俄勒岡州起訴Coinbase未註冊的XRP和其他30個代幣作為證券

俄勒岡州檢察長丹·雷菲爾德（Dan Rayfield）於4月18日對Coinbase提起訴訟，指控提供XRP和其他30個代幣作為未註冊證券的平台。

Oregon Attorney General Dan Rayfield has filed a lawsuit against Coinbase, accusing the crypto platform of offering XRP and 30 other tokens as unregistered securities, according to the Oregon Department of Justice on April 18.

俄勒岡州司法部於4月18日稱，俄勒岡州檢察長丹·雷菲爾德（Dan Rayfield）已針對Coinbase提起訴訟，指控加密貨幣平台提供XRP和其他30個代幣作為未註冊的證券。

The lawsuit, filed in an Oregon state court, claims that Coinbase violated the state’s securities law by making these crypto assets available for trading without proper registration. The department highlighted that federal authorities have been slow to fill the regulatory vacuum in the crypto industry, necessitating action at the state level.

該訴訟在俄勒岡州法院提起，聲稱Coinbase違反了該州的證券法，通過使這些加密資產可用於未經適當註冊的情況下進行交易。該部強調，聯邦當局填補加密貨幣行業的監管真空的緩慢，需要在州一級採取行動。

“This case is a necessary consequence of federal regulators abandoning their cases, which began under the Trump administration, to fill the regulatory vacuum being left by federal authorities, leaving the state to intervene,” the department said in its official release.

該部門在正式釋放中說：“此案是聯邦監管機構放棄其案件的必要結果，該案件始於特朗普政府，以填補聯邦當局留下的監管真空，使該州進行干預。”

The lawsuit follows a period of increased oversight by U.S. states over crypto platforms, contrasting with the slower pace of federal enforcement.

該訴訟是在美國各州在加密平台上的監督時期增加的時期，與聯邦執法的速度較慢形成鮮明對比。

Coinbase Case Includes XRP and Major Tokens

Coinbase Case包括XRP和主要令牌

The lawsuit names Coinbase, a U.S.-based cryptocurrency exchange and publicly traded company, as the defendant. It focuses on Coinbase's handling of XRP and other significant tokens. The lawsuit mentions Aave (AAVE) at $151.68, Avalanche (AVAX) at $21.61, Uniswap (UNI) at $5.60, and Near Protocol (NEAR) at $2.29.

訴訟名稱Coinbase是美國的加密貨幣交易所和公開交易的公司，作為被告。它著重於Coinbase對XRP和其他重要令牌的處理。該訴訟稱AAVE（AAVE）的價格為151.68美元，雪崩（Avax）的價格為$ 21.61，UNISWAP（UNI）的價格為5.60美元，靠近協議（接近）為2.29美元。

It also lists wrapped LUNA (wLUNA), a derivative of the defunct Terra (LUNA) project. However, the complaint does not include LUNA itself, and the reason for this exclusion is not explained in the filing.

它還列出了包裹的Luna（Wluna），這是已已的Terra（Luna）項目的衍生產品。但是，投訴不包括Luna本身，並且在備案中沒有解釋此排除的原因。

Justin Slaughter, Paradigm's Vice President of Regulatory Affairs, described the lawsuit as a "kitchen sink" case due to the broad range of assets covered. The complaint targets trading through both the Coinbase Platform, accessible to retail investors, and Coinbase Prime, catering to institutional clients.

範式監管事務副總裁賈斯汀·斯拉特（Justin Slaughter）將訴訟稱為“廚房水槽”案件，因為涵蓋了廣泛的資產。投訴針對通過Coinbase平台（散戶投資者訪問）和Coinbase Prime的銷售，以迎合機構客戶的價格進行交易。

"Coinbase—through the Coinbase Platform and Prime—has made available for trading in Oregon crypto assets that are offered and sold as investment contracts, and thus as securities," the lawsuit asserts.

訴訟稱：“通過Coinbase平台和Prime，Coinbase可以在俄勒岡州的加密貨幣資產上進行交易，這些資產可作為投資合同提供和出售。”

The case also includes an assertion that Coinbase was notified as early as December 2020 about the SEC case targeting Ripple Labs and XRP. This notification allegedly occurred during an SEC roundtable on cryptocurrency and the federal securities law.

