Coinbase如何使SEC撤销其诉讼

跟随钱。

Coinbase, a major crypto trading platform, was hit with a lawsuit by the Securities and Exchange Commission (SEC) in June 2023. The SEC alleged that Coinbase was operating as an unregistered securities broker, which deprived investors of key protections. Coinbase, on the other hand, maintained that crypto tokens are not securities and hence the company was not obligated to register with the SEC.

Coinbase是一个主要的加密交易平台，于2023年6月被证券交易委员会（SEC）诉讼。SEC称Coinbase是作为未注册的证券经纪人运营的，该经纪人剥夺了投资者的主要保护措施。另一方面，Coinbase坚持认为加密代币不是证券，因此该公司没有义务在SEC进行注册。

The lawsuit centered on a legal test known as the Howley test, which determines whether an asset qualifies as a security. In the crypto realm, this largely hinges on whether the token's management is decentralized, like Bitcoin, or actively controlled by a team, as is the case with many other tokens. Coinbase offered highly centralized tokens, such as Solana and Tether.

该诉讼以称为Howley测试的法律测试为中心，该测试决定资产是否符合安全性。在加密货币领域中，这很大程度上取决于令牌的管理层是分散的，例如比特币，还是由团队积极控制，就像其他许多代币一样。 Coinbase提供了高度集中的代币，例如Solana和Tether。

Securities brokers that register with the SEC must adhere to various regulatory requirements aimed at protecting consumers. For instance, they are prohibited from commingling the assets of the company with customer deposits. Another prominent crypto platform, FTX, failed to register with the SEC and ultimately misused deposits, costing customers billions of dollars.

注册SEC的证券经纪人必须遵守旨在保护消费者的各种监管要求。例如，禁止他们用客户存款将公司资产融合。另一个著名的加密平台FTX未能在SEC注册并最终滥用存款，使客户损失了数十亿美元。

Coinbase attempted to dismiss the SEC lawsuit, but a federal judge rejected that argument in March 2024, ruling that the SEC's complaint "plausibly support[s] the SEC’s claim that Coinbase operated as an unregistered intermediary of securities." Following this decision, the parties engaged in discovery, a process where both sides sought information to strengthen their cases. This process was set to conclude in August 2025, though proceedings were paused earlier this year as Coinbase appealed the March 2024 decision.

Coinbase试图驳回SEC诉讼，但联邦法官在2024年3月拒绝了这一论点，裁定SEC的申诉“合理地支持SEC认为Coinbase作为证券中的中介机构的主张”。在这一决定之后，当事方从事发现，双方都寻求信息来加强案件的过程。该过程定于2025年8月结束，尽管由于Coinbase对2024年3月的决定提出上诉，因此诉讼已于今年早些时候暂停。

The lawsuit posed a significant ongoing legal hurdle for Coinbase, but according to CEO Brian Armstrong, the case has now been resolved.

该诉讼对Coinbase构成了重大的法律障碍，但据首席执行官Brian Armstrong称，该案现已解决。

On February 21, Armstrong announced on X that Coinbase and the SEC had "reached an agreement with SEC staff to dismiss their litigation against Coinbase." Armstrong stated that in exchange for the SEC dropping the suit, Coinbase will pay "$0 in fines" and make "zero changes to our business."

2月21日，阿姆斯特朗在X上宣布，Coinbase和SEC“与SEC工作人员达成了一项协议，以驳回对Coinbase的诉讼”。阿姆斯特朗表示，为了换取SEC撤销诉讼，Coinbase将支付“罚款$ 0”，并对我们的业务进行零更改。

This seems like an exceptionally favorable outcome for Coinbase. So, how did Armstrong manage to secure such an "agreement"? Follow the money.

对于Coinbase来说，这似乎是一个非常有利的结果。那么，阿姆斯特朗如何设法获得这样的“协议”？跟随钱。

During the election, Coinbase donated $75 million to Fairshake, a pro-crypto Super PAC that supported numerous congressional candidates aligned with President Trump. The group is also expected to play a major role in supporting Republicans during the 2026 midterms. Paul Grewal, Coinbase's Chief Legal Officer, attended multiple fundraisers for Trump, including a high-profile event in San Francisco hosted by venture capitalist David Sacks.

