Coinbase 取得里程碑式勝利：美國上訴法院認定加密貨幣銷售合法

美國第二巡迴上訴法院做出了有利於 Coinbase 的裁決，確認了其根據《證券交易法》進行二級加密貨幣銷售的合法性，這是加密行業的一項法律突破。這項具有里程碑意義的決定駁回了 Coinbase 違反聯邦證券法的指控，為加密貨幣交易平台的監管和法律眼中的加密資產分類提供了重要的澄清。

Coinbase Secures Landmark Victory in Crypto Sales Legality Battle

Coinbase 在加密貨幣銷售合法性鬥爭中取得了里程碑式的勝利

New York, NY - In a pivotal legal battle shaping the regulatory landscape for cryptocurrency exchanges, Coinbase has emerged victorious in the US Court of Appeals Second Circuit. The court's ruling affirms the legality of Coinbase's secondary cryptocurrency sales under the Securities Exchange Act of 1934 (SEA), marking a significant milestone in the ongoing debate over the regulatory classification of digital assets.

紐約州紐約 - 在一場塑造加密貨幣交易所監管格局的關鍵法律戰中，Coinbase 在美國第二巡迴上訴法院獲勝。法院的裁決確認了 Coinbase 根據 1934 年證券交易法（SEA）進行的加密貨幣二級銷售的合法性，這標誌著有關數位資產監管分類的持續爭論的一個重要里程碑。

Background of the Case

案件背景

The lawsuit against Coinbase, filed by a class of plaintiffs in New York and California, alleged that the crypto exchange had engaged in the sale of unregistered securities, violating federal and state securities laws. The plaintiffs argued that the cryptocurrencies traded on Coinbase's platform met the definition of securities and that the exchange's failure to register them as such constituted a violation of law.

針對 Coinbase 的訴訟由紐約和加州的一群原告提起，指控該加密貨幣交易所從事未註冊證券的銷售，違反了聯邦和州證券法。原告辯稱，在 Coinbase 平台上交易的加密貨幣符合證券的定義，交易所未能對其進行註冊構成了違法行為。

Court's Ruling

法院裁決

The US Court of Appeals Second Circuit dismissed the plaintiffs' claims under the SEA, finding that there was insufficient evidence of transaction-specific contracts between Coinbase and its users that would constitute rescission under Section 29 of the Act. The court also held Coinbase liable under Section 12(a)(1) of the Securities Act of 1933 for offering and selling unregistered securities.

美國第二巡迴上訴法院駁回了原告根據 SEA 提出的索賠，認為沒有足夠的證據證明 Coinbase 與其用戶之間的特定交易合約構成該法第 29 條規定的解除合約。法院也根據 1933 年《證券法》第 12(a)(1) 條判定 Coinbase 因發行和出售未註冊證券而承擔責任。

Interpretation of User Agreements

用戶協議解釋

The court's decision relied heavily on the interpretation of Coinbase's user agreements, which varied across different versions. While some versions of the agreements contained language suggesting that Coinbase may be offering or selling securities, the court found that such language was not clear and unambiguous enough to establish a security under the SEA.

法院的判決在很大程度上依賴 Coinbase 使用者協議的解釋，而不同版本的使用者協議的解釋也有所不同。雖然協議的某些版本包含暗示 Coinbase 可能發行或出售證券的語言，但法院認為此類語言不夠清晰和明確，不足以在 SEA 下建立證券。

Significance of the Ruling

該裁決的意義

The ruling represents a significant victory for Coinbase and the cryptocurrency industry as a whole. It provides legal clarity for crypto exchanges and investors and helps to establish a framework for the regulation of secondary cryptocurrency sales. The decision also recognizes the distinct nature of cryptocurrencies and their potential to exist outside the traditional regulatory framework for securities.

該裁決代表著 Coinbase 和整個加密貨幣行業的重大勝利。它為加密貨幣交易所和投資者提供了法律清晰度，並有助於建立二級加密貨幣銷售的監管框架。該決定還認識到加密貨幣的獨特性質及其存在於傳統證券監管框架之外的潛力。

Coinbase's Response

Coinbase 的回應

Coinbase welcomed the ruling, stating that it "affirms that Coinbase's platform is safe and compliant for our customers to buy and sell crypto." The company remains committed to operating in compliance with all applicable laws and regulations and believes that the ruling will help to foster a more robust and transparent crypto ecosystem.

Coinbase 對此裁決表示歡迎，稱其「確認 Coinbase 的平台對於我們的客戶買賣加密貨幣來說是安全且合規的」。該公司仍然致力於遵守所有適用的法律和法規，並相信該裁決將有助於培育一個更強大和透明的加密生態系統。

Impact on the Crypto Industry

對加密產業的影響

The ruling is expected to have a significant impact on the cryptocurrency industry, providing much-needed guidance on the legal status of secondary cryptocurrency sales. It is likely to encourage other crypto exchanges to develop compliant practices and adhere to regulatory frameworks to protect investors and ensure market integrity.

該裁決預計將對加密貨幣行業產生重大影響，為二級加密貨幣銷售的法律地位提供急需的指導。它可能會鼓勵其他加密貨幣交易所製定合規做法並遵守監管框架，以保護投資者並確保市場誠信。

Ongoing Legal Challenges

持續的法律挑戰

While the Second Circuit ruling is a positive development for Coinbase and the crypto industry, it does not resolve all of the legal challenges surrounding cryptocurrency regulation. The Securities and Exchange Commission (SEC) continues to investigate several crypto companies and exchanges for potential violations of securities laws. The outcome of these ongoing investigations will further shape the regulatory environment for the crypto sector.

雖然第二巡迴法院的裁決對 Coinbase 和加密產業來說是一個積極的發展，但它並沒有解決圍繞加密貨幣監管的所有法律挑戰。美國證券交易委員會（SEC）繼續調查多家加密貨幣公司和交易所是否可能違反證券法。這些正在進行的調查的結果將進一步塑造加密貨幣產業的監管環境。