法官针对Coinbase的规则，拒绝驳回驳回突出的加密交易所Coinbase的动议，将面临一些客户在指控出售证券作为未注册的经销商经纪人的指控方面面临集体诉讼。在与美国证券交易委员会（SEC）持续的案件中，交易所的中间上诉中的中间上诉中，这一最新发展是出于最新发展的。

恩格梅尔法官拒绝了被告根据美国证券法的“法定卖方”的论点，因为它从未直接转让

Coinbase is facing a class-action lawsuit from some customers over accusations of selling securities as an unregistered dealer-broker. This latest development comes amid the exchange’s interlocutory appeal in an ongoing case with the US Securities and Exchange Commission (SEC).

Coinbase因指控将证券作为未注册的经销商经纪人而面临集体诉讼。在与美国证券交易委员会（SEC）持续的案件中，交易所的中间上诉中的中间上诉中，这一最新发展是出于最新发展的。

On February 7, Reuters reported that US District Judge Paul Engelmayer of Manhattan has ruled that Coinbase must face trial over allegations of operating as an unregistered broker in the sale of 79 tokens viewed as securities by a group of customers.

2月7日，路透社报道说，曼哈顿的美国地方法院法官保罗·恩格尔梅尔（Paul Engelmayer）裁定，Coinbase必须面对一名未注册经纪人的指控，以在出售79个代币作为证券的指控中，被一群客户视为证券。

Judge Engelmayer rejected the defendant’s argument of not being a “statutory seller” under the US securities laws because it never directly transferred titles of all tokens acquired by these customers. Rather the district Judge highlighted that Coinbase was indeed a direct seller, as customers on their platform are said to transact with only “Coinbase itself.”

法官恩格梅尔（Engelmayer）拒绝了被告根据美国证券法的“法定卖方”的论点，因为它从未直接转让这些客户收购的所有代币的所有权。相反，地方法官强调了Coinbase确实是一个直接卖家，因为据说其平台上的客户仅与“ Coinbase本身”进行交易。

Interestingly, this case was initially dismissed by Judge Engelmayer in February 2023. However, a 2nd US Circuit Court of Appeals in Manhattan revived the lawsuit due to the initial ruling’s reliance on a December 2021 user agreement. Following Engelmayer’s most recent verdict, the American exchange prepares for a potentially intense legal battle.

有趣的是，该案最初在2023年2月被恩格梅尔法官驳回。但是，由于最初裁定的依赖于2021年12月的一项用户协议，曼哈顿第二巡回上诉法院在曼哈顿案件恢复了诉讼。在恩格玛耶（Engelmayer）的最新判决之后，美国交易所为可能激烈的法律斗争做准备。

So far Coinbase has claimed not to “list, offer, or sell securities on its exchange” expressing all readiness to clear its name in the district court.

到目前为止，Coinbase声称没有“在其交易所列出，要约或出售证券”，他们表示准备在地方法院清除其名称。

During ongoing legal challenges, Coinbase is also facing a more serious lawsuit from the SEC, which accuses the exchange of acting as an unregistered broker-dealer and illegally selling unregistered securities through its staking program.

在正在进行的法律挑战中，Coinbase还面临SEC的更严重诉讼，该诉讼指控交换是一家未注册的经纪交易商，并通过其塑造计划非法销售未注册的证券。

Currently, this case is on hold as Coinbase successfully secured an ongoing interlocutory appeal questioning the application of the Howey test to digital assets under the US securities law. A favorable ruling for the American exchange in this appeal could mean that crypto sales do not qualify as securities transactions thereby undermining the SEC’s claim in this case and many other crypto-related lawsuits.

目前，由于Coinbase成功获得了正在进行的中间上诉，该案件已搁置，该案件质疑Howey测试根据《美国证券法》的数字资产的应用。在此上诉中对美国交易所的一项有利裁决可能意味着加密货币销售不符合证券交易的资格，从而破坏了SEC在本案中的索赔以及许多其他与加密货币相关的诉讼。

A Potential $1 Trillion Company?

潜在的1万亿美元公司？

In other news, Bitwise Chief Investment Officer and popular crypto figure Matt Hougan has theorized that Coinbase could become a $1 trillion company.

在其他新闻中，Bitwise首席投资官和受欢迎的加密货币人物Matt Hougan理论上认为Coinbase可以成为一家1万亿美元的公司。

Hougan explains that the anti-crypto stance under the past US administration created a regulatory moat around Coinbase resulting in high margins amid few competitors. However, the exchange’s battle with regulators under that “harsh” regime has now positioned the firm as a potential industry leader in this pro-crypto regulatory environment.

霍根（Hougan）解释说，过去美国政府在美国政府下的反克雷普托立场（Anti-Crypto Stance）围绕着coinbase创建了一个监管护城河，导致很少的竞争对手在很少的竞争者中产生了高利润。但是，在“苛刻”政权下，交流与监管机构的斗争现在已将该公司定位为这个亲克莱托普（Crypto）监管环境中的潜在行业领导者。

The Bitwise CIO backs Coinbase’s potential to become a major financial titan if it maintains its current mode of operation amid a blooming crypto market. At press time, total crypto market cap is valued at $3.09 trillion with a 0.08% gain in the past day.

Bitwise Cio支持Coinbase如果在盛大的加密市场中保持其当前的运营方式，则可以成为主要的金融巨人。发稿时，加密货币市值为3.09万亿美元，过去一天的增长率为0.08％。