SEC 宣佈在 Coinbase 平台上交易的加密資產作為證券

在一項關鍵裁決中，法院做出了有利於 SEC 反對 Coinbase 的裁決，認定 Coinbase 的質押計劃構成未註冊的證券發行。法院發現，Coinbase 在沒有必要註冊的情況下充當了交易所、經紀商和清算機構，這突顯了圍繞數位資產分類和監管的持續爭論。

Can Crypto Assets Pass the Securities Test?

加密資產能否通過證券測試？

The courtroom drama between Coinbase and the SEC has taken a decisive turn, with the judge siding firmly with the regulatory watchdog. The ruling centers around the thorny issue of digital asset classification and the legal frameworks that govern their trading.

Coinbase 和 SEC 之間的法庭戲劇發生了決定性的轉變，法官堅定地站在監管機構一邊。該裁決圍繞著數位資產分類和管理其交易的法律框架這一棘手問題。

Coinbase: Exchange, Broker, Clearinghouse Without a License?

Coinbase：沒有許可證的交易所、經紀商、清算所？

The court found Coinbase guilty of operating as an exchange, broker, and clearinghouse without the proper registrations. The SEC's microscope focused on the company's Staking Program, which the agency alleges was an unregistered securities offering.

法院判定 Coinbase 在未經適當註冊的情況下作為交易所、經紀商和清算所運作。美國證券交易委員會的顯微鏡重點關注該公司的質押計劃，該機構聲稱該計劃是未經註冊的證券發行。

What's Considered a Security?

什麼被視為證券？

At the heart of this legal battle is the SEC's assertion that Coinbase offered a range of crypto assets for trading that it deems as securities. These assets include popular cryptocurrencies like SOL, ADA, ICP, and MATIC. By facilitating transactions in these assets without registering, Coinbase allegedly violated federal securities laws.

這場法律戰的核心是 SEC 聲稱 Coinbase 提供了一系列其視為證券的加密資產進行交易。這些資產包括 SOL、ADA、ICP 和 MATIC 等流行的加密貨幣。 Coinbase 涉嫌在未註冊的情況下促進這些資產的交易，違反了聯邦證券法。

Coinbase's Platform Under Scrutiny

Coinbase 平台受到審查

Coinbase's platform, along with its Prime and Wallet services, has been under scrutiny for potentially enabling the trade of digital assets as investment contracts, thus classifying them as securities.

Coinbase 的平台及其 Prime 和 Wallet 服務一直受到審查，因為它可能使數位資產交易成為投資合約，從而將其歸類為證券。

SEC's Argument Prevails

SEC 的論點成立

The court ruling supports the SEC's argument that these crypto assets traded on Coinbase's platform meet the definition of "securities" under U.S. law. This ruling places Coinbase under the obligation to register as an exchange, broker, and clearing agency.

法院裁決支持 SEC 的論點，即在 Coinbase 平台上交易的這些加密資產符合美國法律對「證券」的定義。該裁決規定 Coinbase 有義務註冊為交易所、經紀商和清算機構。

The "Major Questions Doctrine" and More

“重大問題主義”等

The court also addressed Coinbase's arguments invoking the "Major Questions Doctrine," the Due Process Clause, and the Administrative Procedure Act. However, none of these arguments persuaded the judge to overturn the SEC's designation of the crypto assets in question as securities.

法院也引用了「重大問題原則」、正當程序條款和行政程序法來處理 Coinbase 的論點。然而，這些論點都沒有說服法官推翻 SEC 將相關加密資產指定為證券的決定。

SEC's Boundaries of Authority

SEC 的權限範圍

The ruling emphasizes the SEC's authority to regulate new technologies and financial instruments within the scope of existing securities laws. The court held that the cryptocurrency industry has not yet gained the "vast economic and political significance" that would trigger a more cautious approach under the Major Questions Doctrine.

該裁決強調了美國證券交易委員會在現有證券法範圍內監管新技術和金融工具的權力。法院認為，加密貨幣行業尚未獲得“巨大的經濟和政治意義”，因此無法根據“重大問題原則”採取更加謹慎的態度。

Coinbase's Wallet Service: Not Exempt

Coinbase 的錢包服務：不豁免

Despite Coinbase's defense of its Wallet service, the court agreed with the SEC that Coinbase used this service to act as an unauthorized broker, albeit with certain qualifications.

儘管 Coinbase 對其錢包服務進行了辯護，但法院同意 SEC 的觀點，即 Coinbase 使用該服務充當未經授權的經紀人，儘管有一定的資格。

Coinbase Stock Takes a Hit

Coinbase 股票遭受重創

The ruling has had an immediate impact on Coinbase's stock price, which has plunged since the announcement. This reflects the market's reaction to the legal uncertainty surrounding the company's operations.

該裁決對 Coinbase 的股價產生了直接影響，自宣布以來該股價已暴跌。這反映了市場對公司營運法律不確定性的反應。

Conclusion

結論

The court's ruling leaves Coinbase facing a regulatory quandary. The company must now navigate the complex landscape of securities regulations while determining how it will modify its operations in light of this decision. The broader implications for the cryptocurrency industry remain to be seen, as the SEC continues to assert its authority in this rapidly evolving market.

法院的裁決使 Coinbase 面臨監管困境。該公司現在必須應對複雜的證券法規，同時確定如何根據這項決定調整其營運。隨著美國證券交易委員會繼續在這個快速發展的市場中維護其權威，對加密貨幣行業的更廣泛影響仍有待觀察。