該案件還包括一個斷言，即最早在2020年12月，就針對Ripple Labs和XRP的SEC案件通知了Coinbase。據稱，該通知發生在SEC圓桌會議上，在加密貨幣和《聯邦證券法》上。

The lawsuit's emphasis on XRP ties into a high-profile case brought by the U.S. Securities and Exchange Commission (SEC) in December 2020. The SEC accused Ripple Labs of raising $1.3 billion through an unregistered securities offering.

該訴訟對XRP的重視與2020年12月美國證券交易委員會（SEC）提起的一個備受矚目的案件聯繫在一起。 SEC被指控Ripple Labs通過未註冊的證券提供籌集了13億美元。

This case, which finally concluded in March 2025, focused on classifying XRP as a security. While the SEC dropped its claims against Ripple executives, the closure of that lawsuit did not bring clear answers about the legal status of XRP. Now, Oregon's action puts XRP under legal review once again.

此案最終於2025年3月結束，重點是將XRP分類為安全。儘管SEC撤銷了對Ripple高管的索賠，但該訴訟的關閉並未給XRP的法律地位帶來明確的答案。現在，俄勒岡州的行動再次使XRP再次受到法律審查。

Paul Grewal, Coinbase's Chief Legal Officer, responded on April 21 with a post on X, formerly Twitter, expressing concern about the legal strategy being employed by the state of Oregon.

Coinbase首席法律官Paul Grewal於4月21日在X（以前是Twitter上的帖子）上回應，對俄勒岡州採用的法律策略表示關注。

"It feels like the state of Oregon is putting a substantial amount of time and energy into a case that may ultimately be decided by a federal court in any event," Grewal wrote.

格雷瓦爾寫道：“感覺俄勒岡州正在將大量的時間和精力投入到最終由聯邦法院決定的案件中。”

Just days after this statement, Coinbase added XRP futures to its derivatives platform on April 21. The introduction of these futures, along with futures contracts for other crypto assets like BTC, ETH, and LTC, was announced in March 2025.

在此聲明後幾天，Coinbase將於4月21日在其衍生品平台上添加了XRP期貨。這些期貨的引入，以及2025年3月的BTC，ETH和LTC等其他加密資產的期貨合約。

The complaint's inclusion of wrapped tokens like wLUNA, but not core tokens like LUNA, despite the lawsuit covering the period from 2019, raises questions. The filing does not provide a technical or regulatory explanation for this selection.

該投訴包括像Wluna這樣的包裹代幣，但沒有像Luna這樣的核心令牌，儘管涉及2019年以來的這一時期的訴訟引發了問題。該文件不為此選擇提供技術或法規解釋。

This could affect how courts and regulators assess derivative tokens, especially in the context of a collapsed project or tokens tied to external chains. For instance, wLUNA is a token on the Ethereum chain despite LUNA being on Terra.

這可能會影響法院和監管機構如何評估派生令牌，尤其是在崩潰的項目或與外部鏈條綁定的令牌的背景下。例如，儘管露娜（Luna）在Terra上，但Wluna還是以太坊鏈上的象徵。

The lawsuit also does not explain why some crypto assets were named while others were left out. The case is expected to examine whether these digital assets qualify as investment contracts, which under state law would label them as securities.

該訴訟還不能解釋為什麼命名一些加密資產而其他資產被排除在外。該案有望檢查這些數字資產是否符合投資合同的資格，根據州法律將其標記為證券。

This lawsuit is one of several recent state-led efforts to enforce securities rules in the crypto sector, as state officials have voiced concern over reduced federal enforcement, particularly from the SEC.

這項訴訟是最近在加密貨幣部門執行證券規則的最近幾項努力之一，因為州官員對減少聯邦執法的關注表示關注，尤其是從SEC發出。

While the court has yet to set a trial date, the case could shape how states interpret crypto regulations independently. If more states follow Oregon's legal approach, Coinbase and other platforms could face increased scrutiny.

儘管法院尚未設定審判日期，但此案可以塑造國家如何獨立解釋加密法規。如果越來越多的州遵循俄勒岡州的法律方法，Coinbase和其他平台可能會面臨更多的審查。