俄勒岡州起訴Coinbase，拒絕了最近的XRP裁決設定的先例

指控Coinbase違反了證券規則，俄勒岡州在一項意外的法律訴訟中起訴了最大的加密交易所之一

The State of Oregon has sued Coinbase, one of the largest cryptocurrency exchanges in the United States, for allegedly breaking securities rules, in an unexpected legal move that has brought attention to the diverging stances on crypto law in the U.S. This follows a U.S. court's decision in the XRP case, which many anticipated would provide more clarity for crypto regulation in the country.

俄勒岡州已起訴Coinbase，這是美國最大的加密貨幣交易所之一，據稱違反證券規則，這是一項意外的法律行動，這引起了美國在美國的加密法律的不同立場，這是在美國法院在XRP案件中的裁決之後，許多預期的是，許多預期的是，這將為Crypto規範提供更多的清晰度。

A U.S. court ruled in July that offering XRP, the cryptocurrency linked to Ripple Labs, on public exchanges was not a security, at least not in secondary market transactions. The ruling, seen as a partial victory for the crypto industry, provided insight into how tokens might be treated under U.S. law.

美國法院在7月裁定，在公共交流上提供與波紋實驗室相關的加密貨幣XRP並不是安全，至少不是在二級市場交易中。該裁決被視為加密貨幣行業的部分勝利，為根據美國法律提供瞭如何對待代幣的洞察力。

The decision focused on the setting in which the token is sold on a public exchange compared to direct sale to institutional investors in determining whether a token is a security. This appeared to offer a legal safety net for centralized exchanges like Coinbase.

與直接向機構投資者直接銷售在確定代幣是否是安全性的情況下，該決定的重點是在公共交易所出售令牌的設置。這似乎為Coinbase等集中交易所提供了法律安全網。

However, Oregon's complaint, which seems to completely disregard the XRP ruling, claims that Coinbase has been selling unregistered securities, a position that aligns with the SEC's ongoing litigation battles with several cryptocurrency companies.

但是，俄勒岡州的投訴似乎完全無視XRP裁決，聲稱Coinbase一直在出售未註冊的證券，該立場與SEC正在進行的訴訟鬥爭與幾家加密貨幣公司保持一致。

Legal analysts note that Oregon's case relies on a broader interpretation of securities law, one that sees crypto assets, regardless of how they're offered, falling under regulatory reach if they possess investment contract characteristics under the Howey Test.

法律分析師指出，俄勒岡州的案件依賴於對證券法的更廣泛的解釋，該法律認為加密貨幣資產，無論其提供如何，如果他們在Howey測試下具有投資合同特徵，則將受到監管範圍。

This departure from the XRP precedent raises new questions about the varied nature of crypto regulation in the United States.

與XRP先例的偏離提出了有關美國加密監管的各種性質的新問​​題。

Industry groups and crypto policy advocates have warned that disparate state-level policies could drive innovation out of the U.S. and hamper the nation's competitiveness in the digital asset space. They are urging Congress to create federal rules that provide a common standard for the crypto industry.

行業團體和加密政策倡導者警告說，不同的州級政策可能會將創新推向美國，並妨礙國家在數字資產領域的競爭力。他們敦促國會制定聯邦規則，為加密貨幣行業提供共同的標準。

Coinbase is expected to present a strong defense, potentially utilizing the XRP ruling as part of its legal strategy. The company has consistently maintained that its platform operates in compliance with applicable U.S. securities laws.

預計Coinbase將提出強有力的辯護，並有可能利用XRP裁決作為其法律戰略的一部分。該公司一直堅持認為其平台符合適用的美國證券法。

The lawsuit from Oregon could further complicate the already perplexing U.S. regulatory scene for cryptocurrencies. It remains to be seen how this case will unfold and what impact it will have on the broader cryptocurrency market.

俄勒岡州的訴訟可能會使已經令人困惑的美國監管場景複雜化。該案將如何展開以及它將對更廣泛的加密貨幣市場產生什麼影響還有待觀察。

Should state-level actors be able to independently determine what constitutes a security, and could various platform integrations be subject to an endless legal challenge requiring a bespoke defense?

州級行為者是否應該能夠獨立確定什麼構成安全性，並且各種平台集成能否應對需要定制辯護的無休止的法律挑戰？

This case underscores the urgent need for federal rules to provide consistency and predictability in regulating cryptocurrencies. Cases like Oregon v. Coinbase could deter users and builders from participating in the U.S. cryptocurrency sector until then.

該案件強調了對聯邦規則迫切需要在調節加密貨幣時提供一致性和可預測性的需求。俄勒岡訴Coinbase案（Coinbase）等案件可能會阻止用戶和建築商參與美國加密貨幣行業。

As the dust settles on this unexpected lawsuit, one thing is clear: the American struggle over cryptocurrency control is far from over. The industry remains caught in the middle as states and federal authorities push divergent legal interpretations, all while the sector awaits a clear, one-path forward.

隨著這一意外訴訟的塵埃落定，一件事很明顯：美國在加密貨幣控制方面的鬥爭還遠遠沒有結束。隨著各州和聯邦當局推動不同的法律解釋，該行業仍在中間陷入困境，而該行業都在等待一個清晰的一條路線。