Coinbase 請求第二巡迴法院確定其平台交易是否受聯邦證券法管轄

這場重要的法律戰旨在為價值數兆美元的加密貨幣產業、金融機構和消費者提供急需的透明度。

Cryptocurrency exchange Coinbase has filed an urgent request with the Second Circuit Court of Appeals to decide whether trades on its platform are subject to federal securities laws, a crucial legal battle that will determine the regulatory landscape for the multi-trillion-dollar crypto industry.

加密貨幣交易所Coinbase 已向第二巡迴上訴法院提出緊急請求，要求決定其平台上的交易是否受聯邦證券法管轄，這是一場至關重要的法律戰，將決定價值數萬億美元的加密貨幣產業的監管格局。

Coinbase is appealing a lower court's decision to grant the U.S. Securities and Exchange Commission's (SEC) request to stay its case against the exchange. The Second Circuit's decision will determine whether the SEC's case can proceed while Coinbase pursues its appeal.

Coinbase 正在對下級法院批准美國證券交易委員會 (SEC) 中止針對該交易所的案件的請求的決定提出上訴。第二巡迴法院的決定將決定在 Coinbase 上訴期間 SEC 的案件是否可以繼續進行。

At the heart of the legal dispute is the question of whether trades on Coinbase's platform, which uses a blind bid-ask system to match anonymous buyers and sellers, meet the criteria outlined in the Howey test, the longstanding framework for determining what constitutes an investment contract.

At the heart of the legal dispute is the question of whether trades on Coinbase's platform, which uses a blind bid-ask system to match anonymous buyers and sellers, meet the criteria outlined in the Howey test, the longstanding framework for determining what constitutes an investment合約.

Coinbase maintains that its platform's operations do not meet the Howey test criteria, and thus trades on its platform are not securities transactions. The exchange argues that its role is limited to facilitating trades between consenting parties and that it does not offer any investment advice or engage in activities that would qualify it as an investment enterprise.

Coinbase堅稱其平台的營運不符合Howey測試標準，因此其平台上的交易不屬於證券交易。該交易所辯稱，其作用僅限於促進雙方同意的交易，並且不提供任何投資建議或從事使其有資格成為投資企業的活動。

The legal matter is seeking the court’s immediate intervention. The company reportedly emphasized in its filing, highlighting the broader implications for the crypto industry.

法律問題正在尋求法院立即乾預。據報道，該公司在其文件中強調，強調了對加密產業的更廣泛影響。

Coinbase's urgent appeal follows a move by the Southern District of New York (SDNY) to grant a stay in the SEC's case against Coinbase. This pause allows Coinbase to seek guidance from a higher court, marking a significant turn in a lawsuit that began in June 2023 when the SEC accused the exchange of operating as an unregistered securities broker, exchange, and clearing agency.

Coinbase 發出緊急呼籲之前，紐約南區 (SDNY) 已採取行動，批准 SEC 暫緩對 Coinbase 提起訴訟。此次暫停允許 Coinbase 尋求更高級法院的指導，這標誌著 2023 年 6 月開始的訴訟發生重大轉折，當時 SEC 指控該交易所作為未註冊的證券經紀人、交易所和清算機構運營。

The SEC alleges that Coinbase failed to register its exchange with the agency and operated without the necessary safeguards to protect investors. The agency claims that Coinbase's platform was used to trade unregistered securities, and that the exchange failed to disclose material information to investors.

SEC 指控 Coinbase 未能向該機構註冊其交易所，並在沒有必要的保護投資者的保障措施的情況下進行營運。該機構聲稱，Coinbase 的平台被用來交易未註冊的證券，且該交易所未能向投資者披露重大資訊。

Coinbase has denied the SEC's allegations and maintains that its platform is a fully regulated exchange that operates in compliance with applicable laws. The exchange argues that the SEC's case is an overreach and that it will have a chilling effect on innovation in the crypto industry.

Coinbase 否認了 SEC 的指控，並堅稱其平台是一家完全受監管的交易所，其營運符合適用法律。該交易所認為，美國證券交易委員會的案件太過分了，這將對加密貨幣產業的創新產生寒蟬效應。

The outcome of Coinbase's appeal will have far-reaching implications for the regulation of secondary crypto trading in the United States. A ruling in favor of Coinbase might limit the SEC's reach and encourage innovation in the crypto space. Conversely, a decision against the exchange could affirm the SEC's regulatory authority and reshape the operations of crypto platforms nationwide.

Coinbase上訴的結果將對美國加密貨幣二級交易的監管產生深遠影響。有利於 Coinbase 的裁決可能會限制 SEC 的影響力並鼓勵加密領域的創新。相反，針對交易所的決定可能會確認美國證券交易委員會的監管權力，並重塑全國加密貨幣平台的運作。