Coinbase 在集体诉讼中被指控违反证券法

Coinbase 面临集体诉讼，指控其在未经适当注册的情况下故意出售被归类为证券的数字资产，包括 Solana、Polygon 和 Near Protocol。原告寻求撤销销售、损害赔偿和禁令救济，认为 Coinbase 的销售违反了国家证券法，并且其充当了“证券经纪人”。 Coinbase 为其行为进行了辩护，质疑证券法规对加密资产二级销售的适用性。

Coinbase Faces Class-Action Lawsuit Over Alleged Securities Violations

Coinbase 因涉嫌证券违规而面临集体诉讼

In a major development in the evolving regulatory landscape of digital assets, Coinbase, one of the world's largest cryptocurrency exchanges, has become the target of a class-action lawsuit alleging violations of state securities laws. The lawsuit, filed in the U.S. District Court for the Northern District of California, San Francisco Division, accuses Coinbase of knowingly selling unregistered securities, potentially exposing investors to significant financial harm.

在数字资产监管环境不断演变的重大发展中，全球最大的加密货币交易所之一 Coinbase 已成为指控违反国家证券法的集体诉讼的目标。该诉讼向美国加州北区地方法院旧金山分院提起，指控 Coinbase 故意出售未经注册的证券，可能使投资者面临重大财务损失。

Plaintiffs' Assertions

原告的主张

The plaintiffs, Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard, allege that Coinbase has engaged in the unlawful sale of digital assets that should be classified as securities under state law. The complaint specifically mentions eight tokens sold on Coinbase's platform: Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar Lumens (XLM).

原告 Gerardo Aceves、Thomas Fan、Edwin Martinez、Tiffany Smoot、Edouard Cordi 和 Brett Maggard 指控 Coinbase 非法销售根据州法律应归类为证券的数字资产。投诉特别提到了 Coinbase 平台上出售的八种代币：Solana (SOL)、Polygon (MATIC)、Near Protocol (NEAR)、Decentraland (MANA)、Algorand (ALGO)、Uniswap (UNI)、Tezos (XTZ) 和 Stellar Lumens （XLM）。

The plaintiffs argue that Coinbase's own user agreement acknowledges its role as a "Securities Broker," suggesting that the digital asset sales on the platform may qualify as investment contracts or other forms of securities. They further contend that Coinbase's Prime brokerage functions as a securities broker, providing further evidence of the company's involvement in the sale of securities.

原告辩称，Coinbase 自己的用户协议承认其作为“证券经纪人”的角色，这表明该平台上的数字资产销售可能符合投资合同或其他形式的证券的资格。他们进一步认为，Coinbase 的 Prime 经纪业务充当证券经纪人的角色，这提供了该公司参与证券销售的进一步证据。

Legal Implications

法律影响

The classification of digital assets as securities has been a subject of intense debate and litigation in recent years. If a digital asset is deemed to be a security, it must comply with a stringent set of regulations and disclosures under federal and state securities laws. This can significantly impact the operations of cryptocurrency exchanges and the rights of investors.

近年来，数字资产作为证券的分类一直是激烈争论和诉讼的主题。如果数字资产被视为证券，则它必须遵守联邦和州证券法下的一系列严格的法规和披露。这可能会严重影响加密货币交易所的运营和投资者的权利。

The plaintiffs in the Coinbase lawsuit seek full rescission of the allegedly unlawful sales, statutory damages under state laws, and injunctive relief. The case is expected to proceed to a jury trial, further intensifying the legal scrutiny of Coinbase's operations.

Coinbase 诉讼中的原告寻求全面撤销涉嫌非法销售、州法律规定的法定损害赔偿以及禁令救济。该案预计将进入陪审团审判，进一步加强对 Coinbase 运营的法律审查。

Coinbase's Response

Coinbase 的回应

In a response to the lawsuit, Coinbase has argued that the secondary sales of crypto assets do not meet the criteria for securities transactions and has questioned the applicability of securities regulations in this context. The company has also filed an interlocutory appeal in response to a judge's ruling allowing the SEC's case against Coinbase to proceed.

在对诉讼的回应中，Coinbase 辩称，加密资产的二次销售不符合证券交易的标准，并质疑证券法规在此背景下的适用性。该公司还针对法官允许 SEC 对 Coinbase 案件继续审理的裁决提出了中间上诉。

Ongoing Regulatory Battle

持续的监管斗争

The class-action lawsuit is separate from Coinbase's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has also been examining whether the tokens sold on Coinbase should be treated as securities. In June 2023, the SEC filed a lawsuit against Coinbase, accusing it of operating as an unregistered national securities exchange and broker. Coinbase has vigorously contested the SEC's allegations and has called for clearer regulations in the cryptocurrency industry.

此次集体诉讼与 Coinbase 与美国证券交易委员会 (SEC) 正在进行的法律战无关，后者也一直在研究 Coinbase 上出售的代币是否应被视为证券。 2023 年 6 月，SEC 对 Coinbase 提起诉讼，指控其作为未注册的国家证券交易所和经纪商运营。 Coinbase 对 SEC 的指控提出了强烈质疑，并呼吁对加密货币行业进行更清晰的监管。

Parallel Lawsuits and Regulatory Scrutiny

并行诉讼和监管审查

In addition to the class-action lawsuit and the SEC's enforcement action, Coinbase faces multiple other legal challenges. Hundreds of customers have sued the company over its handling of the GYEN stablecoin, which they argue was far from stable. Coinbase's crypto staking program has also come under regulatory scrutiny, with the SEC alleging that it operates as an unregistered investment contract and security.

除了集体诉讼和 SEC 的执法行动外，Coinbase 还面临其他多项法律挑战。数百名客户就该公司对 GYEN 稳定币的处理方式提起诉讼，他们认为该稳定币远非稳定。 Coinbase 的加密货币质押计划也受到监管审查，美国证券交易委员会 (SEC) 声称该计划作为未注册的投资合约和证券运作。

Industry Implications

行业影响

The legal battles faced by Coinbase are reflective of the ongoing tensions between cryptocurrency companies and financial regulators over how to classify and oversee digital assets. As the SEC intensifies its crypto enforcement, further legal battles are likely for Coinbase and other major players in the industry. The outcome of these cases could have significant implications for the future of digital asset regulation and the broader cryptocurrency ecosystem.

Coinbase 面临的法律战反映了加密货币公司和金融监管机构之间在如何对数字资产进行分类和监管方面持续存在的紧张关系。随着 SEC 加强加密货币执法，Coinbase 和该行业的其他主要参与者可能会面临进一步的法律诉讼。这些案件的结果可能对数字资产监管的未来和更广泛的加密货币生态系统产生重大影响。