Coinbase 法律困境再次浮出水面：法院推翻了安全解僱令

美國第二巡迴上訴法院推翻了一項駁回指控銷售未註冊證券的消費者訴訟的裁決，加密貨幣交易所 Coinbase 面臨法律挑戰。儘管確認駁回尋求解除合約的索賠，但法院裁定下級法院在考慮原告修改後的申訴的法律充分性時，僅依賴 2022 年用戶協議是錯誤的。

Coinbase Crypto Exchange's Legal Woes Escalate as Court Reverses Securities Ruling

隨著法院推翻證券裁決，Coinbase 加密貨幣交易所的法律困境升級

New York, United States - Cryptocurrency exchange Coinbase faces renewed legal scrutiny as a United States federal court overturned a previous ruling dismissing a consumer lawsuit alleging the sale of unregistered securities.

美國紐約 - 加密貨幣交易所 Coinbase 面臨新的法律審查，因為美國聯邦法院推翻了先前駁回指控銷售未註冊證券的消費者訴訟的裁決。

Background: Securities Lawsuit

背景：證券訴訟

In 2021, Coinbase was subjected to a class action lawsuit filed by users claiming that the exchange facilitated the sale of unregistered securities among other violations. The plaintiffs argued that Coinbase held title to specific crypto assets and actively participated in their distribution.

2021 年，Coinbase 遭到用戶提起的集體訴訟，聲稱該交易所促進未註冊證券的銷售以及其他違規行為。原告辯稱，Coinbase 擁有特定加密資產的所有權，並積極參與其分配。

Initial District Court Ruling Overturned

地方法院最初裁決被推翻

Initially, a district court dismissed the lawsuit, relying on a Coinbase user agreement from 2022 that allegedly contradicted the plaintiffs' claims. However, the United States Court of Appeals for the Second Circuit has reversed this decision.

最初，地方法院以 2022 年起的 Coinbase 用戶協議為由駁回了訴訟，該協議據稱與原告的主張相矛盾。然而，美國第二巡迴上訴法院推翻了這項判決。

Varying User Agreements

不同的用戶協議

The 2nd Circuit found that the district court erred in relying solely on the 2022 user agreement, as the language had been updated from earlier versions. This variability in user agreement language during the relevant period rendered the 2021 version inconclusive for evaluating the legal sufficiency of the plaintiffs' complaint.

第二巡迴法院發現，地區法院僅依賴 2022 年使用者協議是錯誤的，因為該協議的語言已從早期版本更新。相關期間用戶協議語言的這種變化使得 2021 年版本對於評估原告投訴的法律充分性缺乏決定性。

Plaintiffs' Arguments

原告的論點

The plaintiffs asserted that Coinbase exercised control over the crypto assets in question and facilitated their sale. They contended that transactions involving 78 specific crypto assets constituted非法contracts due to their alleged lack of registration. Furthermore, they claimed that Coinbase provided users with descriptions and valuations of these assets, implying that the exchange had a role in their distribution.

原告聲稱，Coinbase 對相關加密資產行使了控制權，並為其銷售提供了便利。他們辯稱，涉及 78 種特定加密資產的交易因未註冊而構成非法合約。此外，他們聲稱 Coinbase 向用戶提供了這些資產的描述和估值，這意味著交易所在其分配中發揮了作用。

Secondary Trading Exemption Affirmed

確認二級交易豁免

While the recent ruling revives the plaintiffs' claims, it did affirm the district court's earlier decision preventing the plaintiffs from seeking rescission of contracts they alleged violated the Securities and Exchange Act. This decision upholds the principle that secondary trading of digital assets on exchanges like Coinbase is not subject to private liability under federal securities law.

雖然最近的裁決恢復了原告的主張，但它確實確認了地方法院先前的裁決，阻止原告尋求撤銷他們聲稱違反《證券交易法》的合約。該決定秉承了這樣的原則：根據聯邦證券法，在 Coinbase 等交易所進行的數位資產二級交易不需承擔私人責任。

Coinbase's Response

Coinbase 的回應

Coinbase Chief Legal Officer Paul Grewal expressed appreciation for the 2nd Circuit's confirmation of the legal status of secondary trading of digital assets. He emphasized the importance of contracts in protecting the exchange from liability for such transactions.

Coinbase 首席法務官 Paul Grewal 對第二巡迴法院確認數位資產二級交易的法律地位表示讚賞。他強調了合約在保護交易所免受此類交易責任的重要性。

Ongoing Legal Landscape

持續的法律環境

The reversal of the initial dismissal marks a significant development in the legal battle between Coinbase and its users. The outcome of the case will have wider implications for the regulation of cryptocurrency exchanges and the classification of digital assets under securities law.

最初解僱的逆轉標誌著 Coinbase 及其用戶之間的法律鬥爭取得了重大進展。該案的結果將對加密貨幣交易所的監管和證券法下的數位資產分類產生更廣泛的影響。