監管激增，Coinbase 再次提起訴訟

美國第二巡迴上訴法院恢復了客戶對 Coinbase 的訴訟，指控該交易所非法出售未註冊的證券，並且未能註冊為經紀自營商。上訴法院認為，下級法院法官依據 2021 年 12 月的使用者協議駁回案件是錯誤的，應允許客戶的索賠繼續進行。客戶還辯稱，他們從未接受 2021 年 12 月的用戶協議，因此與決定駁回案件無關。

Coinbase Faces Revived Lawsuit Amidst Broader Regulatory Scrutiny

Coinbase 在更廣泛的監管審查中面臨重啟訴訟

In a significant blow to the largest cryptocurrency exchange in the United States, Coinbase is now facing a revived lawsuit alleging illegal sales of unregistered securities and failure to register as a broker-dealer. The lawsuit, filed by a group of Coinbase customers, was initially dismissed by a lower court judge but has been reinstated by the 2nd U.S. Circuit Court of Appeals in Manhattan.

Coinbase 現在面臨一場新的訴訟，指控其非法銷售未註冊的證券以及未能註冊為經紀自營商，這對美國最大的加密貨幣交易所造成了重大打擊。該訴訟由一群 Coinbase 客戶提起，最初被下級法院法官駁回，但現已被曼哈頓美國第二巡迴上訴法院恢復。

The lawsuit alleges that Coinbase has been unlawfully operating as an unregistered broker-dealer, failing to register the 79 tokens traded on its platform as securities with the Securities and Exchange Commission (SEC). This alleged lapse in regulatory compliance has raised concerns about consumer protection and the integrity of the cryptocurrency market.

該訴訟稱，Coinbase 一直作為未註冊的經紀交易商非法運營，未能將其平台上交易的 79 種代幣註冊為證券交易委員會 (SEC)。這種所謂的監管合規性失誤引發了人們對消費者保護和加密貨幣市場完整性的擔憂。

The plaintiffs argue that Coinbase's user agreement, entered into in December 2021, is not conclusive in determining whether the company is the seller or holds title to the 79 tokens involved in the lawsuit. The appeals court agreed, stating that Coinbase had materially changed its user agreements over time and that the December 2021 version could not be solely relied upon in this case.

原告辯稱，Coinbase 於 2021 年 12 月簽訂的用戶協議對於確定該公司是否是訴訟中涉及的 79 個代幣的賣方或擁有所有權而言，並沒有決定性作用。上訴法院同意這一觀點，並指出 Coinbase 隨著時間的推移對其用戶協議進行了實質性修改，在本案中不能僅依賴 2021 年 12 月的版本。

The court's decision comes amidst heightened regulatory scrutiny of the cryptocurrency industry. The SEC has recently stepped up its enforcement efforts against cryptocurrency exchanges, alleging violations of securities laws. Coinbase itself is facing an ongoing SEC lawsuit over allegations of facilitating trades of unregistered securities.

法院的決定是在加密貨幣行業受到更嚴格的監管審查之際做出的。美國證券交易委員會最近加強了對加密貨幣交易所的執法力度，指控其違反證券法。 Coinbase 本身正面臨美國證券交易委員會 (SEC) 的一項持續訴訟，指控其為未註冊證券交易提供便利。

The revived lawsuit against Coinbase underscores the importance of clear and transparent regulatory frameworks for the cryptocurrency market. As the industry continues to evolve rapidly, it is crucial for exchanges like Coinbase to adhere to established laws and regulations to ensure investor protection and preserve the integrity of the market.

針對 Coinbase 的重啟訴訟凸顯了加密貨幣市場清晰透明的監管框架的重要性。隨著產業持續快速發展，對於像 Coinbase 這樣的交易所來說，遵守既定的法律法規以確保投資者保護和維護市場的完整性至關重要。

The case now returns to the U.S. District Court in Manhattan, where it will be further adjudicated. The outcome of this lawsuit will have significant implications for Coinbase and the broader cryptocurrency industry, shaping the legal landscape and potentially setting precedents for future enforcement actions.

該案現已返回曼哈頓美國地方法院，將在那裡進一步裁決。訴訟的結果將對 Coinbase 和更廣泛的加密貨幣產業產生重大影響，塑造法律格局，並可能為未來的執法行動樹立先例。

Coinbase, in response to the appeals court's decision, has maintained that it welcomes the dismissal of some claims, particularly those related to secondary trading of digital assets on exchanges. However, the company's legal battle with the plaintiffs is far from over, with the plaintiffs expressing their gratitude for the opportunity to resume their case.

Coinbase 在回應上訴法院的裁決時堅稱，它歡迎駁回一些索賠，特別是與交易所數位資產二級交易相關的索賠。然而，該公司與原告的法律鬥爭遠未結束，原告對有機會重新審理案件表示感謝。

As regulators continue to tighten their grip on the cryptocurrency market, Coinbase faces the daunting task of navigating a complex regulatory landscape while maintaining its dominance as the largest U.S. exchange. The outcome of this lawsuit will be closely watched by industry participants, investors, and regulators alike, as it holds the potential to reshape the future of cryptocurrency trading.

隨著監管機構繼續加強對加密貨幣市場的控制，Coinbase 面臨著艱鉅的任務，既要應對複雜的監管環境，也要保持其作為美國最大交易所的主導地位。該訴訟的結果將受到行業參與者、投資者和監管機構的密切關注，因為它有可能重塑加密貨幣交易的未來。