Coinbase如何使SEC撤銷其訴訟

跟隨錢。

Coinbase, a major crypto trading platform, was hit with a lawsuit by the Securities and Exchange Commission (SEC) in June 2023. The SEC alleged that Coinbase was operating as an unregistered securities broker, which deprived investors of key protections. Coinbase, on the other hand, maintained that crypto tokens are not securities and hence the company was not obligated to register with the SEC.

Coinbase是一個主要的加密交易平台，於2023年6月被證券交易委員會（SEC）訴訟。SEC稱Coinbase是作為未註冊的證券經紀人運營的，該經紀人剝奪了投資者的主要保護措施。另一方面，Coinbase堅持認為加密代幣不是證券，因此該公司沒有義務在SEC進行註冊。

The lawsuit centered on a legal test known as the Howley test, which determines whether an asset qualifies as a security. In the crypto realm, this largely hinges on whether the token's management is decentralized, like Bitcoin, or actively controlled by a team, as is the case with many other tokens. Coinbase offered highly centralized tokens, such as Solana and Tether.

該訴訟以稱為Howley測試的法律測試為中心，該測試決定資產是否符合安全性。在加密貨幣領域中，這很大程度上取決於令牌的管理層是分散的，例如比特幣，還是由團隊積極控制，就像其他許多代幣一樣。 Coinbase提供了高度集中的代幣，例如Solana和Tether。

Securities brokers that register with the SEC must adhere to various regulatory requirements aimed at protecting consumers. For instance, they are prohibited from commingling the assets of the company with customer deposits. Another prominent crypto platform, FTX, failed to register with the SEC and ultimately misused deposits, costing customers billions of dollars.

註冊SEC的證券經紀人必須遵守旨在保護消費者的各種監管要求。例如，禁止他們用客戶存款將公司資產融合。另一個著名的加密平台FTX未能在SEC註冊並最終濫用存款，使客戶損失了數十億美元。

Coinbase attempted to dismiss the SEC lawsuit, but a federal judge rejected that argument in March 2024, ruling that the SEC's complaint "plausibly support[s] the SEC’s claim that Coinbase operated as an unregistered intermediary of securities." Following this decision, the parties engaged in discovery, a process where both sides sought information to strengthen their cases. This process was set to conclude in August 2025, though proceedings were paused earlier this year as Coinbase appealed the March 2024 decision.

Coinbase試圖駁回SEC訴訟，但聯邦法官在2024年3月拒絕了這一論點，裁定SEC的申訴“合理地支持SEC認為Coinbase作為證券中的中介機構的主張”。在這一決定之後，當事方從事發現，雙方都尋求信息來加強案件的過程。該過程定於2025年8月結束，儘管由於Coinbase對2024年3月的決定提出上訴，因此訴訟已於今年早些時候暫停。

The lawsuit posed a significant ongoing legal hurdle for Coinbase, but according to CEO Brian Armstrong, the case has now been resolved.

該訴訟對Coinbase構成了重大的法律障礙，但據首席執行官Brian Armstrong稱，該案現已解決。

On February 21, Armstrong announced on X that Coinbase and the SEC had "reached an agreement with SEC staff to dismiss their litigation against Coinbase." Armstrong stated that in exchange for the SEC dropping the suit, Coinbase will pay "$0 in fines" and make "zero changes to our business."

2月21日，阿姆斯特朗在X上宣布，Coinbase和SEC“與SEC工作人員達成了一項協議，以駁回對Coinbase的訴訟”。阿姆斯特朗表示，為了換取SEC撤銷訴訟，Coinbase將支付“罰款$ 0”，並對我們的業務進行零更改。

This seems like an exceptionally favorable outcome for Coinbase. So, how did Armstrong manage to secure such an "agreement"? Follow the money.

對於Coinbase來說，這似乎是一個非常有利的結果。那麼，阿姆斯特朗如何設法獲得這樣的“協議”？跟隨錢。

During the election, Coinbase donated $75 million to Fairshake, a pro-crypto Super PAC that supported numerous congressional candidates aligned with President Trump. The group is also expected to play a major role in supporting Republicans during the 2026 midterms. Paul Grewal, Coinbase's Chief Legal Officer, attended multiple fundraisers for Trump, including a high-profile event in San Francisco hosted by venture capitalist David Sacks.

