SEC 在针对 Coinbase 的具有里程碑意义的加密案件中获胜

法官 Katherine Failla 在很大程度上否决了 Coinbase 驳回该机构诉讼的动议，该诉讼指控该加密货币交易所提供涉及加密货币的未注册产品，违反了证券法，这是 SEC 取得的重大法律胜利。 Failla 裁定 SEC 已充分指控 Coinbase 的行为属于 SEC 的监管权限，驳回了 Coinbase 关于 SEC 正在进行“执法监管”的说法。该裁决凸显了美国证券交易委员会和加密行业之间围绕加密货币作为证券的分类正在进行的法律斗争，美国证券交易委员会声称拥有监管该行业的权力。

The Securities and Exchange Commission (SEC) Prevails in Landmark Crypto Case Against Coinbase

美国证券交易委员会 (SEC) 在针对 Coinbase 的具有里程碑意义的加密案件中获胜

In a significant victory for the SEC in its ongoing regulatory crusade against the burgeoning crypto industry, U.S. District Judge Katherine Failla has largely denied Coinbase's motion to dismiss a lawsuit filed by the agency. In an 84-page opinion, Judge Failla held that the SEC had sufficiently alleged that Coinbase, the dominant crypto exchange in the United States, had contravened securities laws by offering cryptocurrency-related products to its users without registering with the agency.

美国地方法官 Katherine Failla 基本上否认了 Coinbase 驳回该机构提起诉讼的动议，这对于 SEC 在针对新兴加密货币行业的持续监管行动中取得了重大胜利。 Failla 法官在一份长达 84 页的意见中认为，SEC 已充分指控美国占主导地位的加密货币交易所 Coinbase 在未向该机构注册的情况下向用户提供加密货币相关产品，从而违反了证券法。

The SEC initiated the lawsuit against Coinbase in June 2023, with Enforcement Director Gurbir Grewal asserting that the crypto company could not evade compliance with securities regulations simply because it found them unpalatable. After Coinbase filed a motion to dismiss the complaint, both parties presented their arguments to Judge Failla in a Southern District of New York court in January 2024.

美国证券交易委员会 (SEC) 于 2023 年 6 月对 Coinbase 提起诉讼，执法总监 Gurbir Grewal 声称，这家加密货币公司不能仅仅因为证券法规令人难以接受而逃避遵守这些法规。在 Coinbase 提出驳回申诉的动议后，双方于 2024 年 1 月向纽约南区法院法伊拉法官提出了各自的论点。

Coinbase's Claims of "Regulation by Enforcement" Rejected

Coinbase“强制监管”主张被驳回

Central to Coinbase's defense was its longstanding contention that the SEC was engaging in a campaign of "regulation by enforcement" against the crypto industry. This strategy involves establishing new supervisory parameters for the sector through lawsuits rather than promulgating formal regulations. A key aspect of this concern pertains to the identification of cryptocurrencies that constitute securities and, therefore, fall within the SEC's jurisdiction. While SEC Chairman Gary Gensler has stated that the vast majority of cryptocurrencies meet the definition of securities, neither the agency nor Congress has yet established clear-cut rules.

Coinbase 辩护的核心是其长期以来的论点，即 SEC 正在对加密行业开展“执法监管”运动。该策略涉及通过诉讼为该行业建立新的监管参数，而不是颁布正式法规。这种担忧的一个关键方面涉及构成证券的加密货币的识别，因此属于 SEC 的管辖范围。尽管 SEC 主席加里·根斯勒 (Gary Gensler) 表示绝大多数加密货币符合证券的定义，但该机构和国会都尚未制定明确的规则。

Despite Coinbase's attempts to persuade Judge Failla of its position, she rejected its arguments, concluding that the SEC's allegations were sufficiently substantial to warrant a full trial. While her decision does not represent a final judgment, Judge Failla appeared to concur with the SEC's definition of crypto assets as securities, relying on precedent including the landmark Supreme Court Howey Test. Coinbase had attempted to argue that securities should be defined narrowly as formal investment contracts, but Judge Failla dismissed this assertion.

尽管 Coinbase 试图说服 Failla 法官接受其立场，但她拒绝了法官的论点，认为 SEC 的指控足够充分，值得进行全面审判。虽然她的决定并不代表最终判决，但法拉法官似乎同意 SEC 将加密资产定义为证券，并依据了包括具有里程碑意义的最高法院豪伊测试在内的先例。 Coinbase 曾试图主张证券应狭义地定义为正式投资合同，但法伊拉法官驳回了这一主张。

Major Questions Doctrine Arguments Fail to Sway Court

主要问题 学说争论未能影响法院

Beyond the intricate legal issues of securities law, Coinbase presented two broader arguments in its motion to dismiss. Judge Failla rejected one of these arguments, which alleged that the SEC had violated Coinbase's due process rights by failing to provide the industry with adequate notice that crypto assets traded on digital platforms could be considered securities. She reasoned that the SEC had provided sufficient notice through written guidance, litigation, and other actions.

