SEC 针对 Coinbase 的诉讼获准推进，引发有关加密货币地位的质疑

一名联邦法官裁定 SEC 对 Coinbase 的诉讼可以继续进行，认为该机构的论点“合理”。法官驳回了 Coinbase 完全驳回此案的动议，允许 SEC 追究 Coinbase 作为未注册证券交易所运营及其加密货币质押计划构成未注册证券发行的指控。不过，法官驳回了 SEC 关于 Coinbase 旗下 Coinbase 钱包进行经纪活动的说法。 Coinbase 表示，对这一裁决并不感到惊讶，并将继续寻求案件的澄清。

Judge Allows SEC's Case Against Coinbase to Proceed

法官允许 SEC 继续审理 Coinbase 案件

Is Crypto a Security or Not?

加密货币是否是一种证券？

A federal judge has ruled that the U.S. Securities and Exchange Commission (SEC) has a plausible case against Coinbase, allowing the lawsuit to move forward. This decision suggests that the SEC's broader stance on cryptocurrencies as securities may have merit.

一名联邦法官裁定，美国证券交易委员会 (SEC) 对 Coinbase 提起的诉讼似乎合理，从而允许诉讼继续进行。这一决定表明美国证券交易委员会对加密货币作为证券的更广泛立场可能有其道理。

Coinbase's Unregistered Exchange

Coinbase 的未注册交易所

The SEC claims that Coinbase operates as an unregistered securities exchange for both retail and institutional investors. Judge Failla agreed, finding that the exchange's activities meet the definition of "security" under existing legal standards.

SEC 声称 Coinbase 作为面向散户和机构投资者的未注册证券交易所运营。法伊拉法官对此表示同意，认为该交易所的活动符合现有法律标准下“安全”的定义。

Staking as Unregistered Securities

作为未注册证券质押

Another SEC allegation is that Coinbase's crypto staking programs constitute unregistered securities offerings. Judge Failla concurred, indicating that the staking programs involve investments that expect profits from the efforts of others, thus falling under the SEC's jurisdiction.

SEC 的另一项指控是 Coinbase 的加密货币质押计划构成未经注册的证券发行。 Failla 法官表示同意，并表示质押计划涉及期望从他人的努力中获利的投资，因此属于 SEC 的管辖范围。

Brokerage Claim Dismissed

经纪索赔被驳回

However, Judge Failla dismissed the SEC's claim that Coinbase is acting as a broker-dealer through its Coinbase Wallet. The judge's reasoning on this point was narrow and specific to the legal definition of brokerage.

然而，Failla 法官驳回了 SEC 关于 Coinbase 通过其 Coinbase 钱包充当经纪自营商的说法。法官在这一点上的推理是狭隘的并且具体针对经纪业务的法律定义。

Coinbase's Reaction

Coinbase 的反应

Coinbase's Chief Legal Officer, Paul Grewal, expressed no surprise at the ruling, stating that early motions against government agencies are typically denied. He emphasized that the company is seeking clarity in this legal battle.

Coinbase 首席法律官 Paul Grewal 对这一裁决表示并不意外，他表示针对政府机构的早期动议通常会被拒绝。他强调，该公司正在寻求这场法律诉讼的澄清。

Discovery Phase Begins

发现阶段开始

The case will now enter the discovery phase, where both parties exchange information and evidence. Judge Failla has instructed them to submit case management plans by April 19.

该案现已进入证据开示阶段，双方交换信息和证据。法伊拉法官指示他们在 4 月 19 日之前提交案件管理计划。

Implications for Crypto Industry

对加密行业的影响

Beyond Coinbase's specific case, Judge Failla's ruling may signal wider challenges for the crypto industry. Her rejection of Coinbase's argument that the SEC has violated federal law by not disclosing its crypto policy suggests that the agency's approach has legal standing.

除了 Coinbase 的具体案例之外，Failla 法官的裁决可能预示着加密行业面临更广泛的挑战。她拒绝了 Coinbase 的论点，即 SEC 未披露其加密货币政策违反了联邦法律，这表明该机构的做法具有法律地位。

SEC's Lack of Disclosure Defense Rejected

SEC 缺乏披露抗辩被驳回

Judge Failla dismissed Coinbase's claim that the SEC's failure to disclose its crypto policy represents a legal violation. She clarified that the SEC is not announcing a new policy but applying existing standards to determine the nature of crypto-asset transactions.

Failla 法官驳回了 Coinbase 的说法，即 SEC 未能披露其加密货币政策构成了违法行为。她澄清说，美国证券交易委员会并不是宣布一项新政策，而是应用现有标准来确定加密资产交易的性质。

Crypto Industry's Ongoing Battle

加密行业的持续战斗

This ruling underscores the ongoing regulatory scrutiny of the crypto industry by federal agencies. The DeFi Education Fund recently filed a lawsuit against the SEC on similar grounds, highlighting the industry's broader challenge in navigating the regulatory landscape.

这项裁决强调了联邦机构对加密行业正在进行的监管审查。 DeFi 教育基金最近以类似理由对 SEC 提起诉讼，突显了该行业在应对监管环境方面面临的更广泛挑战。