监管激增，Coinbase 再次提起诉讼

美国第二巡回上诉法院恢复了客户对 Coinbase 的诉讼，指控该交易所非法出售未注册的证券，并且未能注册为经纪自营商。上诉法院认为，下级法院法官依据 2021 年 12 月的用户协议驳回案件是错误的，应允许客户的索赔继续进行。客户还辩称，他们从未接受 2021 年 12 月的用户协议，因此与决定驳回案件无关。

Coinbase Faces Revived Lawsuit Amidst Broader Regulatory Scrutiny

Coinbase 在更广泛的监管审查中面临重启诉讼

In a significant blow to the largest cryptocurrency exchange in the United States, Coinbase is now facing a revived lawsuit alleging illegal sales of unregistered securities and failure to register as a broker-dealer. The lawsuit, filed by a group of Coinbase customers, was initially dismissed by a lower court judge but has been reinstated by the 2nd U.S. Circuit Court of Appeals in Manhattan.

Coinbase 现在面临着一场新的诉讼，指控其非法销售未注册的证券以及未能注册为经纪自营商，这对美国最大的加密货币交易所造成了重大打击。该诉讼由一群 Coinbase 客户提起，最初被下级法院法官驳回，但现已被曼哈顿美国第二巡回上诉法院恢复。

The lawsuit alleges that Coinbase has been unlawfully operating as an unregistered broker-dealer, failing to register the 79 tokens traded on its platform as securities with the Securities and Exchange Commission (SEC). This alleged lapse in regulatory compliance has raised concerns about consumer protection and the integrity of the cryptocurrency market.

该诉讼称，Coinbase 一直作为未注册的经纪交易商非法运营，未能将其平台上交易的 79 种代币注册为证券交易委员会 (SEC)。这种所谓的监管合规性失误引发了人们对消费者保护和加密货币市场完整性的担忧。

The plaintiffs argue that Coinbase's user agreement, entered into in December 2021, is not conclusive in determining whether the company is the seller or holds title to the 79 tokens involved in the lawsuit. The appeals court agreed, stating that Coinbase had materially changed its user agreements over time and that the December 2021 version could not be solely relied upon in this case.

原告辩称，Coinbase 于 2021 年 12 月签订的用户协议对于确定该公司是否是诉讼中涉及的 79 个代币的卖方或拥有所有权而言，并没有决定性作用。上诉法院同意这一观点，并指出 Coinbase 随着时间的推移对其用户协议进行了实质性修改，在本案中不能仅依赖 2021 年 12 月的版本。

The court's decision comes amidst heightened regulatory scrutiny of the cryptocurrency industry. The SEC has recently stepped up its enforcement efforts against cryptocurrency exchanges, alleging violations of securities laws. Coinbase itself is facing an ongoing SEC lawsuit over allegations of facilitating trades of unregistered securities.

法院的决定是在加密货币行业受到更严格的监管审查之际做出的。美国证券交易委员会最近加大了对加密货币交易所的执法力度，指控其违反证券法。 Coinbase 本身正面临美国证券交易委员会 (SEC) 的一项持续诉讼，指控其为未注册证券交易提供便利。

The revived lawsuit against Coinbase underscores the importance of clear and transparent regulatory frameworks for the cryptocurrency market. As the industry continues to evolve rapidly, it is crucial for exchanges like Coinbase to adhere to established laws and regulations to ensure investor protection and preserve the integrity of the market.

针对 Coinbase 的重启诉讼凸显了加密货币市场清晰透明的监管框架的重要性。随着行业持续快速发展，对于像 Coinbase 这样的交易所来说，遵守既定的法律法规以确保投资者保护和维护市场的完整性至关重要。

The case now returns to the U.S. District Court in Manhattan, where it will be further adjudicated. The outcome of this lawsuit will have significant implications for Coinbase and the broader cryptocurrency industry, shaping the legal landscape and potentially setting precedents for future enforcement actions.

该案现已返回曼哈顿美国地方法院，将在那里进一步裁决。该诉讼的结果将对 Coinbase 和更广泛的加密货币行业产生重大影响，塑造法律格局，并可能为未来的执法行动树立先例。

Coinbase, in response to the appeals court's decision, has maintained that it welcomes the dismissal of some claims, particularly those related to secondary trading of digital assets on exchanges. However, the company's legal battle with the plaintiffs is far from over, with the plaintiffs expressing their gratitude for the opportunity to resume their case.

Coinbase 在回应上诉法院的裁决时坚称，它欢迎驳回一些索赔，特别是与交易所数字资产二级交易相关的索赔。然而，该公司与原告的法律斗争远未结束，原告对有机会重新审理案件表示感谢。

As regulators continue to tighten their grip on the cryptocurrency market, Coinbase faces the daunting task of navigating a complex regulatory landscape while maintaining its dominance as the largest U.S. exchange. The outcome of this lawsuit will be closely watched by industry participants, investors, and regulators alike, as it holds the potential to reshape the future of cryptocurrency trading.

随着监管机构继续加强对加密货币市场的控制，Coinbase 面临着艰巨的任务，既要应对复杂的监管环境，又要保持其作为美国最大交易所的主导地位。该诉讼的结果将受到行业参与者、投资者和监管机构的密切关注，因为它有可能重塑加密货币交易的未来。