SEC 在針對 Coinbase 的具有里程碑意義的加密案件中獲勝

法官 Katherine Failla 在很大程度上否決了 Coinbase 駁回該機構訴訟的動議，該訴訟指控該加密貨幣交易所提供涉及加密貨幣的未註冊產品，違反了證券法，這是 SEC 的重大法律勝利。 Failla 裁定 SEC 已充分指控 Coinbase 的行為屬於 SEC 的監管權限，駁回了 Coinbase 關於 SEC 正在進行「執法監管」的說法。該裁決凸顯了美國證券交易委員會和加密行業之間圍繞加密貨幣作為證券的分類正在進行的法律鬥爭，美國證券交易委員會聲稱擁有監管該行業的權力。

The Securities and Exchange Commission (SEC) Prevails in Landmark Crypto Case Against Coinbase

美國證券交易委員會 (SEC) 在針對 Coinbase 的具有里程碑意義的加密案件中獲勝

In a significant victory for the SEC in its ongoing regulatory crusade against the burgeoning crypto industry, U.S. District Judge Katherine Failla has largely denied Coinbase's motion to dismiss a lawsuit filed by the agency. In an 84-page opinion, Judge Failla held that the SEC had sufficiently alleged that Coinbase, the dominant crypto exchange in the United States, had contravened securities laws by offering cryptocurrency-related products to its users without registering with the agency.

美國法官 Katherine Failla 基本上否認了 Coinbase 駁回該機構提起訴訟的動議，這對於 SEC 在針對新興加密貨幣行業的持續監管行動中取得了重大勝利。 Failla 法官在長達84 頁的意見中認為，SEC 已充分指控美國占主導地位的加密貨幣交易所Coinbase 在未向該機構註冊的情況下向用戶提供加密貨幣相關產品，違反了證券法。

The SEC initiated the lawsuit against Coinbase in June 2023, with Enforcement Director Gurbir Grewal asserting that the crypto company could not evade compliance with securities regulations simply because it found them unpalatable. After Coinbase filed a motion to dismiss the complaint, both parties presented their arguments to Judge Failla in a Southern District of New York court in January 2024.

美國證券交易委員會 (SEC) 於 2023 年 6 月對 Coinbase 提起訴訟，執法總監 Gurbir Grewal 聲稱，這家加密貨幣公司不能僅僅因為證券法規令人難以接受而逃避遵守這些法規。在 Coinbase 提出駁回申訴的動議後，雙方於 2024 年 1 月向紐約南區法院法伊拉法官提出了各自的論點。

Coinbase's Claims of "Regulation by Enforcement" Rejected

Coinbase「強制監管」主張被駁回

Central to Coinbase's defense was its longstanding contention that the SEC was engaging in a campaign of "regulation by enforcement" against the crypto industry. This strategy involves establishing new supervisory parameters for the sector through lawsuits rather than promulgating formal regulations. A key aspect of this concern pertains to the identification of cryptocurrencies that constitute securities and, therefore, fall within the SEC's jurisdiction. While SEC Chairman Gary Gensler has stated that the vast majority of cryptocurrencies meet the definition of securities, neither the agency nor Congress has yet established clear-cut rules.

Coinbase 辯護的核心是其長期以來的論點，即 SEC 正在對加密行業開展「執法監管」運動。該策略涉及透過訴訟為該行業建立新的監管參數，而不是頒布正式法規。這種擔憂的關鍵方面涉及構成證券的加密貨幣的識別，因此屬於 SEC 的管轄範圍。儘管 SEC 主席加里·根斯勒 (Gary Gensler) 表示絕大多數加密貨幣符合證券的定義，但該機構和國會都尚未制定明確的規則。

Despite Coinbase's attempts to persuade Judge Failla of its position, she rejected its arguments, concluding that the SEC's allegations were sufficiently substantial to warrant a full trial. While her decision does not represent a final judgment, Judge Failla appeared to concur with the SEC's definition of crypto assets as securities, relying on precedent including the landmark Supreme Court Howey Test. Coinbase had attempted to argue that securities should be defined narrowly as formal investment contracts, but Judge Failla dismissed this assertion.

儘管 Coinbase 試圖說服 Failla 法官接受其立場，但她拒絕了法官的論點，並認為 SEC 的指控足夠充分，值得進行全面審判。雖然她的決定並不代表最終判決，但法拉法官似乎同意 SEC 將加密資產定義為證券，並依據了包括具有里程碑意義的最高法院豪伊測試在內的先例。 Coinbase 曾試圖主張證券應狹義地定義為正式投資合同，但法伊拉法官駁回了這項主張。

Major Questions Doctrine Arguments Fail to Sway Court

主要問題 學說爭論未能影響法院

Beyond the intricate legal issues of securities law, Coinbase presented two broader arguments in its motion to dismiss. Judge Failla rejected one of these arguments, which alleged that the SEC had violated Coinbase's due process rights by failing to provide the industry with adequate notice that crypto assets traded on digital platforms could be considered securities. She reasoned that the SEC had provided sufficient notice through written guidance, litigation, and other actions.

