Coinbase 法律困境再次浮出水面：法院推翻了安全解雇令

美国第二巡回上诉法院推翻了一项驳回指控销售未注册证券的消费者诉讼的裁决，加密货币交易所 Coinbase 面临法律挑战。尽管确认驳回寻求解除合同的索赔，但法院裁定下级法院在考虑原告修改后的申诉的法律充分性时，仅依赖 2022 年用户协议是错误的。

Coinbase Crypto Exchange's Legal Woes Escalate as Court Reverses Securities Ruling

随着法院推翻证券裁决，Coinbase 加密货币交易所的法律困境升级

New York, United States - Cryptocurrency exchange Coinbase faces renewed legal scrutiny as a United States federal court overturned a previous ruling dismissing a consumer lawsuit alleging the sale of unregistered securities.

美国纽约 - 加密货币交易所 Coinbase 面临新的法律审查，因为美国联邦法院推翻了之前驳回指控销售未注册证券的消费者诉讼的裁决。

Background: Securities Lawsuit

背景：证券诉讼

In 2021, Coinbase was subjected to a class action lawsuit filed by users claiming that the exchange facilitated the sale of unregistered securities among other violations. The plaintiffs argued that Coinbase held title to specific crypto assets and actively participated in their distribution.

2021 年，Coinbase 遭到用户提起的集体诉讼，声称该交易所促进未注册证券的销售以及其他违规行为。原告辩称，Coinbase 拥有特定加密资产的所有权，并积极参与其分配。

Initial District Court Ruling Overturned

地区法院最初裁决被推翻

Initially, a district court dismissed the lawsuit, relying on a Coinbase user agreement from 2022 that allegedly contradicted the plaintiffs' claims. However, the United States Court of Appeals for the Second Circuit has reversed this decision.

最初，地方法院以 2022 年起的 Coinbase 用户协议为由驳回了诉讼，该协议据称与原告的主张相矛盾。然而，美国第二巡回上诉法院推翻了这一判决。

Varying User Agreements

不同的用户协议

The 2nd Circuit found that the district court erred in relying solely on the 2022 user agreement, as the language had been updated from earlier versions. This variability in user agreement language during the relevant period rendered the 2021 version inconclusive for evaluating the legal sufficiency of the plaintiffs' complaint.

第二巡回法院发现，地区法院仅依赖 2022 年用户协议是错误的，因为该协议的语言已从早期版本更新。相关期间用户协议语言的这种变化使得 2021 年版本对于评估原告投诉的法律充分性缺乏决定性。

Plaintiffs' Arguments

原告的论点

The plaintiffs asserted that Coinbase exercised control over the crypto assets in question and facilitated their sale. They contended that transactions involving 78 specific crypto assets constituted非法contracts due to their alleged lack of registration. Furthermore, they claimed that Coinbase provided users with descriptions and valuations of these assets, implying that the exchange had a role in their distribution.

原告声称，Coinbase 对相关加密资产行使了控制权，并为其销售提供了便利。他们辩称，涉及 78 种特定加密资产的交易因未注册而构成非法合同。此外，他们声称 Coinbase 向用户提供了这些资产的描述和估值，这意味着交易所在其分配中发挥了作用。

Secondary Trading Exemption Affirmed

确认二级交易豁免

While the recent ruling revives the plaintiffs' claims, it did affirm the district court's earlier decision preventing the plaintiffs from seeking rescission of contracts they alleged violated the Securities and Exchange Act. This decision upholds the principle that secondary trading of digital assets on exchanges like Coinbase is not subject to private liability under federal securities law.

虽然最近的裁决恢复了原告的主张，但它确实确认了地方法院先前的裁决，阻止原告寻求撤销他们声称违反《证券交易法》的合同。该决定秉承了这样的原则：根据联邦证券法，在 Coinbase 等交易所进行的数字资产二级交易不需承担私人责任。

Coinbase's Response

Coinbase 的回应

Coinbase Chief Legal Officer Paul Grewal expressed appreciation for the 2nd Circuit's confirmation of the legal status of secondary trading of digital assets. He emphasized the importance of contracts in protecting the exchange from liability for such transactions.

Coinbase 首席法务官 Paul Grewal 对第二巡回法院确认数字资产二级交易的法律地位表示赞赏。他强调了合同在保护交易所免受此类交易责任方面的重要性。

Ongoing Legal Landscape

持续的法律环境

The reversal of the initial dismissal marks a significant development in the legal battle between Coinbase and its users. The outcome of the case will have wider implications for the regulation of cryptocurrency exchanges and the classification of digital assets under securities law.

最初解雇的逆转标志着 Coinbase 及其用户之间的法律斗争取得了重大进展。该案的结果将对加密货币交易所的监管和证券法下的数字资产分类产生更广泛的影响。