俄勒冈州起诉Coinbase，声称加密货币交易所违反了州证券法

俄勒冈州总检察长丹·雷菲尔德（Dan Rayfield）提起了对加密货币交易所Coinbase的诉讼，声称违反了该州的证券法。

A lawsuit filed by the state of Oregon claims that the cryptocurrency exchange Coinbase Inc allowed the sale of risky investments without consumer safeguards.

俄勒冈州提起的诉讼声称，加密货币交易所Coinbase Inc允许在没有消费者保障的情况下出售风险投资。

The lawsuit filed in Multnomah County Circuit Court accuses Coinbase of permitting the sale of digital assets in Oregon without registering the tokens as securities.

在Multnomah县巡回法院提起的诉讼指控Coinbase允许在俄勒冈州出售数字资产，而无需将令牌注册为证券。

The lawsuit, which comes after the U.S. Securities and Exchange Commission dropped its own case against Coinbase in February 2025, says that the exchange's actions were unlawful.

在美国证券交易委员会于2025年2月对Coinbase撤销了自己的案件之后，该诉讼说，交易所的行动是非法的。

The lawsuit claims that the exchange's actions led to the loss of money by Oregonians in the wake of significant market declines in cryptocurrencies. It cites the example of the Internet Computer Protocol (ICP) cryptocurrency, which fell sharply from around $700 to $7 per token after Coinbase added it to its exchange.

该诉讼声称，在加密货币的市场大幅下降之后，交易所的行动导致俄勒冈人损失了金钱。它引用了Internet计算机协议（ICP）加密货币的示例，在Coinbase将其添加到交易所后，该加密货币从大约700美元下降到每个令牌。

The lawsuit argues that the 99% price reduction of the assets demonstrates how Coinbase is facilitating the trading of unregistered securities.

该诉讼认为，资产的99％降低表明了Coinbase如何促进未注册证券的交易。

The lawsuit arises as the top U.S. cryptocurrency exchange, Coinbase, manages the addition of tokens and executes trades while promoting digital assets to its users.

该诉讼是美国最高的加密货币交易所，Coinbase，负责管理令牌并执行交易，同时向其用户推广数字资产。

Oregon's legal argument is that these exchange activities require the registration of securities that generate potential risks through fraudulent market manipulation techniques, including pump-and-dump schemes.

俄勒冈州的法律论点是，这些交换活动需要通过欺诈性的市场操纵技术（包括泵送和降低计划）来注册证券，以造成潜在风险。

The lawsuit seeks financial restitution for investors and pushes for stronger consumer protection standards. It also aims to impose stronger regulatory oversight on the cryptocurrency industry.

该诉讼寻求为投资者赔偿金融，并推动更强大的消费者保护标准。它还旨在对加密货币行业进行更强大的监管监督。

Coinbase Is Defiant Towards Oregon Lawsuit

Coinbase反对俄勒冈州诉讼

Paul Grewal, chief legal officer of Coinbase, responded to the state of Oregon's lawsuit by saying that the legal challenge was merely a copycat of the SEC's case, which had already been dismissed.

Coinbase的首席法律官Paul Grewal对俄勒冈州的诉讼做出了回应，称法律挑战只是SEC案件的模仿者，这已经被驳回。

Pointing out that the apex court had already declined to hear the matter further and ruled against any attempt to re-file it, Grewal maintained that the lawsuit was a frivolous use of state resources.

格雷瓦尔（Grewal）指出，最高法院已经拒绝进一步审理此事，并裁定反对任何重新审议的企图，他坚持认为诉讼是对国家资源的轻率使用。

Coinbase maintains its stance that digital currencies fall under the classification of digital commodities rather than financial securities. The company declared it would defend itself vigorously against Oregon's allegations as its operations comply fully with existing regulatory standards.

