加密案件中的中间上诉：对比判决凸显 Howey 测试应用的细微差别

美国证券交易委员会 (SEC) 与加密货币公司 Ripple Labs 和 Coinbase 之间正在进行的法律斗争凸显了中间上诉司法判决的对比。

The ongoing legal battles between the U.S. Securities and Exchange Commission (SEC) and crypto companies Ripple Labs and Coinbase have highlighted contrasting judicial decisions on interlocutory appeals. While Coinbase secured approval for an interlocutory appeal in its case, as reported by Axios, Ripple’s similar request was denied in 2023, sparking comparisons within the legal community.

美国证券交易委员会 (SEC) 与加密货币公司 Ripple Labs 和 Coinbase 之间正在进行的法律斗争凸显了中间上诉司法判决的对比。据 Axios 报道，虽然 Coinbase 在其案件中获得了中间上诉的批准，但 Ripple 的类似请求在 2023 年被驳回，引发了法律界内部的比较。

Coinbase Granted Interlocutory Appeal

Coinbase 获准中间上诉

On January 5, Judge Catherine Polk Failla allowed Coinbase to pursue an interlocutory appeal regarding her earlier decision not to dismiss portions of the SEC’s complaint against the exchange. This development stems from allegations that Coinbase facilitated trading of crypto assets classified as securities. Judge Failla’s decision temporarily halts proceedings in her court as the case advances to the Second Circuit Court of Appeals.

1 月 5 日，Catherine Polk Failla 法官允许 Coinbase 就她之前不驳回 SEC 对交易所部分投诉的决定提起中间上诉。这一进展源于对 Coinbase 促进归类为证券的加密资产交易的指控。随着案件进展到第二巡回上诉法院，法伊拉法官的决定暂时中止了法院的诉讼程序。

Coinbase had challenged the application of the Howey Test—used to determine whether a transaction constitutes an investment contract—arguing it was not applicable to its listed assets. Judge Failla acknowledged the significance of this legal issue, granting the appeal to address broader regulatory implications.

Coinbase 对豪伊测试（用于确定交易是否构成投资合同）的应用提出了质疑，认为该测试不适用于其上市资产。法伊拉法官承认这一法律问题的重要性，同意解决更广泛的监管影响的上诉。

Ripple’s Request Denied in 2023

Ripple 的请求于 2023 年被拒绝

In contrast, Judge Analisa Torres denied the SEC’s request for an interlocutory appeal in its case against Ripple Labs. As detailed in her ruling, Judge Torres found the underlying facts to be “extensively disputed” and supported by “detailed expert reports.” She concluded that “certain transactions were sales of securities, and others were not,” deeming the SEC’s arguments unsuitable for certification for interlocutory appeal.

相比之下，法官 Analisa Torres 拒绝了 SEC 在针对 Ripple Labs 的案件中提出中间上诉的请求。正如托雷斯法官在其裁决中所详述的那样，她发现根本事实“存在广泛争议”，并得到“详细的专家报告”的支持。她的结论是“某些交易是证券销售，而其他交易则不是”，认为 SEC 的论点不适合中间上诉的认证。

Legal expert Bill Morgan commented on the differing outcomes, stating on X (formerly Twitter): “Judge Failla explains why the SEC failed to obtain leave to pursue an interlocutory appeal against Ripple in 2023… in contrast to why she granted Coinbase leave.”

法律专家 Bill Morgan 在 X（前 Twitter）上评论了不同的结果：“Failla 法官解释了为什么 SEC 未能获得在 2023 年对 Ripple 提起中间上诉的许可……这与她批准 Coinbase 许可的原因形成鲜明对比。”

The contrasting rulings highlight the nuanced application of the Howey Test and differing judicial interpretations in crypto-related cases. Judge Failla’s acknowledgment of broader legal questions in Coinbase’s case suggests a readiness to address systemic regulatory concerns.

对比鲜明的裁决凸显了豪伊测试的微妙应用以及加密相关案件中不同的司法解释。 Failla 法官承认 Coinbase 案件中存在更广泛的法律问题，这表明愿意解决系统性监管问题。

Judge Failla explains 👇why the SEC failed to obtain leave to pursue an interlocutory appeal against Ripple in 2023 in SEC v Ripple in contrast to why she granted Coinbase leave to pursue an interlocutory appeal against the SEC in respect of her decision to partly not strike out… https://t.co/F5bzjtIpPY pic.twitter.com/z6WHHHI8yo

Failla 法官在 2023 年 SEC v Ripple 案中解释了为什么 SEC 未能获得针对 Ripple 提出中间上诉的许可，而她为何允许 Coinbase 就其部分不撤销的决定向 SEC 提出中间上诉… https://t.co/F5bzjtIpPY pic.twitter.com/z6WHHHI8yo

— bill morgan (@Belisarius2020) January 7, 2025

— 比尔·摩根 (@Belisarius2020) 2025 年 1 月 7 日

Meanwhile, Ripple’s inability to secure an interlocutory appeal underscores the challenges of disputing SEC allegations on a case-by-case basis. The ongoing developments in both cases continue to shape the future of crypto regulation in the United States.

与此同时，Ripple 无法获得中间上诉，凸显了根据具体情况对 SEC 指控提出争议的挑战。这两起案件的持续发展将继续塑造美国加密货币监管的未来。