Coinbase 在 SEC 加密货币分类诉讼中寻求中间上诉

领先的加密货币交易所 Coinbase 已请求允许在与 SEC 就资产分类为投资合同的诉讼中提出中间上诉。该上诉源于法官对豪伊测试的不同解释，引发了“法律的控制问题”。关于 Coinbase 动议的决定可能会影响 SEC 的法律策略和美国未来的加密货币监管。

Coinbase Seeks Interlocutory Appeal in SEC Lawsuit Over Cryptocurrency Classification

Coinbase 在 SEC 加密货币分类诉讼中寻求中间上诉

New York, New York - April 13, 2024 - Cryptocurrency exchange Coinbase has filed a motion requesting permission to file an interlocutory appeal, challenging a recent ruling by Judge Katherine Polk Failla in an ongoing lawsuit between the company and the U.S. Securities and Exchange Commission (SEC).

纽约州纽约 - 2024 年 4 月 13 日 - 加密货币交易所 Coinbase 已提出动议，请求允许提起中间上诉，对法官 Katherine Polk Failla 最近在该公司与美国证券交易委员会之间正在进行的诉讼中做出的裁决提出质疑（美国证券交易委员会）。

The dispute revolves around the classification of certain digital assets as investment contracts under the Howey Test, a legal framework used to determine whether an offering constitutes an investment contract.

争议围绕豪伊测试（Howey Test）下将某些数字资产归类为投资合同的问题展开，豪伊测试是一种用于确定产品是否构成投资合同的法律框架。

Disputed Application of Howey Test

Howey 测试的有争议的应用

The crux of the dispute lies in the differing interpretations of the Howey Test by Judge Failla and Judge Jed Rakoff. Rakoff, in a prior case involving TerraForm Labs, had stated that some digital assets could be considered investment contracts if they exist within a broader ecosystem promoting profit-sharing through invested funds in a common enterprise.

争议的关键在于法伊拉法官和杰德·拉考夫法官对豪伊测试的不同解释。 Rakoff 在之前涉及 TerraForm Labs 的案件中曾表示，如果某些数字资产存在于更广泛的生态系统中，并通过共同企业的投资资金促进利润分享，则可以将其视为投资合约。

Judge Failla had referenced Rakoff's opinion when denying Coinbase's initial attempt to dismiss the SEC's case.

Failla 法官在驳回 Coinbase 最初试图驳回 SEC 案件时引用了 Rakoff 的观点。

Controlling Question of Law

控制性法律问题

Coinbase contends that these conflicting interpretations present a "controlling question of law," a key requirement for obtaining permission to pursue an interlocutory appeal. Such an appeal is filed before a final judgment is reached in a case.

Coinbase 认为，这些相互矛盾的解释提出了“法律的控制问题”，这是获得中间上诉许可的关键要求。此类上诉是在案件做出最终判决之前提出的。

Eleanor Terrett, a Fox Business journalist, notes that Coinbase argues that the SEC's position could be strengthened if it appeals Judge Analisa Torres' ruling in the Ripple case, where Torres determined that XRP was not an investment contract based on programmatic sales.

福克斯商业新闻记者埃莉诺·特雷特 (Eleanor Terrett) 指出，Coinbase 认为，如果对法官 Analisa Torres 在 Ripple 案中的裁决提出上诉，那么 SEC 的立场可能会得到加强，在该案中，Torres 判定 XRP 不是基于程序化销售的投资合约。

SEC's Failed Appeal Attempt

SEC 上诉失败

Terrett also highlights the difficulty of securing an interlocutory appeal, citing the recent unsuccessful attempt by the SEC to challenge Torres' decision in the Ripple case.

特雷特还强调了获得中间上诉的难度，并列举了美国证券交易委员会最近试图挑战托雷斯在瑞波案中的决定但未成功的例子。

Legal Implications

法律影响

Legal expert Bill Morgan suggests that if Coinbase's appeal is granted and subsequently lost, it could potentially bolster the SEC's position in its own potential appeal of the Ripple ruling.

法律专家 Bill Morgan 表示，如果 Coinbase 的上诉获得批准但随后败诉，则可能会增强 SEC 在其对 Ripple 裁决的潜在上诉中的地位。

However, Morgan cautions against overstating the inconsistency between the judges' decisions, noting that the differing perspectives reflect the evolving nature of digital asset regulation.

然而，摩根警告不要夸大法官判决之间的不一致，并指出不同的观点反映了数字资产监管不断发展的性质。

Impact on Cryptocurrency Regulation

对加密货币监管的影响

The outcome of Coinbase's motion for interlocutory appeal will have significant implications for the future of cryptocurrency regulation in the United States. It will determine the extent to which the Howey Test will be applied to digital assets and the level of regulatory oversight they face.

Coinbase 中间上诉动议的结果将对美国加密货币监管的未来产生重大影响。它将决定豪伊测试应用于数字资产的程度以及它们面临的监管程度。

Continuing Legal Battle

持续的法律斗争

The ongoing legal battle between Coinbase and the SEC underscores the complexities of regulating the emerging cryptocurrency landscape. The outcome of this case will shape the regulatory framework for digital assets, influencing market dynamics, investor protection, and the overall adoption of cryptocurrencies in the United States.

Coinbase 和 SEC 之间正在进行的法律斗争凸显了监管新兴加密货币格局的复杂性。此案的结果将塑造数字资产的监管框架，影响市场动态、投资者保护以及加密货币在美国的整体采用。