俄勒冈州起诉Coinbase，拒绝了最近的XRP裁决设定的先例

指控Coinbase违反了证券规则，俄勒冈州在一项意外的法律诉讼中起诉了最大的加密交易所之一

The State of Oregon has sued Coinbase, one of the largest cryptocurrency exchanges in the United States, for allegedly breaking securities rules, in an unexpected legal move that has brought attention to the diverging stances on crypto law in the U.S. This follows a U.S. court's decision in the XRP case, which many anticipated would provide more clarity for crypto regulation in the country.

俄勒冈州已起诉Coinbase，这是美国最大的加密货币交易所之一，据称违反证券规则，这是一项意外的法律行动，这引起了美国在美国的加密法律的不同立场，这是在美国法院在XRP案件中的裁决之后，许多预期的是，许多预期的是，这将为Crypto规范提供更多的清晰度。

A U.S. court ruled in July that offering XRP, the cryptocurrency linked to Ripple Labs, on public exchanges was not a security, at least not in secondary market transactions. The ruling, seen as a partial victory for the crypto industry, provided insight into how tokens might be treated under U.S. law.

美国法院在7月裁定，在公共交流上提供与波纹实验室相关的加密货币XRP并不是安全，至少不是在二级市场交易中。该裁决被视为加密货币行业的部分胜利，为根据美国法律提供了如何对待代币的洞察力。

The decision focused on the setting in which the token is sold on a public exchange compared to direct sale to institutional investors in determining whether a token is a security. This appeared to offer a legal safety net for centralized exchanges like Coinbase.

与直接向机构投资者直接销售在确定代币是否是安全性的情况下，该决定的重点是在公共交易所出售令牌的设置。这似乎为Coinbase等集中交易所提供了法律安全网。

However, Oregon's complaint, which seems to completely disregard the XRP ruling, claims that Coinbase has been selling unregistered securities, a position that aligns with the SEC's ongoing litigation battles with several cryptocurrency companies.

但是，俄勒冈州的投诉似乎完全无视XRP裁决，声称Coinbase一直在出售未注册的证券，该立场与SEC正在进行的诉讼斗争与几家加密货币公司保持一致。

Legal analysts note that Oregon's case relies on a broader interpretation of securities law, one that sees crypto assets, regardless of how they're offered, falling under regulatory reach if they possess investment contract characteristics under the Howey Test.

法律分析师指出，俄勒冈州的案件依赖于对证券法的更广泛的解释，该法律认为加密货币资产，无论其提供如何，如果他们在Howey测试下具有投资合同特征，则将受到监管范围。

This departure from the XRP precedent raises new questions about the varied nature of crypto regulation in the United States.

与XRP先例的偏离提出了有关美国加密监管的各种性质的新问​​题。

Industry groups and crypto policy advocates have warned that disparate state-level policies could drive innovation out of the U.S. and hamper the nation's competitiveness in the digital asset space. They are urging Congress to create federal rules that provide a common standard for the crypto industry.

行业团体和加密政策倡导者警告说，不同的州级政策可能会将创新推向美国，并妨碍国家在数字资产领域的竞争力。他们敦促国会制定联邦规则，为加密货币行业提供共同的标准。

Coinbase is expected to present a strong defense, potentially utilizing the XRP ruling as part of its legal strategy. The company has consistently maintained that its platform operates in compliance with applicable U.S. securities laws.

预计Coinbase将提出强有力的辩护，并有可能利用XRP裁决作为其法律战略的一部分。该公司一直坚持认为其平台符合适用的美国证券法。

The lawsuit from Oregon could further complicate the already perplexing U.S. regulatory scene for cryptocurrencies. It remains to be seen how this case will unfold and what impact it will have on the broader cryptocurrency market.

俄勒冈州的诉讼可能会使已经令人困惑的美国监管场景复杂化。该案将如何展开以及它将对更广泛的加密货币市场产生什么影响还有待观察。

Should state-level actors be able to independently determine what constitutes a security, and could various platform integrations be subject to an endless legal challenge requiring a bespoke defense?

州级行为者是否应该能够独立确定什么构成安全性，并且各种平台集成能否应对需要定制辩护的无休止的法律挑战？

This case underscores the urgent need for federal rules to provide consistency and predictability in regulating cryptocurrencies. Cases like Oregon v. Coinbase could deter users and builders from participating in the U.S. cryptocurrency sector until then.

该案件强调了对联邦规则迫切需要在调节加密货币时提供一致性和可预测性的需求。俄勒冈诉Coinbase案（Coinbase）等案件可能会阻止用户和建筑商参与美国加密货币行业。

As the dust settles on this unexpected lawsuit, one thing is clear: the American struggle over cryptocurrency control is far from over. The industry remains caught in the middle as states and federal authorities push divergent legal interpretations, all while the sector awaits a clear, one-path forward.

随着这一意外诉讼的尘埃落定，一件事很明显：美国在加密货币控制方面的斗争还远远没有结束。随着各州和联邦当局推动不同的法律解释，该行业仍在中间陷入困境，而该行业都在等待一个清晰的一条路线。