在选举期间，Coinbase向Pro-Crypto Super PAC捐赠了7500万美元，该公司支持与特朗普总统一致的众多国会候选人。预计该组织在2026年期间在支持共和党人方面发挥了重要作用。 Coinbase的首席法律官Paul Grewal参加了特朗普的多次筹款活动，其中包括由风险投资家戴维·萨克斯（David Sacks）主持的旧金山举行的备受瞩目的活动。

Coinbase also launched the "Stand with Crypto Alliance," which graded politicians. Trump received an "A." (Former Vice President Kamala Harris was not assigned a grade.)

Coinbase还推出了“与加密联盟的立场”，该联盟对政客进行了分级。特朗普收到了“ A” （前副总统卡马拉·哈里斯（Kamala Harris）没有被指定成绩。）

Armstrong met privately with Trump at Mar-a-Lago shortly after the election.

大选后不久，阿姆斯特朗在玛丽·拉戈（Mar-A-Lago）私下会见了特朗普。

In December, Coinbase donated $1 million to Trump's inauguration celebration. Coinbase also co-sponsored an "unofficial inaugural ball on Friday at the Andrew W. Mellon Auditorium in downtown Washington, which featured Snoop Dogg." Then, "Coinbase Global Chief Executive Brian Armstrong attended a black-tie dinner on Saturday hosted by Vice President-elect JD Vance at the National Gallery of Art while a group of other executives went to a Sunday dinner hosted by Trump," the Wall Street Journal reported.

12月，Coinbase向特朗普的就职典礼庆祝活动捐赠了100万美元。 Coinbase还共同赞助了“周五在华盛顿市中心的安德鲁·W·梅隆礼堂举行的一个非官方的就职舞会，其中包括史努比·杜格（Snoop Dogg）。”然后，“ Coinbase全球首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）周六​​在国家美术馆举行的当选副总裁JD Vance主持的黑领带晚宴上杂志报道。

In January, Coinbase hired Chris LaCivita, co-manager of Trump's campaign, to be a member of its Global Advisory Council. According to Semafor, LaCivita will use his familiarity with "Trump’s network to help the industry navigate this Congress and beyond." Coinbase did not disclose how much it is paying LaCivita. "The crypto industry deserves better than what it received from the previous administration," LaCivita said.

一月份，Coinbase聘请了特朗普竞选活动的联合经理Chris Lacivita担任其全球咨询委员会的成员。根据Semafor的说法，Lacivita将利用他对“特朗普网络的熟悉，以帮助该行业在国会及以后进行导航。” Coinbase没有透露它付了多少钱。 Lacivita说：“加密货币产业应比上一个政府获得的更好。”

Coinbase also helped Trump personally get richer, quickly listing his official meme coin, $TRUMP, on its platform. The Coinbase listing made it much easier for the average investor to buy $TRUMP, which drove up its value. Most $TRUMP coins are owned by Trump himself.

Coinbase还帮助特朗普亲自变得更加富有，迅速将他的官方模因硬币$特朗普列为其平台。 Coinbase上市使普通投资者更容易购买$ TRUMP，这推动了其价值。特朗普本人拥有大多数$特朗普硬币。

Each time a $TRUMP coin is sold, Trump also collects trading fees. One Coinbase executive recently estimated that Trump and his associates have made at least $58 million in trading fees. $TRUMP is a highly centralized token that would almost certainly be deemed a security under existing legal precedent.

每次出售特朗普硬币时，特朗普都会收取交易费。一位Coinbase高管最近估计，特朗普及其同伙至少赚了5800万美元的交易费用。 $特朗普是一个高度集中的代币，几乎可以肯定会被认为是现有法律先例的安全性。

In his post on X announcing the resolution of the SEC lawsuit, Armstrong framed the decision as a political move by Trump. "I have to give credit here to the Trump administration, for winning the election," Armstrong wrote. "I feel confident we would have won this case in the courts either way, given our facts were so strong, but it certainly helped accelerate the process and drive accountability."

阿姆斯特朗在宣布解决SEC诉讼的X帖子中，将这一决定定义为特朗普的政治举动。阿姆斯特朗写道：“我必须在这里感谢特朗普政府赢得选举。” “由于我们的事实是如此之强，我有信心在法庭上我们都会在法庭上赢得此案，但肯定有助于加速过程并推动问责制。”