聯準會法官支持 SEC 的主張，否認 Coinbase 在加密資產分類糾紛中的動議

3 月 27 日，法官 Katherine Failla 駁回了 Coinbase 駁回 SEC 訴訟的動議，認為該機構關於該平台未註冊交易所和投資合約銷售的主張有效。法院駁回了經紀訴訟，澄清 Coinbase 錢包作為定價比較工具的角色並不構成經紀活動。這項裁決為 DeFi 開發商提供了明確的訊息，因為它表明類似的解決方案可能不會面臨未註冊經紀商的指控。 Coinbase 執行長 Brian Armstrong 稱讚這項決定是自我託管錢包的勝利，而該公司現在必須解決與未註冊交易所和未註冊投資合約相關的剩餘費用。

Judge Dismisses Coinbase's Motion to Dismiss SEC Lawsuit, Ruling on Crypto Asset Classification

法官駁回 Coinbase 駁回 SEC 訴訟、對加密資產分類的裁決的動議

On Wednesday, March 27, Judge Katherine Failla of the U.S. District Court for the Southern District of New York delivered a significant ruling in the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Coinbase, Inc., the prominent cryptocurrency exchange. In a closely watched decision, Judge Failla rejected Coinbase's motion to dismiss the SEC's complaint, upholding the agency's claims that Coinbase's staking program and listing of certain cryptocurrencies constitute violations of federal securities laws.

3 月 27 日星期三，美國紐約南區地方法院法官 Katherine Failla 對美國證券交易委員會 (SEC) 與著名加密貨幣交易所 Coinbase, Inc. 之間正在進行的訴訟做出了一項重要裁決。在一項受到密切關注的裁決中，Failla 法官駁回了 Coinbase 駁回 SEC 申訴的動議，維持了該機構的主張，即 Coinbase 的質押計劃和某些加密貨幣的上市構成了違反聯邦證券法的行為。

Background of the Lawsuit

訴訟背景

In July 2022, the SEC filed a complaint against Coinbase, alleging that the company had engaged in offering and selling unregistered securities through its Staking Program and had acted as an unregistered broker-dealer by facilitating cryptocurrency trading through its Coinbase Wallet. The lawsuit focused on eight specific crypto tokens listed on Coinbase's platform, which the SEC argued met the definition of "investment contracts" under the Securities Act of 1933 and should therefore have been registered with the SEC.

2022 年 7 月，SEC 對 Coinbase 提出投訴，指控該公司透過其 Stake 計劃參與發行和銷售未註冊證券，並透過其 Coinbase 錢包促進加密貨幣交易，充當未註冊經紀交易商。該訴訟主要針對 Coinbase 平台上列出的八種特定加密代幣，SEC 認為這些代幣符合 1933 年《證券法》中「投資合約」的定義，因此應該在 SEC 註冊。

Mixed Reactions to Judge Failla's Ruling

對法伊拉法官裁決的不同反應

The ruling has elicited a wide range of reactions from the cryptocurrency industry and legal experts. Coinbase welcomed Judge Failla's decision to dismiss the SEC's claim that its Coinbase Wallet constitutes an unregistered broker-dealer, stating that the platform merely provides tools and information to users who retain control over their assets. However, Coinbase expressed disappointment with the court's decision to allow the SEC's claims regarding its staking program and the listing of unregistered securities to proceed.

該裁決引起了加密貨幣行業和法律專家的廣泛反應。 Coinbase 對 Failla 法官駁回 SEC 關於其 Coinbase 錢包構成未註冊經紀交易商的主張的決定表示歡迎，並表示該平台僅向保留對其資產控制權的用戶提供工具和資訊。然而，Coinbase 對法院決定允許 SEC 對其質押計劃和未註冊證券上市的索賠繼續進行表示失望。

SEC's Arguments and Judge Failla's Reasoning

SEC 的論點和法官 Failla 的推理

The SEC has argued that Coinbase's staking program, which allows users to earn rewards for holding certain cryptocurrencies, falls under the definition of an "investment contract" because it involves the expectation of profits derived from the efforts of others. The agency also contended that Coinbase had acted as an unregistered broker-dealer by facilitating the trading of cryptocurrencies on its platform without registering with the SEC.

美國證券交易委員會認為，Coinbase 的質押計畫允許用戶透過持有某些加密貨幣來獲得獎勵，該計畫屬於「投資合約」的定義，因為它涉及從他人的努力中獲得利潤的預期。該機構還聲稱，Coinbase 在未向 SEC 註冊的情況下，在其平台上促進加密貨幣交易，從而充當了未註冊的經紀自營商。

Judge Failla found that the SEC had demonstrated sufficient evidence to support its claims regarding the staking program and the listing of unregistered securities. The court ruled that the staking rewards offered by Coinbase were similar to dividends paid by traditional securities, and that the company's activities in facilitating the trading of the eight crypto tokens at issue amounted to the solicitation of investments.

Failla 法官認為，SEC 已提供足夠的證據來支持其有關質押計劃和未註冊證券上市的主張。法院裁定，Coinbase 提供的質押獎勵與傳統證券支付的股息類似，且該公司促進涉案八種加密代幣交易的活動相當於招攬投資。

Implications for the Cryptocurrency Industry

對加密貨幣產業的影響

The ruling in the SEC v. Coinbase case is expected to have significant implications for the cryptocurrency industry. It sends a clear message that the SEC will continue to assert its jurisdiction over digital assets that meet the definition of securities under existing law. This could lead to increased regulatory scrutiny of cryptocurrency platforms and the issuance of new digital assets.

SEC v. Coinbase 案的裁決預計將對加密貨幣產業產生重大影響。它發出了一個明確的訊息，即美國證券交易委員會將繼續對符合現行法律下證券定義的數位資產行使管轄權。這可能會導致對加密貨幣平台和新數位資產的發行加強監管審查。

Coinbase's Next Steps

Coinbase 的後續步驟

Coinbase has stated that it plans to vigorously defend itself against the remaining SEC claims. The company will likely seek to demonstrate that the crypto assets at issue are not securities under the law and that its staking program does not constitute an investment contract. The outcome of this case is likely to be closely watched by the cryptocurrency industry, as it could set important precedents for the regulation of digital assets.

Coinbase 表示，計劃針對 SEC 的其餘指控積極為自己辯護。該公司可能會尋求證明，所涉及的加密資產不是法律規定的證券，且其質押計劃不構成投資合約。此案的結果可能會受到加密貨幣行業的密切關注，因為它可能為數位資產的監管樹立重要的先例。

Conclusion

結論

Judge Failla's ruling in the SEC v. Coinbase case represents a significant development in the evolving legal landscape of cryptocurrency regulation in the United States. The decision upholds the SEC's authority over digital assets that meet the definition of securities and signals continued regulatory scrutiny of the cryptocurrency industry. Coinbase's response to the remaining claims and the ultimate outcome of the lawsuit will be closely observed as the regulatory framework for cryptocurrencies continues to take shape.

Failla 法官對 SEC v. Coinbase 案的裁決代表了美國加密貨幣監管法律格局不斷演變的重大發展。該決定維護了 SEC 對符合證券定義的數位資產的權威，並標誌著對加密貨幣行業的持續監管審查。隨著加密貨幣監管框架的不斷形成，Coinbase 對剩餘索賠的回應以及訴訟的最終結果將受到密切關注。