除了证券法中错综复杂的法律问题之外，Coinbase 在驳回动议中还提出了两个更广泛的论点。 Failla 法官驳回了其中一项论点，该论点声称 SEC 未能向行业提供充分的通知，表明在数字平台上交易的加密资产可以被视为证券，从而侵犯了 Coinbase 的正当程序权利。她认为 SEC 已通过书面指导、诉讼和其他行动提供了充分的通知。

However, Coinbase also attempted a more audacious argument by invoking the "major questions doctrine," a guiding principle established by the Supreme Court that restricts Congress from delegating matters of significant political or economic importance to agencies like the SEC. As the U.S. judicial system has become more conservative, with justices more inclined to limit the administrative powers of government agencies, Coinbase sought to argue that the SEC was overstepping its authority by impeding the growth of a nascent industry.

然而，Coinbase 还试图通过援引“重大问题主义”来提出更大胆的论点，这是最高法院制定的一项指导原则，限制国会将具有重大政治或经济重要性的事务委托给 SEC 等机构。随着美国司法系统变得更加保守，法官更倾向于限制政府机构的行政权力，Coinbase 试图辩称 SEC 阻碍新兴行业的发展是越权行为。

Again, Judge Failla rejected Coinbase's position, casting doubt on the notion that the major questions doctrine could apply to cryptocurrencies. Citing precedent, she wrote that the sector "falls short of being a 'portion of the American economy' bearing 'vast economic and political significance.'" Furthermore, she argued that the crypto industry "cannot compare with other industries the Supreme Court has found to trigger the major questions doctrine," such as energy markets.

Failla 法官再次驳回了 Coinbase 的立场，对重大问题原则是否适用于加密货币的概念表示怀疑。她援引先例写道，该行业“不足以成为具有‘巨大经济和政治意义’的‘美国经济的一部分’。”此外，她认为加密行业“无法与最高法院认定的其他行业相比较”引发重大问题主义”，例如能源市场。

She further contended that the SEC already possesses jurisdiction over the securities industry, which is "even broader than the markets for cryptocurrencies," and that the agency is not exceeding its Congressionally granted powers.

她进一步认为，美国证券交易委员会已经拥有对证券行业的管辖权，该行业“比加密货币市场还要广泛”，并且该机构没有超越国会授予的权力。

Mixed Verdict for Coinbase

对 Coinbase 的评价好坏参半

While the theory was unlikely to resonate with federal judges, Coinbase's setback still represents a setback for the firm and the broader crypto industry, as similar lawsuits involving Binance and Kraken are pending. However, Coinbase did score a partial victory as Judge Failla dismissed a specific allegation in the lawsuit that claimed its Coinbase Wallet product operated as an unregistered broker.

尽管这一理论不太可能引起联邦法官的共鸣，但 Coinbase 的挫折仍然对该公司和更广泛的加密行业来说是一个挫折，因为涉及币安和 Kraken 的类似诉讼仍在审理中。然而，Coinbase 确实取得了部分胜利，法伊拉法官驳回了诉讼中的一项具体指控，即声称其 Coinbase 钱包产品作为未注册经纪人运营。

"We’re pleased that yet another court has confirmed that, while the term ‘crypto’ may be relatively new, the framework that courts have used to identify securities for nearly 80 years still applies," an SEC spokesperson said in a statement provided to Fortune. "We will continue to protect investors against risks in the crypto markets when, as here, the securities laws are implicated."

SEC 发言人在向 SEC 提供的一份声明中表示：“我们很高兴又一家法院确认，虽然‘加密货币’一词可能相对较新，但法院近 80 年来用来识别证券的框架仍然适用。”财富。 “当证券法受到牵连时，我们将继续保护投资者免受加密货币市场风险的影响。”

When Fortune reached out for comment, a Coinbase spokesperson referred to a Twitter thread posted by the firm's chief legal officer, Paul Grewal, who wrote, in part: "We remain confident in our legal arguments, we look forward to proving we’re right."

当《财富》杂志寻求评论时，Coinbase 发言人提到了该公司首席法律官 Paul Grewal 发布的一条 Twitter 帖子，其中写道：“我们对我们的法律论点仍然充满信心，我们期待着证明我们是对的。 ”。

Judge Failla has ordered both parties to submit a case management plan by April 19, 2024.

Failla 法官命令双方在 2024 年 4 月 19 日之前提交案件管理计划。

This story was originally featured on Fortune.com

这个故事最初发表在 Fortune.com 上