Coinbase坚持认为，数字货币属于数字商品而不是金融证券的分类。该公司宣布将对俄勒冈州的指控有大力捍卫自己，因为其运营完全符合现有的监管标准。

However, Grewal expressed his critique against the state for taking enforcement measures instead of establishing proper regulatory frameworks for cryptocurrency businesses within the state.

但是，格雷瓦尔（Grewal）对国家采取执法措施的批评，而不是为州内的加密货币业务建立适当的监管框架。

The lawsuit arrives amid active discussions about cryptocurrency oversight. The Trump administration's actions allowed the SEC to pursue gentler enforcement against cryptocurrency platforms like Coinbase and Kraken.

有关加密货币监督的积极讨论，该诉讼到来。特朗普政府的行动使SEC可以针对Coinbase和Kraken等加密货币平台进行更温和的执法。

The legal action in Oregon showcases an increasing divergence between state-based and federal leadership in digital asset supervision.

俄勒冈州的法律行动表明，在数字资产监督中，州立和联邦领导人之间的差异越来越大。

The state's legal filing highlights how investors lost money while Coinbase earned transaction fees during a period when Oregonians suffered substantial financial setbacks. The document mentions the Internet Computer Protocol (ICP) as a specific instance where the SEC had noted market value declines after Coinbase listing, leading to billions in investor losses.

该州的法律申请强调了投资者如何损失钱，而Coinbase在俄勒冈人遭受重大财务挫折的时期获得了交易费。该文档将Internet计算机协议（ICP）视为特定实例，SEC指出，在Coinbase上市后市场价值下降，导致数十亿美元的投资者损失。

The Department of Justice in Oregon presents the lawsuit as a strategy to defend consumers from uncontrolled market operations. The state maintains that Coinbase enables cryptocurrency listings and promotion activities, which create dangerous trading conditions lacking proper regulatory protection systems.

俄勒冈州司法部提出了诉讼，作为捍卫消费者免受不受控制的市场运营的策略。该州坚持认为，Coinbase可以实现加密货币清单和促销活动，从而创造了缺乏适当监管保护系统的危险交易条件。

State Takes Action Due to Federal Inaction

国家因联邦无所作为而采取行动

The lawsuit serves as Rayfield's office's required response to federal authorities' insufficient regulatory oversight. After the SEC dropped its case while transferring its lead attorney to another IT role, Oregon felt obliged to act owing to the resulting regulatory gap.

该诉讼是雷菲尔德办公室对联邦当局不足的监管监督的要求的回应。 SEC在将其牵头律师转移到另一个IT角色的同时放弃了案件后，俄勒冈州认为由于由此产生的监管差距而不得不采取行动。

The legal complaint, spanning 171 pages, details how Coinbase manages its platform between buyers and sellers by handling funds and performing trades of unregistered securities.

跨越171页的法律投诉，详细说明了Coinbase如何通过处理资金和进行未注册证券的交易来管理其平台和卖方之间的平台。

Oregon believes these investment practices violate state securities regulations since such offerings require registration with public disclosure obligations, which were not fulfilled by Coinbase.

俄勒冈州认为，这些投资惯例违反了州证券法规，因为此类产品需要按照公共披露义务进行注册，而Coinbase无法履行这些义务。

Despite the pending legal matter, the cryptocurrency exchange continues its operations in Oregon without interruption. The exchange maintains its position that its actions comply with relevant legal requirements and that it is prepared to defend itself fully against the lawsuit.

尽管有待处理的法律事务，但加密货币交易所仍在俄勒冈州继续运营而不会中断。该交易所保持其行动符合相关法律要求的立场，并准备充分捍卫自己的诉讼。

In building its defense, the exchange cites multiple federal court rulings, including Judge Failla's approval of mid-case appeals in the SEC's lawsuit. Furthermore, the exchange highlights that the apex court declined to hear the SEC's appeal on the matter.

在建立辩护时，该交易所引用了多个联邦法院的裁决，包括法illa法官在SEC诉讼中对中期上诉的批准。此外，交易所强调，最高法院拒绝听取SEC对此事的上诉。