复活的消费者诉讼指控 Coinbase 销售未经注册的证券

美国一家上诉法院恢复了 2021 年针对 Coinbase Inc. 的诉讼，指控该加密货币交易所为未注册证券的销售提供便利。美国第二巡回上诉法院推翻了下级法院驳回诉讼的决定，认为地方法院在考虑 2021 年 12 月的用户协议时犯了错误，而本应使用该协议的早期版本。上诉小组将案件发回地区法院进行进一步审理。

Revived Consumer Suit Alleges Unregistered Securities Sales by Coinbase

重启的消费者诉讼指控 Coinbase 销售未经注册的证券

New York, April 5, 2024 - In a significant reversal, a federal appeals court has revived a consumer lawsuit against cryptocurrency exchange Coinbase Inc., alleging that the company facilitated the illicit sale of unregistered securities. The lawsuit, originally filed in 2021, was dismissed last year by a federal judge in New York. However, the 2nd US Circuit Court of Appeals overturned that decision on Friday, arguing that the dismissal was based on an outdated user agreement.

纽约，2024 年 4 月 5 日 - 联邦上诉法院发生了重大逆转，恢复了针对加密货币交易所 Coinbase Inc. 的消费者诉讼，指控该公司协助非法销售未注册证券。该诉讼最初于 2021 年提起，去年被纽约联邦法官驳回。然而，美国第二巡回上诉法院周五推翻了这一决定，认为驳回是基于一份过时的用户协议。

The three-judge appeals panel noted that Coinbase had updated its terms of service and user agreement since the lawsuit was initially filed. Consequently, the district court had erred in relying solely on the December 2021 user agreement to dismiss the case. The appeals panel has remanded the case back to the district court, instructing the lower court to determine which version of the user agreement should be used in assessing the validity of the plaintiffs' claims.

由三名法官组成的上诉小组指出，自诉讼最初提起以来，Coinbase 已经更新了其服务条款和用户协议。因此，地区法院仅依据 2​​021 年 12 月的用户协议驳回此案是错误的。上诉小组已将此案发回地方法院重审，指示下级法院确定应使用哪个版本的用户协议来评估原告索赔的有效性。

Central to the revived lawsuit is the allegation that Coinbase sold unregistered securities in the form of certain digital assets traded on its platform. Under federal securities laws, any sale of securities must be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. The plaintiffs contend that Coinbase failed to register these digital assets, rendering their sale unlawful.

这起诉讼的核心是指控 Coinbase 以在其平台上交易的某些数字资产的形式出售未经注册的证券。根据联邦证券法，任何证券销售都必须在美国证券交易委员会 (SEC) 登记，除非适用豁免。原告辩称，Coinbase 未能注册这些数字资产，导致其销售非法。

The appeals court's decision is a major setback for Coinbase, which had argued that it was merely providing a platform for transactions and was not directly involved in the sale of securities. However, the appeals panel held that the plaintiffs had sufficiently alleged that Coinbase played a significant role in facilitating the sale of the unregistered securities.

上诉法院的裁决对 Coinbase 来说是一个重大挫折，该公司辩称自己只是提供交易平台，并不直接参与证券销售。然而，上诉小组认为，原告已充分指控 Coinbase 在促进未注册证券的销售方面发挥了重要作用。

The district court is now tasked with further evaluating the plaintiffs' claims and determining which version of Coinbase's user agreement is applicable to the case. The court's decision on these matters will have a substantial impact on the outcome of the lawsuit and potentially on the broader regulatory landscape for cryptocurrency exchanges.

地区法院现在的任务是进一步评估原告的主张，并确定哪个版本的 Coinbase 用户协议适用于本案。法院对这些问题的裁决将对诉讼结果产生重大影响，并可能对加密货币交易所更广泛的监管环境产生重大影响。

The revived lawsuit serves as a reminder of the ongoing regulatory challenges faced by the cryptocurrency industry. As digital asset markets continue to evolve, regulators and courts will need to grapple with the complex legal issues surrounding the classification and sale of digital assets. The outcome of the Coinbase lawsuit will undoubtedly have significant implications for the future of cryptocurrency regulation in the United States.

重新提起的诉讼提醒人们，加密货币行业面临着持续的监管挑战。随着数字资产市场的不断发展，监管机构和法院将需要解决围绕数字资产分类和销售的复杂法律问题。 Coinbase诉讼的结果无疑将对美国加密货币监管的未来产生重大影响。