Coinbase 请求第二巡回法院确定其平台交易是否受联邦证券法管辖

这场重要的法律战旨在为价值数万亿美元的加密货币行业、金融机构和消费者提供急需的透明度。

Cryptocurrency exchange Coinbase has filed an urgent request with the Second Circuit Court of Appeals to decide whether trades on its platform are subject to federal securities laws, a crucial legal battle that will determine the regulatory landscape for the multi-trillion-dollar crypto industry.

加密货币交易所 Coinbase 已向第二巡回上诉法院提出紧急请求，要求决定其平台上的交易是否受联邦证券法管辖，这是一场至关重要的法律战，将决定价值数万亿美元的加密货币行业的监管格局。

Coinbase is appealing a lower court's decision to grant the U.S. Securities and Exchange Commission's (SEC) request to stay its case against the exchange. The Second Circuit's decision will determine whether the SEC's case can proceed while Coinbase pursues its appeal.

Coinbase 正在对下级法院批准美国证券交易委员会 (SEC) 中止针对该交易所的案件的请求的决定提出上诉。第二巡回法院的决定将决定在 Coinbase 上诉期间 SEC 的案件是否可以继续进行。

At the heart of the legal dispute is the question of whether trades on Coinbase's platform, which uses a blind bid-ask system to match anonymous buyers and sellers, meet the criteria outlined in the Howey test, the longstanding framework for determining what constitutes an investment contract.

法律纠纷的核心是 Coinbase 平台上的交易是否符合 Howey 测试中概述的标准，该平台使用盲目买卖系统来匹配匿名买家和卖家，Howey 测试是确定投资构成的长期框架合同。

Coinbase maintains that its platform's operations do not meet the Howey test criteria, and thus trades on its platform are not securities transactions. The exchange argues that its role is limited to facilitating trades between consenting parties and that it does not offer any investment advice or engage in activities that would qualify it as an investment enterprise.

Coinbase坚称其平台的运营不符合Howey测试标准，因此其平台上的交易不属于证券交易。该交易所辩称，其作用仅限于促进双方同意的交易，并且不提供任何投资建议或从事使其有资格成为投资企业的活动。

The legal matter is seeking the court’s immediate intervention. The company reportedly emphasized in its filing, highlighting the broader implications for the crypto industry.

法律问题正在寻求法院立即干预。据报道，该公司在其文件中强调，强调了对加密行业的更广泛影响。

Coinbase's urgent appeal follows a move by the Southern District of New York (SDNY) to grant a stay in the SEC's case against Coinbase. This pause allows Coinbase to seek guidance from a higher court, marking a significant turn in a lawsuit that began in June 2023 when the SEC accused the exchange of operating as an unregistered securities broker, exchange, and clearing agency.

Coinbase 发出紧急呼吁之前，纽约南区 (SDNY) 已采取行动，批准 SEC 暂缓对 Coinbase 提起诉讼。此次暂停允许 Coinbase 寻求更高级法院的指导，这标志着 2023 年 6 月开始的诉讼发生重大转折，当时 SEC 指控该交易所作为未注册的证券经纪人、交易所和清算机构运营。

The SEC alleges that Coinbase failed to register its exchange with the agency and operated without the necessary safeguards to protect investors. The agency claims that Coinbase's platform was used to trade unregistered securities, and that the exchange failed to disclose material information to investors.

SEC 指控 Coinbase 未能向该机构注册其交易所，并且在没有必要的保护投资者的保障措施的情况下进行运营。该机构声称，Coinbase 的平台被用来交易未注册的证券，并且该交易所未能向投资者披露重大信息。

Coinbase has denied the SEC's allegations and maintains that its platform is a fully regulated exchange that operates in compliance with applicable laws. The exchange argues that the SEC's case is an overreach and that it will have a chilling effect on innovation in the crypto industry.

Coinbase 否认了 SEC 的指控，并坚称其平台是一家完全受监管的交易所，其运营符合适用法律。该交易所认为，美国证券交易委员会的案件太过分了，这将对加密货币行业的创新产生寒蝉效应。

The outcome of Coinbase's appeal will have far-reaching implications for the regulation of secondary crypto trading in the United States. A ruling in favor of Coinbase might limit the SEC's reach and encourage innovation in the crypto space. Conversely, a decision against the exchange could affirm the SEC's regulatory authority and reshape the operations of crypto platforms nationwide.

Coinbase上诉的结果将对美国加密货币二级交易的监管产生深远影响。有利于 Coinbase 的裁决可能会限制 SEC 的影响力并鼓励加密领域的创新。相反，针对交易所的决定可能会确认美国证券交易委员会的监管权力，并重塑全国加密货币平台的运营。