俄勒岡州起訴Coinbase，聲稱加密貨幣交易所違反了州證券法

俄勒岡州總檢察長丹·雷菲爾德（Dan Rayfield）提起了對加密貨幣交易所Coinbase的訴訟，聲稱違反了該州的證券法。

A lawsuit filed by the state of Oregon claims that the cryptocurrency exchange Coinbase Inc allowed the sale of risky investments without consumer safeguards.

俄勒岡州提起的訴訟聲稱，加密貨幣交易所Coinbase Inc允許在沒有消費者保障的情況下出售風險投資。

The lawsuit filed in Multnomah County Circuit Court accuses Coinbase of permitting the sale of digital assets in Oregon without registering the tokens as securities.

在Multnomah縣巡迴法院提起的訴訟指控Coinbase允許在俄勒岡州出售數字資產，而無需將令牌註冊為證券。

The lawsuit, which comes after the U.S. Securities and Exchange Commission dropped its own case against Coinbase in February 2025, says that the exchange's actions were unlawful.

在美國證券交易委員會於2025年2月對Coinbase撤銷了自己的案件之後，該訴訟說，交易所的行動是非法的。

The lawsuit claims that the exchange's actions led to the loss of money by Oregonians in the wake of significant market declines in cryptocurrencies. It cites the example of the Internet Computer Protocol (ICP) cryptocurrency, which fell sharply from around $700 to $7 per token after Coinbase added it to its exchange.

該訴訟聲稱，在加密貨幣的市場大幅下降之後，交易所的行動導致俄勒岡人損失了金錢。它引用了Internet計算機協議（ICP）加密貨幣的示例，在Coinbase將其添加到交易所後，該加密貨幣從大約700美元下降到每個令牌。

The lawsuit argues that the 99% price reduction of the assets demonstrates how Coinbase is facilitating the trading of unregistered securities.

該訴訟認為，資產的99％降低表明了Coinbase如何促進未註冊證券的交易。

The lawsuit arises as the top U.S. cryptocurrency exchange, Coinbase, manages the addition of tokens and executes trades while promoting digital assets to its users.

該訴訟是美國最高的加密貨幣交易所，Coinbase，負責管理令牌並執行交易，同時向其用戶推廣數字資產。

Oregon's legal argument is that these exchange activities require the registration of securities that generate potential risks through fraudulent market manipulation techniques, including pump-and-dump schemes.

俄勒岡州的法律論點是，這些交換活動需要通過欺詐性的市場操縱技術（包括泵送和降低計劃）來註冊證券，以造成潛在風險。

The lawsuit seeks financial restitution for investors and pushes for stronger consumer protection standards. It also aims to impose stronger regulatory oversight on the cryptocurrency industry.

該訴訟尋求為投資者賠償金融，並推動更強大的消費者保護標準。它還旨在對加密貨幣行業進行更強大的監管監督。

Coinbase Is Defiant Towards Oregon Lawsuit

Coinbase反對俄勒岡州訴訟

Paul Grewal, chief legal officer of Coinbase, responded to the state of Oregon's lawsuit by saying that the legal challenge was merely a copycat of the SEC's case, which had already been dismissed.

Coinbase的首席法律官Paul Grewal對俄勒岡州的訴訟做出了回應，稱法律挑戰只是SEC案件的模仿者，這已經被駁回。

Pointing out that the apex court had already declined to hear the matter further and ruled against any attempt to re-file it, Grewal maintained that the lawsuit was a frivolous use of state resources.

格雷瓦爾（Grewal）指出，最高法院已經拒絕進一步審理此事，並裁定反對任何重新審議的企圖，他堅持認為訴訟是對國家資源的輕率使用。

Coinbase maintains its stance that digital currencies fall under the classification of digital commodities rather than financial securities. The company declared it would defend itself vigorously against Oregon's allegations as its operations comply fully with existing regulatory standards.