在選舉期間，Coinbase向Pro-Crypto Super PAC捐贈了7500萬美元，該公司支持與特朗普總統一致的眾多國會候選人。預計該組織在2026年期間在支持共和黨人方面發揮了重要作用。 Coinbase的首席法律官Paul Grewal參加了特朗普的多次籌款活動，其中包括由風險投資家戴維·薩克斯（David Sacks）主持的舊金山舉行的備受矚目的活動。

Coinbase also launched the "Stand with Crypto Alliance," which graded politicians. Trump received an "A." (Former Vice President Kamala Harris was not assigned a grade.)

Coinbase還推出了“與加密聯盟的立場”，該聯盟對政客進行了分級。特朗普收到了“ A” （前副總統卡馬拉·哈里斯（Kamala Harris）沒有被指定成績。）

Armstrong met privately with Trump at Mar-a-Lago shortly after the election.

大選後不久，阿姆斯特朗在瑪麗·拉戈（Mar-A-Lago）私下會見了特朗普。

In December, Coinbase donated $1 million to Trump's inauguration celebration. Coinbase also co-sponsored an "unofficial inaugural ball on Friday at the Andrew W. Mellon Auditorium in downtown Washington, which featured Snoop Dogg." Then, "Coinbase Global Chief Executive Brian Armstrong attended a black-tie dinner on Saturday hosted by Vice President-elect JD Vance at the National Gallery of Art while a group of other executives went to a Sunday dinner hosted by Trump," the Wall Street Journal reported.

12月，Coinbase向特朗普的就職典禮慶祝活動捐贈了100萬美元。 Coinbase還共同贊助了“週五在華盛頓市中心的安德魯·W·梅隆禮堂舉行的一個非官方的就職舞會，其中包括史努比·杜格（Snoop Dogg）。”然後，“ Coinbase全球首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）週六​​在國家美術館舉行的當選副總裁JD Vance主持的黑領帶晚宴上雜誌報導。

In January, Coinbase hired Chris LaCivita, co-manager of Trump's campaign, to be a member of its Global Advisory Council. According to Semafor, LaCivita will use his familiarity with "Trump’s network to help the industry navigate this Congress and beyond." Coinbase did not disclose how much it is paying LaCivita. "The crypto industry deserves better than what it received from the previous administration," LaCivita said.

一月份，Coinbase聘請了特朗普競選活動的聯合經理Chris Lacivita擔任其全球諮詢委員會的成員。根據Semafor的說法，Lacivita將利用他對“特朗普網絡的熟悉，以幫助該行業在國會及以後進行導航。” Coinbase沒有透露它付了多少錢。 Lacivita說：“加密貨幣產業應比上一個政府獲得的更好。”

Coinbase also helped Trump personally get richer, quickly listing his official meme coin, $TRUMP, on its platform. The Coinbase listing made it much easier for the average investor to buy $TRUMP, which drove up its value. Most $TRUMP coins are owned by Trump himself.

Coinbase還幫助特朗普親自變得更加富有，迅速將他的官方模因硬幣$特朗普列為其平台。 Coinbase上市使普通投資者更容易購買$ TRUMP，這推動了其價值。特朗普本人擁有大多數$特朗普硬幣。

Each time a $TRUMP coin is sold, Trump also collects trading fees. One Coinbase executive recently estimated that Trump and his associates have made at least $58 million in trading fees. $TRUMP is a highly centralized token that would almost certainly be deemed a security under existing legal precedent.

每次出售特朗普硬幣時，特朗普都會收取交易費。一位Coinbase高管最近估計，特朗普及其同夥至少賺了5800萬美元的交易費用。 $特朗普是一個高度集中的代幣，幾乎可以肯定會被認為是現有法律先例的安全性。

In his post on X announcing the resolution of the SEC lawsuit, Armstrong framed the decision as a political move by Trump. "I have to give credit here to the Trump administration, for winning the election," Armstrong wrote. "I feel confident we would have won this case in the courts either way, given our facts were so strong, but it certainly helped accelerate the process and drive accountability."

阿姆斯特朗在宣布解決SEC訴訟的X帖子中，將這一決定定義為特朗普的政治舉動。阿姆斯特朗寫道：“我必須在這裡感謝特朗普政府贏得選舉。” “由於我們的事實是如此之強，我有信心在法庭上我們都會在法庭上贏得此案，但肯定有助於加速過程並推動問責制。”