Coinbase 的期貨策略在法律攤牌中增加賭注

Coinbase 向 CFTC 進行的 BCH、DOGE 和 LTC 期貨交易自我認證引發了監管擔憂，可能會影響 SEC v. Coinbase 案。 Coinbase 的 MTD 認為 SEC 缺乏對加密貨幣交易所的監管權力，而其向 CFTC 提交的文件造成了進一步的不確定性，並可能影響 SEC 關於 XRP 裁決的計劃。

Coinbase's Bold Move Raises Stakes in SEC v. Coinbase Case

Coinbase 的大膽舉動提高了 SEC v. Coinbase 案的風險

On March 21, cryptocurrency exchange Coinbase sent shockwaves through the financial world by filing self-certifications with the Commodity Futures Trading Commission (CFTC) to offer futures trading for three additional cryptocurrencies: Bitcoin Cash (BCH), Dogecoin (DOGE), and Litecoin (LTC). This strategic move has the potential to significantly impact the ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC) and could redefine the regulatory landscape for cryptocurrency trading in the United States.

3 月21 日，加密貨幣交易所Coinbase 向美國商品期貨交易委員會(CFTC) 提交自我認證，提供三種額外加密貨幣的期貨交易：比特幣現金(BCH)、狗狗幣(DOGE) 和萊特幣( Litecoin)，這給金融界帶來了衝擊。LTC）。這項策略性舉措有可能對 Coinbase 與美國證券交易委員會 (SEC) 之間正在進行的法律鬥爭產生重大影響，並可能重新定義美國加密貨幣交易的監管格局。

Regulatory Turmoil: Coinbase Files for Futures Trading

監管混亂：Coinbase 申請期貨交易

Coinbase's filing with the CFTC is a bold attempt to secure regulatory recognition for these three cryptocurrencies as commodities, similar to the status accorded to Bitcoin (BTC). This move effectively challenges the SEC's classification of certain cryptocurrencies as securities, which has been the subject of the ongoing SEC v. Coinbase case.

Coinbase 向 CFTC 提交的文件是一項大膽的嘗試，旨在確保監管機構承認這三種加密貨幣作為商品，類似於給予比特幣 (BTC) 的地位。此舉實際上挑戰了 SEC 將某些加密貨幣歸類為證券的做法，這也是正在進行的 SEC v. Coinbase 案件的主題。

Genesis of the Lawsuit: SEC vs. Coinbase

訴訟起源：SEC v. Coinbase

In June 2023, the SEC filed a lawsuit against Coinbase, alleging that the exchange had been operating as an unregistered securities exchange, broker, and clearing agency. The SEC also accused Coinbase of offering and selling unregistered securities through its staking-as-a-service program.

2023 年 6 月，SEC 對 Coinbase 提起訴訟，指控該交易所一直作為未註冊的證券交易所、經紀人和清算機構運作。 SEC 還指控 Coinbase 透過其質押即服務計劃發行和銷售未註冊的證券。

Coinbase's Counterattack: Motion to Dismiss

Coinbase的反擊：駁回動議

Coinbase responded by filing a Motion to Dismiss in August, arguing that the SEC lacks the authority to regulate cryptocurrency exchanges. The company maintains that cryptocurrencies do not meet the definition of "securities" under federal law.

Coinbase 在 8 月提出了一份駁回動議作為回應，認為 SEC 缺乏監管加密貨幣交易的權力。該公司堅稱加密貨幣不符合聯邦法律對「證券」的定義。

Ripple's Case: Unexpected Beneficiary

Ripple 案例：意想不到的受益人

Coinbase's filings with the CFTC have also indirectly bolstered Ripple's case against the SEC. In January 2024, Judge Katherine Failla heard oral arguments in the SEC v. Ripple case, where Ripple argued that the sale of XRP tokens did not constitute the sale of securities. Legal experts have observed that Coinbase's more precise definition of an investment contract, as presented in its filings with the CFTC, could strengthen Ripple's position.

Coinbase 向 CFTC 提交的文件也間接支持了 Ripple 對 SEC 的訴訟。 2024 年 1 月，法官 Katherine Failla 聽取了 SEC v. Ripple 案的口頭辯論，Ripple 辯稱，出售 XRP 代幣並不構成出售證券。法律專家觀察到，Coinbase 在向 CFTC 提交的文件中對投資合約的更準確定義可能會增強 Ripple 的地位。

Regulatory Uncertainty: Impact on the Crypto Market

監管不確定性：對加密貨幣市場的影響

The increased regulatory uncertainty surrounding cryptocurrency exchanges has not deterred investors from embracing Coinbase. In the week ending March 22, Coinbase's stock (COIN) surged by 5.43%, closing the week at $255.51. This indicates that investors remain optimistic about Coinbase's prospects, despite the ongoing legal challenges.

加密貨幣交易所監管不確定性的增加並沒有阻止投資者擁抱 Coinbase。截至 3 月 22 日的一周，Coinbase 的股價 (COIN) 飆升 5.43%，當週收在 255.51 美元。這表明，儘管面臨持續的法律挑戰，投資者仍對 Coinbase 的前景持樂觀態度。

Conclusion: Coinbase Stakes Its Claim

結論：Coinbase 顯示了自己的主張

Coinbase's filings with the CFTC are a strategic and potentially game-changing move in the regulatory battle over cryptocurrency trading. The outcome of this case could have far-reaching implications for the cryptocurrency industry as a whole, and Coinbase's actions have positioned the company as a key player in shaping the future of digital asset regulation in the United States.

Coinbase 向美國商品期貨交易委員會 (CFTC) 提交的文件是加密貨幣交易監管鬥爭中的戰略舉措，可能會改變遊戲規則。此案的結果可能會對整個加密貨幣產業產生深遠的影響，Coinbase 的行動使該公司成為塑造美國數位資產監管未來的關鍵參與者。