Coinbase 取得里程碑式胜利：美国上诉法院认定加密货币销售合法

美国第二巡回上诉法院做出了有利于 Coinbase 的裁决，确认了其根据《证券交易法》进行二级加密货币销售的合法性，这是加密行业的一项法律突破。这一具有里程碑意义的决定驳回了 Coinbase 违反联邦证券法的指控，为加密货币交易平台的监管和法律眼中的加密资产分类提供了重要的澄清。

Coinbase Secures Landmark Victory in Crypto Sales Legality Battle

Coinbase 在加密货币销售合法性斗争中取得了里程碑式的胜利

New York, NY - In a pivotal legal battle shaping the regulatory landscape for cryptocurrency exchanges, Coinbase has emerged victorious in the US Court of Appeals Second Circuit. The court's ruling affirms the legality of Coinbase's secondary cryptocurrency sales under the Securities Exchange Act of 1934 (SEA), marking a significant milestone in the ongoing debate over the regulatory classification of digital assets.

纽约州纽约 - 在一场塑造加密货币交易所监管格局的关键法律战中，Coinbase 在美国第二巡回上诉法院获胜。法院的裁决确认了 Coinbase 根据 1934 年证券交易法（SEA）进行的加密货币二级销售的合法性，这标志着有关数字资产监管分类的持续争论的一个重要里程碑。

Background of the Case

案件背景

The lawsuit against Coinbase, filed by a class of plaintiffs in New York and California, alleged that the crypto exchange had engaged in the sale of unregistered securities, violating federal and state securities laws. The plaintiffs argued that the cryptocurrencies traded on Coinbase's platform met the definition of securities and that the exchange's failure to register them as such constituted a violation of law.

针对 Coinbase 的诉讼由纽约和加利福尼亚州的一群原告提起，指控该加密货币交易所从事未注册证券的销售，违反了联邦和州证券法。原告辩称，在 Coinbase 平台上交易的加密货币符合证券的定义，交易所未能对其进行注册构成了违法行为。

Court's Ruling

法院裁决

The US Court of Appeals Second Circuit dismissed the plaintiffs' claims under the SEA, finding that there was insufficient evidence of transaction-specific contracts between Coinbase and its users that would constitute rescission under Section 29 of the Act. The court also held Coinbase liable under Section 12(a)(1) of the Securities Act of 1933 for offering and selling unregistered securities.

美国第二巡回上诉法院驳回了原告根据 SEA 提出的索赔，认为没有足够的证据证明 Coinbase 与其用户之间的特定交易合同构成该法第 29 条规定的解除合同。法院还根据 1933 年《证券法》第 12(a)(1) 条判定 Coinbase 因发行和出售未注册证券而承担责任。

Interpretation of User Agreements

用户协议解释

The court's decision relied heavily on the interpretation of Coinbase's user agreements, which varied across different versions. While some versions of the agreements contained language suggesting that Coinbase may be offering or selling securities, the court found that such language was not clear and unambiguous enough to establish a security under the SEA.

法院的判决在很大程度上依赖于 Coinbase 用户协议的解释，而不同版本的用户协议的解释也有所不同。虽然协议的某些版本包含暗示 Coinbase 可能发行或出售证券的语言，但法院认为此类语言不够清晰和明确，不足以在 SEA 下建立证券。

Significance of the Ruling

该裁决的意义

The ruling represents a significant victory for Coinbase and the cryptocurrency industry as a whole. It provides legal clarity for crypto exchanges and investors and helps to establish a framework for the regulation of secondary cryptocurrency sales. The decision also recognizes the distinct nature of cryptocurrencies and their potential to exist outside the traditional regulatory framework for securities.

该裁决代表着 Coinbase 和整个加密货币行业的重大胜利。它为加密货币交易所和投资者提供了法律清晰度，并有助于建立二级加密货币销售的监管框架。该决定还认识到加密货币的独特性质及其存在于传统证券监管框架之外的潜力。

Coinbase's Response

Coinbase 的回应

Coinbase welcomed the ruling, stating that it "affirms that Coinbase's platform is safe and compliant for our customers to buy and sell crypto." The company remains committed to operating in compliance with all applicable laws and regulations and believes that the ruling will help to foster a more robust and transparent crypto ecosystem.

Coinbase 对这一裁决表示欢迎，称其“确认 Coinbase 的平台对于我们的客户买卖加密货币来说是安全且合规的”。该公司仍然致力于遵守所有适用的法律和法规，并相信该裁决将有助于培育一个更加强大和透明的加密生态系统。

Impact on the Crypto Industry

对加密行业的影响

The ruling is expected to have a significant impact on the cryptocurrency industry, providing much-needed guidance on the legal status of secondary cryptocurrency sales. It is likely to encourage other crypto exchanges to develop compliant practices and adhere to regulatory frameworks to protect investors and ensure market integrity.

该裁决预计将对加密货币行业产生重大影响，为二级加密货币销售的法律地位提供急需的指导。它可能会鼓励其他加密货币交易所制定合规做法并遵守监管​​框架，以保护投资者并确保市场诚信。

Ongoing Legal Challenges

持续的法律挑战

While the Second Circuit ruling is a positive development for Coinbase and the crypto industry, it does not resolve all of the legal challenges surrounding cryptocurrency regulation. The Securities and Exchange Commission (SEC) continues to investigate several crypto companies and exchanges for potential violations of securities laws. The outcome of these ongoing investigations will further shape the regulatory environment for the crypto sector.

虽然第二巡回法院的裁决对 Coinbase 和加密行业来说是一个积极的发展，但它并没有解决围绕加密货币监管的所有法律挑战。美国证券交易委员会（SEC）继续调查多家加密货币公司和交易所是否可能违反证券法。这些正在进行的调查的结果将进一步塑造加密货币行业的监管环境。