具有里程碑意義的加密貨幣訴訟：Coinbase 勝訴證券指控

美國第二巡迴上訴法院在一項具有里程碑意義的裁決中確認，Coinbase 的二級加密貨幣銷售並未違反《證券交易法》。該決定駁回了根據《證券法》對 Coinbase 提出的索賠，同時維持了第 12(a)(1) 條規定的因出售未註冊證券而承擔的潛在責任。值得注意的是，法院對Coinbase用戶協議的解釋在其判決中發揮了至關重要的作用。

Coinbase Triumphs in Landmark Cryptocurrency Lawsuit

Coinbase 在具有里程碑意義的加密貨幣訴訟中獲勝

In a resounding victory for the cryptocurrency industry, a federal appeals court has ruled in favor of Coinbase, the leading cryptocurrency exchange. The U.S. Court of Appeals for the Second Circuit has determined that secondary sales of cryptocurrencies on Coinbase's platform do not constitute securities transactions, exempting the exchange from the registration and disclosure requirements of federal securities laws.

聯邦上訴法院做出了對領先的加密貨幣交易所 Coinbase 有利的裁決，這是加密貨幣行業的巨大勝利。美國第二巡迴上訴法院裁定，Coinbase 平台上的加密貨幣二次銷售不構成證券交易，從而使該交易所免受聯邦證券法的註冊和揭露要求。

This landmark decision has far-reaching implications for the cryptocurrency market and establishes a crucial precedent for the regulation of digital assets. The plaintiffs in the case, a group of investors who traded cryptocurrencies on Coinbase between 2019 and 2022, alleged that Coinbase's actions violated the Securities Exchange Act by offering and selling unregistered securities.

這項具有里程碑意義的決定對加密貨幣市場具有深遠影響，並為數位資產監管樹立了重要先例。該案的原告是一群在 2019 年至 2022 年間在 Coinbase 上交易加密貨幣的投資者，他們聲稱 Coinbase 的行為透過發行和出售未經註冊的證券違反了《證券交易法》。

Coinbase vehemently contested these claims, arguing that secondary sales of cryptocurrencies did not meet the criteria for securities transactions. The court agreed with Coinbase's position, finding that the digital assets traded on its platform were not investment contracts and thus did not qualify as securities under federal law.

Coinbase 強烈反駁這些說法，認為加密貨幣的二次銷售不符合證券交易的標準。法院同意 Coinbase 的立場，認為在其平台上交易的數位資產不是投資合約，因此不符合聯邦法律規定的證券資格。

This decision is a major setback for plaintiffs seeking to hold cryptocurrency exchanges liable under securities laws. It effectively shields Coinbase from potential liability for secondary crypto sales, reaffirming the exchange's position that such transactions fall outside the purview of securities regulation.

對於尋求根據證券法追究加密貨幣交易所責任的原告來說，這項決定是一個重大挫折。它有效地保護了 Coinbase 免受二次加密貨幣銷售的潛在責任，並重申了該交易所的立場，即此類交易不屬於證券監管範圍。

The court's ruling hinges on the interpretation of Coinbase's user agreements, which have evolved over time. The court found that the language used in different versions of the agreement complicated issues of title and privity, making it difficult to determine the applicable user agreement version and the corresponding rights and obligations of the parties involved.

法院的裁決取決於對 Coinbase 用戶協議的解釋，該協議隨著時間的推移而不斷演變。法院認為，不同版本的協議所使用的語言使所有權和相互關係問題變得複雜，導致難以確定適用的使用者協議版本以及當事人相應的權利和義務。

Despite the court's rejection of the plaintiffs' Securities Exchange Act claims, it did find that Coinbase could potentially be held liable under Section 12(a)(1) of the Securities Act for selling unregistered securities. However, this potential liability is limited to specific transactions and does not extend to the broader secondary trading of cryptocurrencies on Coinbase's platform.

儘管法院駁回了原告根據《證券交易法》提出的索賠，但法院確實發現，根據《證券法》第 12(a)(1) 條，Coinbase 可能因出售未註冊證券而承擔責任。然而，這種潛在責任僅限於特定交易，並不會擴展到 Coinbase 平台上更廣泛的加密貨幣二級交易。

The plaintiffs expressed disappointment with the ruling, but they view it as a step forward in the fight to hold cryptocurrency platforms accountable under securities laws. They argue that the decision fails to provide adequate investor protection in the rapidly evolving crypto space.

原告對這項裁決表示失望，但他們認為這是在根據證券法追究加密貨幣平台責任的鬥爭中向前邁出的一步。他們認為，該決定未能在快速發展的加密貨幣領域提供足夠的投資者保護。

In contrast, Coinbase welcomed the decision as a vindication of its position and a significant victory for the cryptocurrency industry. The exchange maintains that secondary crypto sales are not securities transactions and that regulatory clarity is essential to foster innovation within the industry.

相較之下，Coinbase 對此決定表示歡迎，認為這是對其立場的證明，也是加密貨幣產業的重大勝利。該交易所堅稱，二級加密貨幣銷售不是證券交易，監管的明確性對於促進產業內的創新至關重要。

The Second Circuit's decision has substantial consequences for the oversight of cryptocurrencies and digital assets. It establishes a clear legal framework for the secondary trading of cryptocurrencies on exchanges and provides guidance on the applicability of securities laws to digital assets.

第二巡迴法院的決定對加密貨幣和數位資產的監管產生了重大影響。它為加密貨幣在交易所的二級交易建立了明確的法律框架，並為證券法對數位資產的適用性提供了指導。

Coinbase Chief Legal Officer Paul Grewal hailed the decision as a reaffirmation that there is no private liability for secondary trading of digital assets on exchanges like Coinbase under federal securities law. Grewal emphasized the importance of clear contractual agreements and the need for regulatory guidance to ensure the safe and efficient development of the cryptocurrency market.

Coinbase 首席法務官 Paul Grewal 對此決定表示歡迎，稱其重申了根據聯邦證券法，在 Coinbase 等交易所進行的數位資產二級交易不存在私人責任。 Grewal強調了明確的合約協議的重要性以及監管指導的必要性，以確保加密貨幣市場的安全高效發展。

This landmark ruling underscores the evolving legal landscape surrounding cryptocurrencies and highlights the need for further regulatory clarity to support the growth and adoption of digital assets. As the cryptocurrency industry continues to mature, it is likely that courts and regulators will continue to grapple with the complex legal issues surrounding the classification and regulation of digital assets.

這項具有里程碑意義的裁決強調了圍繞加密貨幣不斷變化的法律環境，並強調需要進一步明確監管以支持數位資產的成長和採用。隨著加密貨幣行業的不斷成熟，法院和監管機構可能會繼續解決圍繞數位資產分類和監管的複雜法律問題。