復活的消費者訴訟指控 Coinbase 銷售未經註冊的證券

美國一家上訴法院恢復了 2021 年針對 Coinbase Inc. 的訴訟，指控該加密貨幣交易所為未註冊證券的銷售提供便利。美國第二巡迴上訴法院推翻了下級法院駁回訴訟的決定，認為地方法院在考慮 2021 年 12 月的用戶協議時犯了錯誤，而本應使用該協議的早期版本。上訴小組將案件發回地區法院進行進一步審理。

Revived Consumer Suit Alleges Unregistered Securities Sales by Coinbase

重啟的消費者訴訟指控 Coinbase 銷售未經註冊的證券

New York, April 5, 2024 - In a significant reversal, a federal appeals court has revived a consumer lawsuit against cryptocurrency exchange Coinbase Inc., alleging that the company facilitated the illicit sale of unregistered securities. The lawsuit, originally filed in 2021, was dismissed last year by a federal judge in New York. However, the 2nd US Circuit Court of Appeals overturned that decision on Friday, arguing that the dismissal was based on an outdated user agreement.

紐約，2024 年 4 月 5 日 - 聯邦上訴法院發生了重大逆轉，恢復了針對加密貨幣交易所 Coinbase Inc. 的消費者訴訟，指控該公司協助非法銷售未註冊證券。該訴訟最初於 2021 年提起，去年被紐約聯邦法官駁回。然而，美國第二巡迴上訴法院週五推翻了這一決定，認為駁回是基於過時的用戶協議。

The three-judge appeals panel noted that Coinbase had updated its terms of service and user agreement since the lawsuit was initially filed. Consequently, the district court had erred in relying solely on the December 2021 user agreement to dismiss the case. The appeals panel has remanded the case back to the district court, instructing the lower court to determine which version of the user agreement should be used in assessing the validity of the plaintiffs' claims.

由三名法官組成的上訴小組指出，自訴訟最初提起以來，Coinbase 已經更新了其服務條款和用戶協議。因此，地區法院僅依據 2021 年 12 月的用戶協議駁回此案是錯誤的。上訴小組已將此案發回地方法院重審，指示下級法院確定應使用哪個版本的使用者協議來評估原告索賠的有效性。

Central to the revived lawsuit is the allegation that Coinbase sold unregistered securities in the form of certain digital assets traded on its platform. Under federal securities laws, any sale of securities must be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. The plaintiffs contend that Coinbase failed to register these digital assets, rendering their sale unlawful.

這起訴訟的核心是指控 Coinbase 以在其平台上交易的某些數位資產的形式出售未經註冊的證券。根據聯邦證券法，任何證券銷售都必須在美國證券交易委員會 (SEC) 登記，除非適用豁免。原告辯稱，Coinbase 未能註冊這些數位資產，導致其銷售非法。

The appeals court's decision is a major setback for Coinbase, which had argued that it was merely providing a platform for transactions and was not directly involved in the sale of securities. However, the appeals panel held that the plaintiffs had sufficiently alleged that Coinbase played a significant role in facilitating the sale of the unregistered securities.

上訴法院的裁決對 Coinbase 來說是一個重大挫折，該公司辯稱自己只是提供交易平台，並不會直接參與證券銷售。然而，上訴小組認為，原告已充分指控 Coinbase 在促進未註冊證券的銷售方面發揮了重要作用。

The district court is now tasked with further evaluating the plaintiffs' claims and determining which version of Coinbase's user agreement is applicable to the case. The court's decision on these matters will have a substantial impact on the outcome of the lawsuit and potentially on the broader regulatory landscape for cryptocurrency exchanges.

地方法院現在的任務是進一步評估原告的主張，並確定哪個版本的 Coinbase 使用者協議適用於本案。法院對這些問題的裁決將對訴訟結果產生重大影響，並可能對加密貨幣交易所更廣泛的監管環境產生重大影響。

The revived lawsuit serves as a reminder of the ongoing regulatory challenges faced by the cryptocurrency industry. As digital asset markets continue to evolve, regulators and courts will need to grapple with the complex legal issues surrounding the classification and sale of digital assets. The outcome of the Coinbase lawsuit will undoubtedly have significant implications for the future of cryptocurrency regulation in the United States.

重新提起的訴訟提醒人們，加密貨幣產業面臨持續的監管挑戰。隨著數位資產市場的不斷發展，監管機構和法院將需要解決圍繞數位資產分類和銷售的複雜法律問題。 Coinbase訴訟的結果無疑將對美國加密貨幣監管的未來產生重大影響。