第二巡回法院的裁决重塑了加密货币转售规则

美国法院的一项裁决重塑了加密货币的监管格局，得出的结论是，Coinbase 上的加密货币二级销售不属于 1934 年《证券交易法》的管辖范围。Coinbase 的这一胜利为加密货币投资者和交易所提供了明确性，但并没有消除所有监管不确定性。该裁决凸显了有关加密货币监管的持续争论，强调了制定明确而全面的指导方针的必要性。

Second Circuit Court Ruling Redefines Secondary Cryptocurrency Sales

第二巡回法院裁决重新定义二级加密货币销售

New York, April 6, 2024 - A landmark ruling by the Second Circuit Court of Appeals has reshaped the regulatory landscape for the cryptocurrency industry, clarifying the legal status of secondary cryptocurrency sales on exchanges like Coinbase.

纽约，2024 年 4 月 6 日 - 第二巡回上诉法院做出的一项具有里程碑意义的裁决重塑了加密货币行业的监管格局，明确了 Coinbase 等交易所二级加密货币销售的法律地位。

In a closely watched case, the court concluded that secondary cryptocurrency sales on Coinbase do not meet the traditional definition of securities under the Securities Exchange Act of 1934. This decision represents a significant victory for Coinbase and crypto investors, providing much-needed clarity on the regulatory status of these transactions.

在一个备受关注的案件中，法院得出结论，Coinbase 上的二级加密货币销售不符合 1934 年《证券交易法》中对证券的传统定义。这一判决代表了 Coinbase 和加密货币投资者的重大胜利，为市场提供了急需的明确性。这些交易的监管状况。

The legal battle centered on allegations that Coinbase, one of the world's largest cryptocurrency exchanges, facilitated the unregistered offer and sale of securities in violation of the Securities Act of 1933 and the Securities Exchange Act. The plaintiffs argued that cryptocurrencies traded on Coinbase's platform met the definition of investment contracts under the Howey Test, which is used to determine whether a transaction constitutes an investment contract and therefore a security.

这场法律战的核心是指控全球最大的加密货币交易所之一 Coinbase 违反 1933 年《证券法》和《证券交易法》，为未经注册的证券发行和销售提供便利。原告辩称，在 Coinbase 平台上交易的加密货币符合 Howey 测试下投资合约的定义，该测试用于确定交易是否构成投资合约，从而构成证券。

However, the Second Circuit Court rejected this argument, holding that the secondary sales of cryptocurrencies on Coinbase were not investment contracts. The court found that the cryptocurrencies traded on Coinbase did not represent a common enterprise, which is a key element of an investment contract.

但第二巡回法院驳回了这一论点，认为 Coinbase 上的加密货币二次销售不属于投资合同。法院认为，在 Coinbase 上交易的加密货币并不代表一个共同企业，而这是投资合同的关键要素。

The court's decision provides a clear legal framework for the regulation of secondary cryptocurrency sales on exchanges like Coinbase. It affirms the distinct nature of these transactions, which do not fall under the purview of the Securities Exchange Act. This ruling is a major step forward for the cryptocurrency industry, as it provides a level of regulatory certainty that has been lacking to date.

法院的裁决为监管 Coinbase 等交易所的二级加密货币销售提供了明确的法律框架。它确认了这些交易的独特性质，不属于《证券交易法》的管辖范围。这项裁决是加密货币行业向前迈出的重要一步，因为它提供了迄今为止缺乏的监管确定性。

While the ruling is a victory for Coinbase and the cryptocurrency industry, it does not absolve Coinbase of all regulatory responsibilities. The court partially upheld a previous ruling that suggests that Coinbase may still be liable under Section 12(a)(1) of the Securities Act if it facilitated the sale of unregistered securities. This issue is likely to be the subject of further litigation.

虽然这一裁决是 Coinbase 和加密货币行业的胜利，但它并不能免除 Coinbase 的所有监管责任。法院部分维持了先前的一项裁决，该裁决表明，如果 Coinbase 为未注册证券的销售提供便利，则仍可能根据《证券法》第 12(a)(1) 条承担责任。这个问题可能会成为进一步诉讼的主题。

Moreover, the court's decision raises questions about Coinbase's user agreements, which have been frequently updated over time. The changing nature of these agreements adds complexity to the legal implications of cryptocurrency transactions on Coinbase.

此外，法院的判决引发了人们对 Coinbase 用户协议的质疑，该协议随着时间的推移经常更新。这些协议性质的变化增加了 Coinbase 上加密货币交易的法律影响的复杂性。

The ruling highlights the ongoing debate over the proper regulation of cryptocurrencies in the United States. The SEC has taken a cautious approach to regulating the industry, citing concerns about investor protection. However, industry participants argue that overly restrictive regulation could stifle innovation and hamper the growth of the cryptocurrency market.

该裁决凸显了美国关于加密货币适当监管的持续争论。出于对投资者保护的担忧，美国证券交易委员会对该行业采取了谨慎的监管态度。然而，行业参与者认为，过度限制性的监管可能会抑制创新并阻碍加密货币市场的增长。

Paul Grewal, Chief Legal Officer at Coinbase, expressed optimism that the ruling would encourage constructive dialogue with regulators to promote responsible innovation in the sector. He stated, "This decision is an important step towards establishing a clear and sensible regulatory framework for the cryptocurrency industry. We look forward to working with regulators to shape the future of this transformative technology."

Coinbase 首席法务官 Paul Grewal 表示乐观，认为该裁决将鼓励与监管机构进行建设性对话，以促进该行业负责任的创新。他表示：“这一决定是为加密货币行业建立清晰合理的监管框架迈出的重要一步。我们期待与监管机构合作，塑造这一变革性技术的未来。”

The Second Circuit Court's ruling is a significant development in the regulatory landscape for cryptocurrencies. It provides clarity on the legal status of secondary cryptocurrency sales, while also raising questions about other aspects of cryptocurrency regulation. As the cryptocurrency industry continues to evolve, it is likely that further legal battles will be waged over the regulatory framework for this new and rapidly growing asset class.

第二巡回法院的裁决是加密货币监管领域的重大发展。它明确了二级加密货币销售的法律地位，同时也提出了有关加密货币监管其他方面的问题。随着加密货币行业的不断发展，针对这一快速增长的新资产类别的监管框架可能会引发进一步的法律斗争。