得美國法官的許可，可以對美國證券交易委員會 (SEC) 指控該加密貨幣交易所從事未註冊證券交易的行為進行有限上訴，此舉可能會對加密貨幣行業產生更廣泛的影響。

Coinbase had filed a request with the U.S. District Court for the Southern District of New York to ask the Second Circuit to consider whether the SEC was wrong in its assertion that Coinbase handled the trading of crypto securities without registering them with the agency. If the Second Circuit agrees to hear the appeal, a decision in Coinbase’s favor would carry significant weight in the ongoing debate over the classification of digital assets.

Coinbase 已向美國紐約南區地方法院提出請求，要求第二巡迴法院考慮 SEC 的說法是否錯誤，即 Coinbase 在未向該機構註冊的情況下處理加密證券交易。如果第二巡迴法院同意審理上訴，那麼有利於 Coinbase 的決定將在正在進行的數位資產分類辯論中發揮重要作用。

Coinbase had argued that the tokens in question, which are traded on its secondary market, do not meet the definition of a security under the Howey test, which is used by the SEC to determine whether an asset is considered an investment contract and therefore a security. Among other points, Coinbase has maintained that the issuers of these tokens do not owe anything to the buyers, rendering the tokens distinct from securities.

Coinbase 辯稱，在其二級市場上交易的相關代幣不符合 Howey 測試下的證券定義，SEC 使用 Howey 測試來確定資產是否被視為投資合約，從而確定資產是否被視為證券。除此之外，Coinbase 堅稱這些代幣的發行者不欠買家任何東西，這使得代幣與證券不同。

The SEC, on the other hand, has maintained that some of the tokens traded on Coinbase’s platform do qualify as securities, and that the exchange was obligated to register them with the agency. This clash in interpretations has led to the legal dispute between the parties.

另一方面，SEC 堅持認為，在 Coinbase 平台上交易的一些代幣確實符合證券的資格，並且交易所有義務向該機構進行註冊。這種解釋上的衝突導致了雙方之間的法律糾紛。

In her decision, Judge Katherine Polk Failla noted that she does not "appreciate Coinbase's efforts to cast aspersions on the SEC’s approach to crypto-assets." However, she acknowledged the conflicting rulings from different federal courts on similar questions, writing that "conflicting decisions on an important legal issue necessitate the Second Circuit’s guidance."

法官凱瑟琳·波爾克·法拉 (Katherine Polk Failla) 在裁決中指出，她並不「讚賞 Coinbase 誹謗 SEC 對待加密資產的做法」。然而，她承認不同聯邦法院對類似問題的裁決相互矛盾，並寫道“在重要法律問題上的相互矛盾的裁決需要第二巡迴法院的指導。”

Coinbase had initially requested that the court grant the interlocutory appeal in April 2024, but Failla ultimately approved the request now "because it presents a controlling question of law regarding the reach and application of Howey to crypto-assets, about which there is substantial ground for difference of opinion, and the resolution of which would advance the ultimate termination of the SEC’s enforcement action."

Coinbase 最初請求法院於 2024 年 4 月批准中間上訴，但 Failla 現在最終批准了該請求，「因為它提出了關於 Howey 的範圍和適用於加密資產的控制性法律問題，對此有充分的理由意見分歧，其解決將推動SEC 執法行動的最終終止。

Coinbase Chief Legal Officer Paul Grewal reacted to the decision on the social-media site X, writing, "We appreciate the court's careful consideration. On to the Second Circuit we go."

Coinbase 首席法務官 Paul Grewal 在社交媒體網站 X 上對這一決定做出了回應，他寫道：“我們感謝法院的認真考慮。我們將進入第二巡迴法院。”

A spokesperson for the SEC, which is still led by crypto skeptic Gary Gensler until he steps down as chairman when President-elect Donald Trump is sworn in on January 20, declined to comment on the latest ruling.

SEC 發言人拒絕對最新裁決發表評論。辭去主席職務。

The broader question of what constitutes a crypto security is likely to continue to be litigated in different courts and may ultimately reach the Supreme Court. However, this legal wrangling could become moot if Congress passes a new law to define how digital assets and their trading should be regulated in the U.S. The crypto industry is actively engaging in political operations and lobbying efforts to steer this year's new Congress toward more industry-friendly legislation.

關於加密證券的構成這一更廣泛的問題可能會繼續在不同的法院提起訴訟，並最終可能到達最高法院。然而，如果國會通過一項新法律來定義如何在美國監管數位資產及其交易，這種法律論點可能會變得毫無意義。國會走向更多行業-友好的立法。

Finally, the SEC's leadership is set to change hands to Republican control, which could bring a greater openness to the crypto industry. A new agency chair may also alter the course of the SEC's enforcement actions, including this court case.

最後，美國證券交易委員會的領導層將由共和黨控制，這可能會為加密產業帶來更大的開放性。新的機構主席也可能改變 SEC 執法行動的進程，包括本案。