法官針對Coinbase的規則，拒絕駁回駁回突出的加密交易所Coinbase的動議，將面臨一些客戶在指控出售證券作為未註冊的經銷商經紀人的指控方面面臨集體訴訟。在與美國證券交易委員會（SEC）持續的案件中，交易所的中間上訴中的中間上訴中，這一最新發展是出於最新發展的。

恩格梅爾法官拒絕了被告根據美國證券法的“法定賣方”的論點，因為它從未直接轉讓

Coinbase is facing a class-action lawsuit from some customers over accusations of selling securities as an unregistered dealer-broker. This latest development comes amid the exchange’s interlocutory appeal in an ongoing case with the US Securities and Exchange Commission (SEC).

Coinbase因指控將證券作為未註冊的經銷商經紀人而面臨集體訴訟。在與美國證券交易委員會（SEC）持續的案件中，交易所的中間上訴中的中間上訴中，這一最新發展是出於最新發展的。

On February 7, Reuters reported that US District Judge Paul Engelmayer of Manhattan has ruled that Coinbase must face trial over allegations of operating as an unregistered broker in the sale of 79 tokens viewed as securities by a group of customers.

2月7日，路透社報導說，曼哈頓的美國地方法院法官保羅·恩格爾梅爾（Paul Engelmayer）裁定，Coinbase必鬚麵對一名未註冊經紀人的指控，以在出售79個代幣作為證券的指控中，被一群客戶視為證券。

Judge Engelmayer rejected the defendant’s argument of not being a “statutory seller” under the US securities laws because it never directly transferred titles of all tokens acquired by these customers. Rather the district Judge highlighted that Coinbase was indeed a direct seller, as customers on their platform are said to transact with only “Coinbase itself.”

法官恩格梅爾（Engelmayer）拒絕了被告根據美國證券法的“法定賣方”的論點，因為它從未直接轉讓這些客戶收購的所有代幣的所有權。相反，地方法官強調了Coinbase確實是一個直接賣家，因為據說其平台上的客戶僅與“ Coinbase本身”進行交易。

Interestingly, this case was initially dismissed by Judge Engelmayer in February 2023. However, a 2nd US Circuit Court of Appeals in Manhattan revived the lawsuit due to the initial ruling’s reliance on a December 2021 user agreement. Following Engelmayer’s most recent verdict, the American exchange prepares for a potentially intense legal battle.

有趣的是，該案最初在2023年2月被恩格梅爾法官駁回。但是，由於最初裁定的依賴於2021年12月的一項用戶協議，曼哈頓第二巡迴上訴法院在曼哈頓案件恢復了訴訟。在恩格瑪耶（Engelmayer）的最新判決之後，美國交易所為可能激烈的法律鬥爭做準備。

So far Coinbase has claimed not to “list, offer, or sell securities on its exchange” expressing all readiness to clear its name in the district court.

到目前為止，Coinbase聲稱沒有“在其交易所列出，要約或出售證券”，他們表示準備在地方法院清除其名稱。

During ongoing legal challenges, Coinbase is also facing a more serious lawsuit from the SEC, which accuses the exchange of acting as an unregistered broker-dealer and illegally selling unregistered securities through its staking program.

在正在進行的法律挑戰中，Coinbase還面臨SEC的更嚴重訴訟，該訴訟指控交換是一家未註冊的經紀交易商，並通過其塑造計劃非法銷售未註冊的證券。

Currently, this case is on hold as Coinbase successfully secured an ongoing interlocutory appeal questioning the application of the Howey test to digital assets under the US securities law. A favorable ruling for the American exchange in this appeal could mean that crypto sales do not qualify as securities transactions thereby undermining the SEC’s claim in this case and many other crypto-related lawsuits.

目前，由於Coinbase成功獲得了正在進行的中間上訴，該案件已擱置，該案件質疑Howey測試根據《美國證券法》的數字資產的應用。在此上訴中對美國交易所的一項有利裁決可能意味著加密貨幣銷售不符合證券交易的資格，從而破壞了SEC在本案中的索賠以及許多其他與加密貨幣相關的訴訟。

A Potential $1 Trillion Company?

潛在的1萬億美元公司？

In other news, Bitwise Chief Investment Officer and popular crypto figure Matt Hougan has theorized that Coinbase could become a $1 trillion company.

在其他新聞中，Bitwise首席投資官和受歡迎的加密貨幣人物Matt Hougan理論上認為Coinbase可以成為一家1萬億美元的公司。

Hougan explains that the anti-crypto stance under the past US administration created a regulatory moat around Coinbase resulting in high margins amid few competitors. However, the exchange’s battle with regulators under that “harsh” regime has now positioned the firm as a potential industry leader in this pro-crypto regulatory environment.

霍根（Hougan）解釋說，過去美國政府在美國政府下的反克雷普托立場（Anti-Crypto Stance）圍繞著coinbase創建了一個監管護城河，導致很少的競爭對手在很少的競爭者中產生了高利潤。但是，在“苛刻”政權下，交流與監管機構的鬥爭現在已將該公司定位為這個親克萊托普（Crypto）監管環境中的潛在行業領導者。

The Bitwise CIO backs Coinbase’s potential to become a major financial titan if it maintains its current mode of operation amid a blooming crypto market. At press time, total crypto market cap is valued at $3.09 trillion with a 0.08% gain in the past day.

Bitwise Cio支持Coinbase如果在盛大的加密市場中保持其當前的運營方式，則可以成為主要的金融巨人。發稿時，加密貨幣市值為3.09萬億美元，過去一天的增長率為0.08％。