Coinbase 在 SEC 攤牌中贏得部分勝利，並獲得 Howey 測試文件的存取權

Coinbase 與美國證券交易委員會 (SEC) 之間的高風險對決發生了戲劇性的轉折，一名紐約法官部分批准了該公司對關鍵文件的競標。

A New York judge has partially approved Coinbase’s bid for crucial documents in its high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC). This ruling could have broader implications for the regulatory landscape of cryptocurrency exchanges in the U.S.

紐約一名法官部分批准了 Coinbase 在與美國證券交易委員會 (SEC) 的高風險法律戰中獲取關鍵文件的請求。這項裁決可能對美國加密貨幣交易所的監管格局產生更廣泛的影響

The SEC has accused Coinbase of operating an unregistered exchange, a charge that the company has flatly denied. As the case enters the discovery phase, Coinbase has sought information on how the SEC classifies tokens as securities.

美國證券交易委員會指控 Coinbase 經營未經註冊的交易所，但該公司斷然否認了這項指控。隨著案件進入調查階段，Coinbase 已尋求有關 SEC 如何將代幣歸類為證券的資訊。

Judge Katherine Polk Failla’s decision grants Coinbase access to documents related to the Howey Test, a key legal tool used to determine whether an asset qualifies as a security. However, the victory is somewhat tempered.

法官凱瑟琳·波爾克·法拉 (Katherine Polk Failla) 的裁決允許 Coinbase 存取與 Howey Test 相關的文件，Howey Test 是用於確定資產是否符合證券資格的關鍵法律工具。然而，這場勝利卻有些緩和。

The SEC will not be required to produce internal papers if external schedules accompany them. Additionally, the court has rejected the companies’ attempt to subpoena SEC Chairman Gary Gensler for testimony.

如果附有外部時間表，美國證券交易委員會將不需要提供內部文件。此外，法院還駁回了兩家公司傳喚 SEC 主席加里詹斯勒 (Gary Gensler) 作證的企圖。

Coinbase had initially sought Gensler’s views on cryptocurrencies dating back to 2017, but later narrowed its request to focus only on statements made during his time at the SEC. However, the court dismissed this as irrelevant to the core issues of the case.

Coinbase 最初曾徵求 Gensler 自 2017 年以來對加密貨幣的看法，但後來縮小了要求，僅關注他在 SEC 任職期間發表的聲明。但法院以與案件核心問題無關為由駁回。

Coinbase’s Chief Legal Officer, Paul Grewal, struck a note of cautious optimism. He acknowledged that while the court imposed some restrictions, it still compelled the SEC to hand over documents that could be pivotal to their defense.

Coinbase 首席法務長 Paul Grewal 表達了謹慎樂觀的態度。他承認，雖然法院施加了一些限制，但仍然迫使 SEC 交出可能對他們的辯護至關重要的文件。

"Coinbase got what we asked for on the Howey Test, which will help us show that the SEC has no basis to sue over any of the tokens we offer on our exchange," said Grewal.

Grewal 表示：“Coinbase 在 Howey 測試中滿足了我們的要求，這將幫助我們證明 SEC 沒有依據對我們在交易所提供的任何代幣提起訴訟。”

This legal battle, which began earlier this year, pits Coinbase against the SEC’s claim that it has been operating without proper registration. While Grewal and the company have abandoned their request for Gensler’s communications, the firm continues its discovery efforts.

這場始於今年稍早的法律訴訟讓 Coinbase 與美國證券交易委員會 (SEC) 展開了對峙，後者稱其在未經適當註冊的情況下運作。雖然 Grewal 和該公司已經放棄了對 Gensler 通信的請求，但該公司仍在繼續其發現工作。

The judge’s ruling, allowing the company access to SEC documents related to the Howey Test, signals a potential shift in how regulatory frameworks are applied to crypto exchanges. By prying open the SEC’s reasoning, this case could redefine the playing field for future crypto regulations, shaping the compliance landscape for the entire industry.

法官的裁決允許該公司獲取與 Howey 測試相關的 SEC 文件，這標誌著監管框架如何應用於加密貨幣交易所的潛在轉變。透過撬開 SEC 的推理，此案可能會重新定義未來加密貨幣監管的競爭環境，從而塑造整個產業的合規格局。