SEC 針對 Coinbase 的訴訟獲準推進，引發加密貨幣地位的質疑

一名聯邦法官裁定 SEC 對 Coinbase 的訴訟可以繼續進行，認為該機構的論點「合理」。法官駁回了 Coinbase 完全駁回此案的動議，允許 SEC 追究 Coinbase 作為未註冊證券交易所運營及其加密貨幣質押計劃構成未註冊證券發行的指控。不過，法官駁回了 SEC 關於 Coinbase 旗下 Coinbase 錢包進行經紀活動的說法。 Coinbase 表示，對這項裁決並不感到驚訝，並將繼續尋求案件的澄清。

Judge Allows SEC's Case Against Coinbase to Proceed

法官允許 SEC 繼續審理 Coinbase 案件

Is Crypto a Security or Not?

加密貨幣是否是一種證券？

A federal judge has ruled that the U.S. Securities and Exchange Commission (SEC) has a plausible case against Coinbase, allowing the lawsuit to move forward. This decision suggests that the SEC's broader stance on cryptocurrencies as securities may have merit.

一名聯邦法官裁定，美國證券交易委員會 (SEC) 對 Coinbase 提起的訴訟似乎合理，從而允許訴訟繼續進行。這項決定表明美國證券交易委員會對加密貨幣作為證券的更廣泛立場可能有其道理。

Coinbase's Unregistered Exchange

Coinbase 的未註冊交易所

The SEC claims that Coinbase operates as an unregistered securities exchange for both retail and institutional investors. Judge Failla agreed, finding that the exchange's activities meet the definition of "security" under existing legal standards.

SEC 聲稱 Coinbase 作為針對散戶和機構投資者的未註冊證券交易所運作。法伊拉法官對此表示同意，認為該交易所的活動符合現有法律標準下「安全」的定義。

Staking as Unregistered Securities

作為未註冊證券質押

Another SEC allegation is that Coinbase's crypto staking programs constitute unregistered securities offerings. Judge Failla concurred, indicating that the staking programs involve investments that expect profits from the efforts of others, thus falling under the SEC's jurisdiction.

SEC 的另一項指控是 Coinbase 的加密貨幣質押計劃構成未經註冊的證券發行。 Failla 法官表示同意，並表示質押計劃涉及期望從他人的努力中獲利的投資，因此屬於 SEC 的管轄範圍。

Brokerage Claim Dismissed

經紀索賠被駁回

However, Judge Failla dismissed the SEC's claim that Coinbase is acting as a broker-dealer through its Coinbase Wallet. The judge's reasoning on this point was narrow and specific to the legal definition of brokerage.

然而，Failla 法官駁回了 SEC 關於 Coinbase 透過其 Coinbase 錢包充當經紀自營商的說法。法官在這一點上的推理是狹隘的並且具體針對經紀業務的法律定義。

Coinbase's Reaction

Coinbase 的反應

Coinbase's Chief Legal Officer, Paul Grewal, expressed no surprise at the ruling, stating that early motions against government agencies are typically denied. He emphasized that the company is seeking clarity in this legal battle.

Coinbase 首席法律官 Paul Grewal 對這項裁決表示並不意外，他表示針對政府機構的早期動議通常會被拒絕。他強調，該公司正在尋求這場法律訴訟的澄清。

Discovery Phase Begins

發現階段開始

The case will now enter the discovery phase, where both parties exchange information and evidence. Judge Failla has instructed them to submit case management plans by April 19.

該案現已進入證據開示階段，雙方交換資訊和證據。法伊拉法官指示他們在 4 月 19 日之前提交案件管理計劃。

Implications for Crypto Industry

對加密產業的影響

Beyond Coinbase's specific case, Judge Failla's ruling may signal wider challenges for the crypto industry. Her rejection of Coinbase's argument that the SEC has violated federal law by not disclosing its crypto policy suggests that the agency's approach has legal standing.

除了 Coinbase 的具體案例之外，Failla 法官的裁決可能預示著加密產業面臨更廣泛的挑戰。她拒絕了 Coinbase 的論點，即 SEC 未披露其加密貨幣政策違反了聯邦法律，這表明該機構的做法具有法律地位。

SEC's Lack of Disclosure Defense Rejected

SEC 缺乏揭露抗辯被駁回

Judge Failla dismissed Coinbase's claim that the SEC's failure to disclose its crypto policy represents a legal violation. She clarified that the SEC is not announcing a new policy but applying existing standards to determine the nature of crypto-asset transactions.

Failla 法官駁回了 Coinbase 的說法，即 SEC 未能披露其加密貨幣政策構成了違法行為。她澄清說，美國證券交易委員會並不是宣布一項新政策，而是應用現有標準來確定加密資產交易的性質。

Crypto Industry's Ongoing Battle

加密產業的持續戰鬥

This ruling underscores the ongoing regulatory scrutiny of the crypto industry by federal agencies. The DeFi Education Fund recently filed a lawsuit against the SEC on similar grounds, highlighting the industry's broader challenge in navigating the regulatory landscape.

這項裁決強調了聯邦機構對加密產業正在進行的監管審查。 DeFi 教育基金最近以類似理由對 SEC 提起訴訟，突顯了該行業在應對監管環境方面面臨的更廣泛挑戰。