Coinbase 有机会在 SEC 法庭纠纷中跳过

美国纽约南区地方法院法官凯瑟琳·波尔克·法拉 (Katherine Polk Failla) 周二决定批准 Coinbase 的请求，要求高等法院考虑该纠纷中的一个核心问题

Coinbase has been granted permission by a U.S. judge to pursue a limited appeal of the Securities and Exchange Commission’s (SEC) accusations that the crypto exchange engaged in the trading of unregistered securities, in a move that could have broader implications for the crypto industry.

Coinbase 已获得美国法官的许可，可以对美国证券交易委员会 (SEC) 指控该加密货币交易所从事未注册证券交易的行为进行有限上诉，此举可能会对加密货币行业产生更广泛的影响。

Coinbase had filed a request with the U.S. District Court for the Southern District of New York to ask the Second Circuit to consider whether the SEC was wrong in its assertion that Coinbase handled the trading of crypto securities without registering them with the agency. If the Second Circuit agrees to hear the appeal, a decision in Coinbase’s favor would carry significant weight in the ongoing debate over the classification of digital assets.

Coinbase 已向美国纽约南区地方法院提出请求，要求第二巡回法院考虑 SEC 的说法是否错误，即 Coinbase 在未向该机构注册的情况下处理加密证券交易。如果第二巡回法院同意审理上诉，那么有利于 Coinbase 的决定将在正在进行的数字资产分类辩论中发挥重要作用。

Coinbase had argued that the tokens in question, which are traded on its secondary market, do not meet the definition of a security under the Howey test, which is used by the SEC to determine whether an asset is considered an investment contract and therefore a security. Among other points, Coinbase has maintained that the issuers of these tokens do not owe anything to the buyers, rendering the tokens distinct from securities.

Coinbase 辩称，在其二级市场上交易的相关代币不符合 Howey 测试下的证券定义，SEC 使用 Howey 测试来确定资产是否被视为投资合约，从而确定资产是否被视为证券。除此之外，Coinbase 坚称这些代币的发行者不欠买家任何东西，这使得代币与证券不同。

The SEC, on the other hand, has maintained that some of the tokens traded on Coinbase’s platform do qualify as securities, and that the exchange was obligated to register them with the agency. This clash in interpretations has led to the legal dispute between the parties.

另一方面，SEC 坚持认为，在 Coinbase 平台上交易的一些代币确实符合证券的资格，并且交易所有义务向该机构进行注册。这种解释上的冲突导致了双方之间的法律纠纷。

In her decision, Judge Katherine Polk Failla noted that she does not "appreciate Coinbase's efforts to cast aspersions on the SEC’s approach to crypto-assets." However, she acknowledged the conflicting rulings from different federal courts on similar questions, writing that "conflicting decisions on an important legal issue necessitate the Second Circuit’s guidance."

法官凯瑟琳·波尔克·法拉 (Katherine Polk Failla) 在裁决中指出，她并不“赞赏 Coinbase 诽谤 SEC 对待加密资产的做法”。然而，她承认不同联邦法院对类似问题的裁决相互矛盾，并写道“在重要法律问题上的相互矛盾的裁决需要第二巡回法院的指导。”

Coinbase had initially requested that the court grant the interlocutory appeal in April 2024, but Failla ultimately approved the request now "because it presents a controlling question of law regarding the reach and application of Howey to crypto-assets, about which there is substantial ground for difference of opinion, and the resolution of which would advance the ultimate termination of the SEC’s enforcement action."

Coinbase 最初请求法院于 2024 年 4 月批准中间上诉，但 Failla 现在最终批准了该请求，“因为它提出了关于 Howey 的范围和适用于加密资产的控制性法律问题，对此有充分的理由意见分歧，其解决将推动 SEC 执法行动的最终终止。”

Coinbase Chief Legal Officer Paul Grewal reacted to the decision on the social-media site X, writing, "We appreciate the court's careful consideration. On to the Second Circuit we go."

Coinbase 首席法务官 Paul Grewal 在社交媒体网站 X 上对这一决定做出了回应，他写道：“我们感谢法院的认真考虑。我们将进入第二巡回法院。”

A spokesperson for the SEC, which is still led by crypto skeptic Gary Gensler until he steps down as chairman when President-elect Donald Trump is sworn in on January 20, declined to comment on the latest ruling.

SEC 发言人拒绝对最新裁决发表评论。该机构仍由加密货币怀疑论者加里·詹斯勒 (Gary Gensler) 领导，直到当选总统唐纳德·特朗普 (Donald Trump) 于 1 月 20 日宣誓就职时辞去主席职务。

The broader question of what constitutes a crypto security is likely to continue to be litigated in different courts and may ultimately reach the Supreme Court. However, this legal wrangling could become moot if Congress passes a new law to define how digital assets and their trading should be regulated in the U.S. The crypto industry is actively engaging in political operations and lobbying efforts to steer this year's new Congress toward more industry-friendly legislation.

关于加密证券的构成这一更广泛的问题可能会继续在不同的法院提起诉讼，并最终可能到达最高法院。然而，如果国会通过一项新法律来定义如何在美国监管数字资产及其交易，这种法律争论可能会变得毫无意义。加密货币行业正在积极参与政治运作和游说工作，以引导今年的新国会走向更多行业-友好的立法。

Finally, the SEC's leadership is set to change hands to Republican control, which could bring a greater openness to the crypto industry. A new agency chair may also alter the course of the SEC's enforcement actions, including this court case.

最后，美国证券交易委员会的领导层将由共和党控制，这可能会给加密行业带来更大的开放性。新的机构主席还可能改变 SEC 执法行动的进程，包括本案。