Coinbase堅持認為，數字貨幣屬於數字商品而不是金融證券的分類。該公司宣布將對俄勒岡州的指控有大力捍衛自己，因為其運營完全符合現有的監管標準。

However, Grewal expressed his critique against the state for taking enforcement measures instead of establishing proper regulatory frameworks for cryptocurrency businesses within the state.

但是，格雷瓦爾（Grewal）對國家採取執法措施的批評，而不是為州內的加密貨幣業務建立適當的監管框架。

The lawsuit arrives amid active discussions about cryptocurrency oversight. The Trump administration's actions allowed the SEC to pursue gentler enforcement against cryptocurrency platforms like Coinbase and Kraken.

有關加密貨幣監督的積極討論，該訴訟到來。特朗普政府的行動使SEC可以針對Coinbase和Kraken等加密貨幣平台進行更溫和的執法。

The legal action in Oregon showcases an increasing divergence between state-based and federal leadership in digital asset supervision.

俄勒岡州的法律行動表明，在數字資產監督中，州立和聯邦領導人之間的差異越來越大。

The state's legal filing highlights how investors lost money while Coinbase earned transaction fees during a period when Oregonians suffered substantial financial setbacks. The document mentions the Internet Computer Protocol (ICP) as a specific instance where the SEC had noted market value declines after Coinbase listing, leading to billions in investor losses.

該州的法律申請強調了投資者如何損失錢，而Coinbase在俄勒岡人遭受重大財務挫折的時期獲得了交易費。該文檔將Internet計算機協議（ICP）視為特定實例，SEC指出，在Coinbase上市後市場價值下降，導致數十億美元的投資者損失。

The Department of Justice in Oregon presents the lawsuit as a strategy to defend consumers from uncontrolled market operations. The state maintains that Coinbase enables cryptocurrency listings and promotion activities, which create dangerous trading conditions lacking proper regulatory protection systems.

俄勒岡州司法部提出了訴訟，作為捍衛消費者免受不受控制的市場運營的策略。該州堅持認為，Coinbase可以實現加密貨幣清單和促銷活動，從而創造了缺乏適當監管保護系統的危險交易條件。

State Takes Action Due to Federal Inaction

國家因聯邦無所作為而採取行動

The lawsuit serves as Rayfield's office's required response to federal authorities' insufficient regulatory oversight. After the SEC dropped its case while transferring its lead attorney to another IT role, Oregon felt obliged to act owing to the resulting regulatory gap.

該訴訟是雷菲爾德辦公室對聯邦當局不足的監管監督的要求的回應。 SEC在將其牽頭律師轉移到另一個IT角色的同時放棄了案件後，俄勒岡州認為由於由此產生的監管差距而不得不採取行動。

The legal complaint, spanning 171 pages, details how Coinbase manages its platform between buyers and sellers by handling funds and performing trades of unregistered securities.

跨越171頁的法律投訴，詳細說明了Coinbase如何通過處理資金和進行未註冊證券的交易來管理其平台和賣方之間的平台。

Oregon believes these investment practices violate state securities regulations since such offerings require registration with public disclosure obligations, which were not fulfilled by Coinbase.

俄勒岡州認為，這些投資慣例違反了州證券法規，因為此類產品需要按照公共披露義務進行註冊，而Coinbase無法履行這些義務。

Despite the pending legal matter, the cryptocurrency exchange continues its operations in Oregon without interruption. The exchange maintains its position that its actions comply with relevant legal requirements and that it is prepared to defend itself fully against the lawsuit.

儘管有待處理的法律事務，但加密貨幣交易所仍在俄勒岡州繼續運營而不會中斷。該交易所保持其行動符合相關法律要求的立場，並準備充分捍衛自己的訴訟。

In building its defense, the exchange cites multiple federal court rulings, including Judge Failla's approval of mid-case appeals in the SEC's lawsuit. Furthermore, the exchange highlights that the apex court declined to hear the SEC's appeal on the matter.

在建立辯護時，該交易所引用了多個聯邦法院的裁決，包括法illa法官在SEC訴訟中對中期上訴的批准。此外，交易所強調，最高法院拒絕聽取SEC對此事的上訴。