Coinbase 加密訴訟引發對證券分類的擔憂

加密貨幣交易所 Coinbase 面臨六名用戶的法律訴訟，他們指控該平台及其執行長布萊恩阿姆斯壯違反國家證券法，並聲稱該交易所不將加密代幣作為證券進行交易，從而誤導用戶。該訴訟在加州北區提起，指控 Coinbase 將多種加密貨幣列為證券，並在法律模糊的生態系統中運作。原告聲稱，Coinbase 的商業模式錯誤地聲明其“不出售證券”，他們尋求禁令救濟、陪審團審判和全面撤銷。 Coinbase 尚未對這起訴訟發表評論。

Amidst a backdrop of surging revenue, cryptocurrency exchange Coinbase now finds itself embroiled in a legal battle that threatens to cast a shadow over its operations. A group of six plaintiffs, alleging violations of state securities laws and deceptive practices by Coinbase, have filed a lawsuit in the United States District Court for the Northern District of California, San Francisco Division.

在收入激增的背景下，加密貨幣交易所 Coinbase 現在發現自己捲入了一場法律訴訟，這可能給其營運蒙上陰影。由六名原告組成的團體指控 Coinbase 違反州證券法和欺騙行為，已向美國加州北區舊金山分院提起訴訟。

The lawsuit asserts a pivotal claim: Coinbase's classification of certain cryptocurrencies, including Solana, Polygon, Near Protocol, Decentraland, Algorand, Uniswap, Tezos, and Stellar, as mere digital assets does not align with their true nature as securities. This discrepancy, according to the plaintiffs, constitutes a violation of state securities laws.

該訴訟提出了一個關鍵主張：Coinbase 將某些加密貨幣（包括 Solana、Polygon、Near Protocol、Decentraland、Algorand、Uniswap、Tezos 和 Stellar）分類為單純的數位資產，與它們作為證券的真實性質不符。原告認為，這種差異構成了違反國家證券法的行為。

At the heart of the plaintiffs' argument lies Coinbase's alleged failure to register itself as a securities broker and its alleged failure to register the cryptocurrencies it offers for sale. This omission, they argue, has deprived investors of crucial information and protections.

原告論點的核心在於 Coinbase 據稱未能將自己註冊為證券經紀人，以及未能註冊其出售的加密貨幣。他們認為，這種疏忽剝奪了投資者的重要資訊和保護。

Coinbase's business model, as alleged by the plaintiffs, hinges on a misrepresentation: the assertion that it does not deal in securities. This claim, they argue, is nothing but a veil concealing the exchange's true nature as a securities broker.

正如原告所稱，Coinbase 的商業模式取決於虛假陳述：聲稱它不從事證券交易。他們認為，這種說法只不過是掩蓋了交易所作為證券經紀人的真實性質的面紗。

The lawsuit further alleges that Coinbase's user agreement explicitly acknowledges the crypto assets it sells as "securities," yet the exchange has not taken the necessary steps to comply with securities regulations. This discrepancy, the plaintiffs contend, demonstrates Coinbase's willful disregard for the law.

該訴訟進一步聲稱，Coinbase 的用戶協議明確承認其出售的加密資產為“證券”，但該交易所尚未採取必要措施來遵守證券法規。原告認為，這種差異顯示 Coinbase 故意無視法律。

The plaintiffs' legal strategy involves seeking injunctive relief through a jury trial and demanding a full rescission of Coinbase's actions. In essence, they are seeking to restore the status quo and prevent further harm to investors.

原告的法律策略包括透過陪審團審判尋求禁制令救濟，並要求全面撤銷 Coinbase 的行動。本質上，他們正在尋求恢復現狀並防止投資者受到進一步傷害。

Coinbase, as of this writing, has not issued an official statement regarding the lawsuit. However, previous statements made by the exchange indicate that it maintains the position that the sales of secondary crypto assets do not meet the legal criteria for securities transactions.

截至撰寫本文時，Coinbase 尚未就該訴訟發表正式聲明。不過，該交易所先前發表的聲明表明，其仍認為二級加密資產的銷售不符合證券交易的法律標準。

This legal battle is not without precedent. Coinbase has previously faced scrutiny for alleged violations of US securities laws. In January 2024, a federal judge in Manhattan questioned both Coinbase and the US securities regulator over their differing interpretations of when digital assets qualify as securities. The Securities and Exchange Commission (SEC) had filed a lawsuit against Coinbase, prompting the exchange to petition the court to dismiss the SEC's action.

這場法律鬥爭並非沒有先例。 Coinbase 先前曾因涉嫌違反美國證券法而面臨審查。 2024 年 1 月，曼哈頓的一名聯邦法官質疑 Coinbase 和美國證券監管機構對數位資產何時符合證券資格的不同解釋。美國證券交易委員會（SEC）對 Coinbase 提起訴訟，促使該交易所要求法院駁回 SEC 的訴訟。

Despite these legal challenges, Coinbase reported a surge in financial performance during the first quarter of 2024. The exchange reported total revenue of $1.6 billion and net income of $1.2 billion for Q1 2024. Additionally, Coinbase reported $1 billion in adjusted earnings before interest, taxes, depreciation, and amortization.

儘管存在這些法律挑戰，Coinbase 報告稱2024 年第一季的財務業績大幅成長。後息稅前利潤為10 億美元、折舊和攤提。

The outcome of the lawsuit filed by the six plaintiffs remains uncertain. However, the allegations raised in the lawsuit underscore the complex regulatory landscape surrounding cryptocurrencies and the need for clear and consistent regulation. As the cryptocurrency market continues to evolve, regulators and lawmakers will need to strike a balance between fostering innovation and protecting investors.

六名原告提起的訴訟結果仍不確定。然而，訴訟中提出的指控凸顯了圍繞加密貨幣的複雜監管環境以及明確和一致的監管必要性。隨著加密貨幣市場的不斷發展，監管機構和立法者需要在促進創新和保護投資者之間取得平衡。