Coinbase：偽裝的證券交易所？聯邦法院裁定 SEC 提出強有力的論點

紐約聯邦法官駁回了 Coinbase 駁回 SEC 訴訟的動議，該訴訟指控該加密貨幣交易所充當未註冊的經紀自營商、交易所和清算所。法官裁定 SEC 提出了一個「看似合理」的案例，證明 Coinbase Wallet 提供的某些代幣符合聯邦證券法下的證券定義。

Is Coinbase a Securities Exchange in Disguise?

Coinbase 是變相的證券交易所嗎？

A Manhattan federal court has ruled that the Securities and Exchange Commission (SEC) has presented a compelling case alleging that Coinbase operates as an unregistered broker-dealer, exchange, and clearinghouse.

曼哈頓聯邦法院裁定，美國證券交易委員會 (SEC) 已提出令人信服的案件，指控 Coinbase 作為未註冊的經紀自營商、交易所和清算所運作。

Is Coinbase a Brokerage?

Coinbase 是經紀公司嗎？

The judge dismissed claims that Coinbase Wallet constitutes an unregistered brokerage, but found that the SEC's argument regarding certain tokens listed on Wallet potentially meeting the criteria for "investment contracts" had merit.

法官駁回了 Coinbase Wallet 構成未註冊經紀公司的說法，但認為 SEC 關於 Wallet 上列出的某些代幣可能符合「投資合約」標準的論點是有道理的。

Are Crypto Token Purchases Securities Transactions?

購買加密代幣屬於證券交易嗎？

The court ruled that the SEC has adequately demonstrated that token purchases on Coinbase's platform may constitute securities transactions. The judge noted that purchasers are not simply acquiring tokens but also investing in the token's underlying ecosystem, whose growth is inextricably linked to the token's value.

法院裁定，SEC 已充分證明在 Coinbase 平台上購買代幣可能構成證券交易。法官指出，購買者不只是購買代幣，還投資於代幣的底層生態系統，其成長與代幣的價值密不可分。

Is Coinbase Pushing the Envelope on Regulation?

Coinbase 是否正在挑戰監管極限？

The judge rejected Coinbase's claims that the SEC is overstepping its authority or violating administrative procedures. The court cited the agency's prior actions against crypto companies as evidence of Coinbase's ample notice of the SEC's regulatory focus.

法官駁回了 Coinbase 關於 SEC 越權或違反行政程序的說法。法院引用該機構先前針對加密貨幣公司採取的行動作為 Coinbase 充分關注 SEC 監管重點的證據。

Crypto Case Law Setting Precedents

加密判例法開創先例

This case mirrors other pending lawsuits, such as the SEC's action against Ripple. Courts generally dismiss motions to dismiss in these cases, accepting allegations as factual for the time being. The substantive arguments will unfold during trial.

此案反映了其他未決訴訟，例如 SEC 對 Ripple 的訴訟。法院通常會駁回這些案件的駁回動議，暫時接受指控為事實。實質辯論將在審判期間展開。

Implications for the Crypto Industry

對加密產業的影響

The outcome of this case could have significant implications for the crypto industry. If exchanges like Coinbase are deemed securities exchanges, they would face stricter regulations and disclosure requirements, potentially restricting the availability of tokens to retail investors.

此案的結果可能對加密產業產生重大影響。如果像 Coinbase 這樣的交易所被視為證券交易所，它們將面臨更嚴格的監管和揭露要求，這可能會限制散戶投資者獲得代幣。

Silent Protest from Coinbase

Coinbase的無聲抗議

Coinbase has remained characteristically quiet on the matter, indicating a willingness to engage with the SEC's investigation and uncover its internal perspectives on crypto regulation. The company has acknowledged the dismissal of the Coinbase Wallet claims but expressed anticipation for the upcoming trial.

Coinbase 在此事上一貫保持沉默，表明願意參與 SEC 的調查並揭示其對加密貨幣監管的內部觀點。該公司承認駁回了 Coinbase 錢包的索賠，但表示對即將到來的審判的期望。

SEC's Digital Catch

SEC 的數位捕獲

The SEC's spokesperson has reaffirmed the agency's stance that the "economic realities of a transaction" determine whether an offering qualifies as a security, regardless of its label as "crypto." This statement signals the SEC's continued focus on bringing crypto activities under its regulatory umbrella.

美國證券交易委員會發言人重申了該機構的立場，即「交易的經濟現實」決定了一項產品是否有資格作為證券，無論其是否貼有「加密貨幣」標籤。這項聲明標誌著美國證券交易委員會繼續致力於將加密貨幣活動置於其監管範圍內。