除了證券法中錯綜複雜的法律問題之外，Coinbase 在駁回動議中還提出了兩個更廣泛的論點。 Failla 法官駁回了其中一項論點，該論點聲稱 SEC 未能向業界提供充分的通知，表明在數位平台上交易的加密資產可以被視為證券，從而侵犯了 Coinbase 的正當程序權利。她認為 SEC 已透過書面指導、訴訟和其他行動提供了充分的通知。

However, Coinbase also attempted a more audacious argument by invoking the "major questions doctrine," a guiding principle established by the Supreme Court that restricts Congress from delegating matters of significant political or economic importance to agencies like the SEC. As the U.S. judicial system has become more conservative, with justices more inclined to limit the administrative powers of government agencies, Coinbase sought to argue that the SEC was overstepping its authority by impeding the growth of a nascent industry.

然而，Coinbase 也試圖透過援引「重大問題主義」來提出更大膽的論點，這是最高法院制定的一項指導原則，限制國會將具有重大政治或經濟重要性的事務委託給 SEC 等機構。隨著美國司法系統變得更加保守，法官更傾向於限制政府機構的行政權力，Coinbase 試圖辯稱 SEC 阻礙新興產業的發展是越權行為。

Again, Judge Failla rejected Coinbase's position, casting doubt on the notion that the major questions doctrine could apply to cryptocurrencies. Citing precedent, she wrote that the sector "falls short of being a 'portion of the American economy' bearing 'vast economic and political significance.'" Furthermore, she argued that the crypto industry "cannot compare with other industries the Supreme Court has found to trigger the major questions doctrine," such as energy markets.

Failla 法官再次駁回了 Coinbase 的立場，並對重大問題原則是否適用於加密貨幣的概念表示懷疑。她援引先例寫道，該行業「不足以成為具有『巨大經濟和政治意義』的『美國經濟的一部分』。」此外，她認為加密行業「無法與最高法院認定的其他行業相比較」引發重大問題主義”，例如能源市場。

She further contended that the SEC already possesses jurisdiction over the securities industry, which is "even broader than the markets for cryptocurrencies," and that the agency is not exceeding its Congressionally granted powers.

她進一步認為，美國證券交易委員會已經擁有對證券業的管轄權，該行業“比加密貨幣市場還要廣泛”，該機構沒有超越國會授予的權力。

Mixed Verdict for Coinbase

對 Coinbase 的評價好壞參半

While the theory was unlikely to resonate with federal judges, Coinbase's setback still represents a setback for the firm and the broader crypto industry, as similar lawsuits involving Binance and Kraken are pending. However, Coinbase did score a partial victory as Judge Failla dismissed a specific allegation in the lawsuit that claimed its Coinbase Wallet product operated as an unregistered broker.

儘管這一理論不太可能引起聯邦法官的共鳴，但 Coinbase 的挫折仍然對該公司和更廣泛的加密行業來說是一個挫折，因為涉及幣安和 Kraken 的類似訴訟仍在審理中。然而，Coinbase 確實取得了部分勝利，法伊拉法官駁回了訴訟中的一項具體指控，即聲稱其 Coinbase 錢包產品作為未註冊經紀人運營。

"We’re pleased that yet another court has confirmed that, while the term ‘crypto’ may be relatively new, the framework that courts have used to identify securities for nearly 80 years still applies," an SEC spokesperson said in a statement provided to Fortune. "We will continue to protect investors against risks in the crypto markets when, as here, the securities laws are implicated."

SEC 發言人在向 SEC 提供的聲明中表示：“我們很高興又一家法院確認，雖然‘加密貨幣’一詞可能相對較新，但法院近 80 年來用來識別證券的框架仍然適用。”財富。 “當證券法受到牽連時，我們將繼續保護投資者免受加密貨幣市場風險的影響。”

When Fortune reached out for comment, a Coinbase spokesperson referred to a Twitter thread posted by the firm's chief legal officer, Paul Grewal, who wrote, in part: "We remain confident in our legal arguments, we look forward to proving we’re right."

當《財星》雜誌尋求評論時，Coinbase 發言人提到了該公司首席法律官Paul Grewal 發布的一條Twitter 帖子，其中寫道：「我們對我們的法律論點仍然充滿信心，我們期待證明我們是對的。 」。

Judge Failla has ordered both parties to submit a case management plan by April 19, 2024.

Failla 法官命令雙方在 2024 年 4 月 19 日之前提交案件管理計畫。

This story was originally featured on Fortune.com

這個故事最初發表在 Fortune.com 上