Coinbase：伪装的证券交易所？联邦法院裁定 SEC 提出强有力的论据

纽约一名联邦法官驳回了 Coinbase 驳回 SEC 诉讼的动议，该诉讼指控该加密货币交易所充当未注册的经纪自营商、交易所和清算所。法官裁定 SEC 提出了一个“看似合理”的案例，证明 Coinbase Wallet 提供的某些代币符合联邦证券法下的证券定义。

Is Coinbase a Securities Exchange in Disguise?

Coinbase 是变相的证券交易所吗？

A Manhattan federal court has ruled that the Securities and Exchange Commission (SEC) has presented a compelling case alleging that Coinbase operates as an unregistered broker-dealer, exchange, and clearinghouse.

曼哈顿联邦法院裁定，美国证券交易委员会 (SEC) 已提出令人信服的案件，指控 Coinbase 作为未注册的经纪自营商、交易所和清算所运营。

Is Coinbase a Brokerage?

Coinbase 是经纪公司吗？

The judge dismissed claims that Coinbase Wallet constitutes an unregistered brokerage, but found that the SEC's argument regarding certain tokens listed on Wallet potentially meeting the criteria for "investment contracts" had merit.

法官驳回了 Coinbase Wallet 构成未注册经纪公司的说法，但认为 SEC 关于 Wallet 上列出的某些代币可能符合“投资合同”标准的论点是有道理的。

Are Crypto Token Purchases Securities Transactions?

购买加密代币属于证券交易吗？

The court ruled that the SEC has adequately demonstrated that token purchases on Coinbase's platform may constitute securities transactions. The judge noted that purchasers are not simply acquiring tokens but also investing in the token's underlying ecosystem, whose growth is inextricably linked to the token's value.

法院裁定，SEC 已充分证明在 Coinbase 平台上购买代币可能构成证券交易。法官指出，购买者不仅仅是购买代币，还投资于代币的底层生态系统，其增长与代币的价值密不可分。

Is Coinbase Pushing the Envelope on Regulation?

Coinbase 是否正在挑战监管极限？

The judge rejected Coinbase's claims that the SEC is overstepping its authority or violating administrative procedures. The court cited the agency's prior actions against crypto companies as evidence of Coinbase's ample notice of the SEC's regulatory focus.

法官驳回了 Coinbase 关于 SEC 越权或违反行政程序的说法。法院援引该机构之前针对加密货币公司采取的行动作为 Coinbase 充分关注 SEC 监管重点的证据。

Crypto Case Law Setting Precedents

加密判例法开创先例

This case mirrors other pending lawsuits, such as the SEC's action against Ripple. Courts generally dismiss motions to dismiss in these cases, accepting allegations as factual for the time being. The substantive arguments will unfold during trial.

此案反映了其他未决诉讼，例如 SEC 对 Ripple 的诉讼。法院通常会驳回这些案件的驳回动议，暂时接受指控为事实。实质性辩论将在审判期间展开。

Implications for the Crypto Industry

对加密行业的影响

The outcome of this case could have significant implications for the crypto industry. If exchanges like Coinbase are deemed securities exchanges, they would face stricter regulations and disclosure requirements, potentially restricting the availability of tokens to retail investors.

此案的结果可能对加密行业产生重大影响。如果像 Coinbase 这样的交易所被视为证券交易所，它们将面临更严格的监管和披露要求，可能会限制散户投资者获得代币。

Silent Protest from Coinbase

Coinbase的无声抗议

Coinbase has remained characteristically quiet on the matter, indicating a willingness to engage with the SEC's investigation and uncover its internal perspectives on crypto regulation. The company has acknowledged the dismissal of the Coinbase Wallet claims but expressed anticipation for the upcoming trial.

Coinbase 在此事上一贯保持沉默，表明愿意参与 SEC 的调查并揭示其对加密货币监管的内部观点。该公司承认驳回了 Coinbase 钱包的索赔，但表示对即将到来的审判的期待。

SEC's Digital Catch

SEC 的数字捕获

The SEC's spokesperson has reaffirmed the agency's stance that the "economic realities of a transaction" determine whether an offering qualifies as a security, regardless of its label as "crypto." This statement signals the SEC's continued focus on bringing crypto activities under its regulatory umbrella.

美国证券交易委员会发言人重申了该机构的立场，即“交易的经济现实”决定了一项产品是否有资格作为证券，无论其是否贴有“加密货币”标签。这一声明标志着美国证券交易委员会继续致力于将加密货币活动置于其监管范围内。