Coinbase 在 SEC 加密貨幣分類訴訟中尋求中間上訴

領先的加密貨幣交易所 Coinbase 已要求允許在與 SEC 就資產分類為投資合約的訴訟中提出中間上訴。該上訴源於法官對豪伊測試的不同解釋，引發了「法律的控制問題」。關於 Coinbase 動議的決定可能會影響 SEC 的法律策略和美國未來的加密貨幣監管。

Coinbase Seeks Interlocutory Appeal in SEC Lawsuit Over Cryptocurrency Classification

Coinbase 在 SEC 加密貨幣分類訴訟中尋求中間上訴

New York, New York - April 13, 2024 - Cryptocurrency exchange Coinbase has filed a motion requesting permission to file an interlocutory appeal, challenging a recent ruling by Judge Katherine Polk Failla in an ongoing lawsuit between the company and the U.S. Securities and Exchange Commission (SEC).

紐約州紐約- 2024 年4 月13 日- 加密貨幣交易所Coinbase 已提出動議，請求允許提起中間上訴，對法官Katherine Polk Failla 最近在該公司與美國證券交易委員會之間正在進行的訴訟中做出的裁決提出質疑（美國證券交易委員會）。

The dispute revolves around the classification of certain digital assets as investment contracts under the Howey Test, a legal framework used to determine whether an offering constitutes an investment contract.

爭議圍繞著豪伊測試（Howey Test）下將某些數位資產歸類為投資合約的問題展開，豪伊測試是一種用於確定產品是否構成投資合約的法律框架。

Disputed Application of Howey Test

Howey 測試的有爭議的應用

The crux of the dispute lies in the differing interpretations of the Howey Test by Judge Failla and Judge Jed Rakoff. Rakoff, in a prior case involving TerraForm Labs, had stated that some digital assets could be considered investment contracts if they exist within a broader ecosystem promoting profit-sharing through invested funds in a common enterprise.

爭議的關鍵在於法伊拉法官和傑德·拉考夫法官對豪伊測試的不同解釋。 Rakoff 在先前涉及 TerraForm Labs 的案件中曾表示，如果某些數位資產存在於更廣泛的生態系統中，並透過共同企業的投資資金促進利潤分享，則可以將其視為投資合約。

Judge Failla had referenced Rakoff's opinion when denying Coinbase's initial attempt to dismiss the SEC's case.

Failla 法官在駁回 Coinbase 最初試圖駁回 SEC 案件時引用了 Rakoff 的觀點。

Controlling Question of Law

控制性法律問題

Coinbase contends that these conflicting interpretations present a "controlling question of law," a key requirement for obtaining permission to pursue an interlocutory appeal. Such an appeal is filed before a final judgment is reached in a case.

Coinbase 認為，這些相互矛盾的解釋提出了“法律的控制問題”，這是獲得中間上訴許可的關鍵要求。此類上訴是在案件做出最終判決之前提出的。

Eleanor Terrett, a Fox Business journalist, notes that Coinbase argues that the SEC's position could be strengthened if it appeals Judge Analisa Torres' ruling in the Ripple case, where Torres determined that XRP was not an investment contract based on programmatic sales.

福克斯商業新聞記者 Eleanor Terrett 指出，Coinbase 認為，如果對法官Analisa Torres 在Ripple 案中的裁決提出上訴，那麼SEC 的立場可能會得到加強，在該案中，Torres 判定XRP 不是基於程序化銷售的投資合約。

SEC's Failed Appeal Attempt

SEC 上訴失敗

Terrett also highlights the difficulty of securing an interlocutory appeal, citing the recent unsuccessful attempt by the SEC to challenge Torres' decision in the Ripple case.

特雷特也強調了獲得中間上訴的難度，並列舉了美國證券交易委員會最近試圖挑戰托雷斯在瑞波案中的決定但未成功的例子。

Legal Implications

法律影響

Legal expert Bill Morgan suggests that if Coinbase's appeal is granted and subsequently lost, it could potentially bolster the SEC's position in its own potential appeal of the Ripple ruling.

法律專家 Bill Morgan 表示，如果 Coinbase 的上訴獲得批准但隨後敗訴，則可能會增強 SEC 在其對 Ripple 裁決的潛在上訴中的地位。

However, Morgan cautions against overstating the inconsistency between the judges' decisions, noting that the differing perspectives reflect the evolving nature of digital asset regulation.

然而，摩根警告不要誇大大法官判決之間的不一致，並指出不同的觀點反映了數位資產監管不斷發展的性質。

Impact on Cryptocurrency Regulation

對加密貨幣監管的影響

The outcome of Coinbase's motion for interlocutory appeal will have significant implications for the future of cryptocurrency regulation in the United States. It will determine the extent to which the Howey Test will be applied to digital assets and the level of regulatory oversight they face.

Coinbase 中間上訴動議的結果將對美國加密貨幣監管的未來產生重大影響。它將決定豪伊測試應用於數位資產的程度以及它們面臨的監管程度。

Continuing Legal Battle

持續的法律鬥爭

The ongoing legal battle between Coinbase and the SEC underscores the complexities of regulating the emerging cryptocurrency landscape. The outcome of this case will shape the regulatory framework for digital assets, influencing market dynamics, investor protection, and the overall adoption of cryptocurrencies in the United States.

Coinbase 和 SEC 之間正在進行的法律鬥爭凸顯了監管新興加密貨幣格局的複雜性。此案的結果將塑造數位資產的監管框架，影響市場動態、投資者保護以及加密貨幣在美國的整體採用。