第二巡迴法院的裁決重塑了加密貨幣轉售規則

美國法院的一項裁決重塑了加密貨幣的監管格局，得出的結論是，Coinbase 上的加密貨幣二級銷售不屬於1934 年《證券交易法》的管轄範圍。Coinbase 的這場勝利為加密貨幣投資者和交易所提供了明確性，但並沒有消除所有監管不確定性。該裁決凸顯了有關加密貨幣監管的持續爭論，並強調了製定明確而全面的指導方針的必要性。

Second Circuit Court Ruling Redefines Secondary Cryptocurrency Sales

第二巡迴法院裁決重新定義二級加密貨幣銷售

New York, April 6, 2024 - A landmark ruling by the Second Circuit Court of Appeals has reshaped the regulatory landscape for the cryptocurrency industry, clarifying the legal status of secondary cryptocurrency sales on exchanges like Coinbase.

紐約，2024 年 4 月 6 日 - 第二巡迴上訴法院做出的一項具有里程碑意義的裁決重塑了加密貨幣行業的監管格局，明確了 Coinbase 等交易所二級加密貨幣銷售的法律地位。

In a closely watched case, the court concluded that secondary cryptocurrency sales on Coinbase do not meet the traditional definition of securities under the Securities Exchange Act of 1934. This decision represents a significant victory for Coinbase and crypto investors, providing much-needed clarity on the regulatory status of these transactions.

在一個備受關注的案件中，法院得出結論，Coinbase 上的二級加密貨幣銷售不符合1934 年《證券交易法》中對證券的傳統定義。這項判決代表了Coinbase 和加密貨幣投資者的重大勝利，為市場提供了急需的明確性。這些交易的監管狀況。

The legal battle centered on allegations that Coinbase, one of the world's largest cryptocurrency exchanges, facilitated the unregistered offer and sale of securities in violation of the Securities Act of 1933 and the Securities Exchange Act. The plaintiffs argued that cryptocurrencies traded on Coinbase's platform met the definition of investment contracts under the Howey Test, which is used to determine whether a transaction constitutes an investment contract and therefore a security.

這場法律戰的核心是指控全球最大的加密貨幣交易所之一 Coinbase 違反 1933 年《證券法》和《證券交易法》，為未經註冊的證券發行和銷售提供便利。原告辯稱，在 Coinbase 平台上交易的加密貨幣符合 Howey 測試下投資合約的定義，該測試用於確定交易是否構成投資合約，從而構成證券。

However, the Second Circuit Court rejected this argument, holding that the secondary sales of cryptocurrencies on Coinbase were not investment contracts. The court found that the cryptocurrencies traded on Coinbase did not represent a common enterprise, which is a key element of an investment contract.

但第二巡迴法院駁回了這個論點，認為 Coinbase 上的加密貨幣二次銷售不屬於投資合約。法院認為，在 Coinbase 上交易的加密貨幣並不代表一個共同企業，而這是投資合約的關鍵要素。

The court's decision provides a clear legal framework for the regulation of secondary cryptocurrency sales on exchanges like Coinbase. It affirms the distinct nature of these transactions, which do not fall under the purview of the Securities Exchange Act. This ruling is a major step forward for the cryptocurrency industry, as it provides a level of regulatory certainty that has been lacking to date.

法院的裁決為監管 Coinbase 等交易所的二級加密貨幣銷售提供了明確的法律框架。它確認了這些交易的獨特性質，不屬於《證券交易法》的管轄範圍。這項裁決是加密貨幣產業向前邁出的重要一步，因為它提供了迄今為止缺乏的監管確定性。

While the ruling is a victory for Coinbase and the cryptocurrency industry, it does not absolve Coinbase of all regulatory responsibilities. The court partially upheld a previous ruling that suggests that Coinbase may still be liable under Section 12(a)(1) of the Securities Act if it facilitated the sale of unregistered securities. This issue is likely to be the subject of further litigation.

雖然這項裁決是 Coinbase 和加密貨幣產業的勝利，但它並不能免除 Coinbase 的所有監管責任。法院部分維持了先前的一項裁決，該裁決表明，如果 Coinbase 為未註冊證券的銷售提供便利，則仍可能根據《證券法》第 12(a)(1) 條承擔責任。這個問題可能會成為進一步訴訟的主題。

Moreover, the court's decision raises questions about Coinbase's user agreements, which have been frequently updated over time. The changing nature of these agreements adds complexity to the legal implications of cryptocurrency transactions on Coinbase.

此外，法院的判決引發了人們對 Coinbase 用戶協議的質疑，該協議隨著時間的推移經常更新。這些協議性質的變化增加了 Coinbase 上加密貨幣交易的法律影響的複雜性。

The ruling highlights the ongoing debate over the proper regulation of cryptocurrencies in the United States. The SEC has taken a cautious approach to regulating the industry, citing concerns about investor protection. However, industry participants argue that overly restrictive regulation could stifle innovation and hamper the growth of the cryptocurrency market.

該裁決凸顯了美國關於加密貨幣適當監管的持續爭論。出於對投資者保護的擔憂，美國證券交易委員會對該行業採取了謹慎的監管態度。然而，產業參與者認為，過度限制性的監管可能會抑制創新並阻礙​​加密貨幣市場的成長。

Paul Grewal, Chief Legal Officer at Coinbase, expressed optimism that the ruling would encourage constructive dialogue with regulators to promote responsible innovation in the sector. He stated, "This decision is an important step towards establishing a clear and sensible regulatory framework for the cryptocurrency industry. We look forward to working with regulators to shape the future of this transformative technology."

Coinbase 首席法務官 Paul Grewal 表示樂觀，認為該裁決將鼓勵與監管機構進行建設性對話，以促進該行業的負責任創新。他表示：“這一決定是為加密貨幣行業建立清晰合理的監管框架邁出的重要一步。我們期待與監管機構合作，塑造這一變革性技術的未來。”

The Second Circuit Court's ruling is a significant development in the regulatory landscape for cryptocurrencies. It provides clarity on the legal status of secondary cryptocurrency sales, while also raising questions about other aspects of cryptocurrency regulation. As the cryptocurrency industry continues to evolve, it is likely that further legal battles will be waged over the regulatory framework for this new and rapidly growing asset class.

第二巡迴法院的裁決是加密貨幣監管領域的重大發展。它明確了二級加密貨幣銷售的法律地位，同時也提出了有關加密貨幣監管其他方面的問題。隨著加密貨幣產業的不斷發展，針對這個快速成長的新資產類別的監管框架可能會引發進一步的法律鬥爭。