Coinbase 请愿澄清 SEC 对加密资产的立场

Coinbase 正在寻求打破加密行业与美国证券交易委员会 (SEC) 斗争的法律僵局，并于周五提交了中间上诉请愿书，要求高级联邦法院对监管机构的核心观点进行权衡尽管美国证券交易委员会更广泛的案件是通过法院系统进行的，但数字资产的情况仍然存在。美国交易所提交了中间上诉请愿书，以解决其希望看到的法律分歧，在本案中由美国第二巡回上诉法院进行审查。一位联邦法官最近驳回了 Coinbase 在审判前驳回 SEC 指控的企图，现在 Coinbase 正式要求法院考虑 SEC 是否可以将与任何持续义务无关的数字资产交易视为投资合同来自资产的原始发行人。

Coinbase Seeking to Untangle Legal Limbo with SEC

Coinbase 寻求与 SEC 解决法律困境

Coinbase is seeking to break a regulatory impasse at the heart of the cryptocurrency industry's battle with the U.S. Securities and Exchange Commission (SEC), filing an interlocutory appeal Friday that would ask a higher federal court to weigh in on the agency's core views on digital assets, even as the SEC's broader case against the company proceeds through the court system.

Coinbase 正在寻求打破加密货币行业与美国证券交易委员会 (SEC) 之争的核心监管僵局，并于周五提起中间上诉，要求高级联邦法院对该机构对数字资产的核心观点进行权衡，尽管美国证券交易委员会针对该公司的更广泛案件正在通过法院系统进行。

The U.S. exchange filed the interlocutory appeal to tee up a legal disagreement and seek review of that issue – in this instance, whether the SEC can deem a digital asset transaction an investment contract if it is not connected to any ongoing obligations from the asset's initial issuer – by the U.S. Court of Appeals for the Second Circuit. A federal judge recently rejected Coinbase's bid to dismiss the SEC's lawsuit against the company before trial, and now Coinbase is formally asking the court to consider whether the SEC can deem a digital asset transaction a security if it is not connected to any ongoing obligations from the asset's initial issuer.

美国交易所提起中间上诉，以解决法律分歧并寻求对该问题的审查——在这种情况下，如果数字资产交易与资产初始发行人的任何持续义务无关，美国证券交易委员会是否可以将其视为投资合同– 由美国第二巡回上诉法院审理。一名联邦法官最近驳回了 Coinbase 在审判前驳回 SEC 对该公司诉讼的请求，现在 Coinbase 正式要求法院考虑 SEC 是否可以将数字资产交易视为证券（如果该交易与该公司的任何持续义务无关）。资产的初始发行人。

Coinbase argues in its appellate filing that the SEC's application of the so-called Howey test to crypto assets has left a "murky understanding" of what constitutes a security.

Coinbase 在上诉文件中辩称，美国证券交易委员会对加密资产应用所谓的 Howey 测试，导致人们对证券的构成存在“模糊的理解”。

"Applying Howey to digital asset transactions raises difficult questions," Coinbase argues.

Coinbase 认为：“将 Howey 应用于数字资产交易会引发棘手的问题。”

"That members of Congress, the Senate, and regulators have been divided in how they answer them demonstrates the difficulty of the issue, and the varied judicial outcomes illustrate that divide."

“国会议员、参议院和监管机构在如何回答问题上存在分歧，这表明了这个问题的难度，而不同的司法结果也说明了这种分歧。”

Such appeals are often long shots, as the SEC found out when it made a similar request in its own case against Ripple, which was denied.

此类上诉往往希望渺茫，美国证券交易委员会在针对 Ripple 的案件中提出类似请求时发现，该请求遭到拒绝。

But if this appeal is granted, the question could bring the industry one step closer to what could eventually be a U.S. Supreme Court ruling to settle the matter once and for all.

但如果这一上诉获得批准，这个问题可能会让该行业更接近美国最​​高法院最终做出一劳永逸解决此事的裁决。

When asked for comment on the appeal effort, an SEC spokesperson said that "any response will be on the public record filed with the court."

当被要求对上诉工作发表评论时，美国证券交易委员会发言人表示，“任何回应都将记录在向法院提交的公共记录中。”

Investment contracts are securities regulated by the SEC, so if crypto transactions qualify then they would fall under the agency's purview and need to be properly registered under the law.

投资合约是受美国证券交易委员会监管的证券，因此如果加密货币交易符合资格，那么它们将属于该机构的职权范围，并且需要根据法律进行适当注册。

The regulator has argued before lawmakers and in courts that the vast majority of digital assets are securities, but Coinbase and others in the industry argue that once those assets hit secondary markets and are no longer connected to the firm that issued them, the tokens fall outside the SEC's legal reach.

监管机构在立法者和法庭上辩称，绝大多数数字资产都是证券，但 Coinbase 和业内其他人士认为，一旦这些资产进入二级市场并且不再与发行它们的公司有联系，这些代币就会被排除在外。 SEC 的法律影响力。

Resolving this dispute will shape the U.S. crypto landscape.

解决这一争端将塑造美国的加密货币格局。

Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York ruled last month that the SEC had sufficiently demonstrated its legal footing in its allegations against Coinbase that the court would allow the bulk of the case to proceed.

美国纽约南区地方法院法官 Katherine Polk Failla 上个月裁定，SEC 在对 Coinbase 的指控中充分证明了其法律依据，法院将允许大部分案件继续进行。

Coinbase's new appeal of one part of that decision would need to be accepted by Judge Failla and by the Second Circuit in order to go forward.

Coinbase 对该决定的一部分提出的新上诉需要得到 Failla 法官和第二巡回法院的接受才能继续进行。

If they do, the rest of the case would continue in Failla's court as the regulator and the company head toward trial.

如果他们这样做，随着监管机构和公司进入审判阶段，案件的其余部分将在法伊拉法院继续审理。

Coinbase's case is seen as one of the more consequential legal battles that could shape how the U.S. approaches the industry.

Coinbase 的案件被视为影响更大的法律诉讼之一，可能会影响美国对该行业的态度。

To date, the SEC has had a mixed record of late – suffering some high-profile losses (such as the one to Ripple) and notching some significant wins (such as its case against Terraform Labs and an insider-trading case connected to Coinbase).

迄今为止，SEC 最近的记录好坏参半——遭受了一些引人注目的损失（例如 Ripple 的损失），并取得了一些重大胜利（例如针对 Terraform Labs 的案件以及与 Coinbase 相关的内幕交易案件） 。

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CoinDesk 是数字货币集团的独立运营子公司，投资于加密货币和区块链初创公司。作为其政策的一部分，CoinDesk 编辑必须客观地撰写新闻文章，不得带有个人偏见。