俄勒岡州對Coinbase的爆炸性法律攻擊重新點燃了對加密的監管戰爭

這包括但不僅限於每個加密證券的單位，以下其他用交易符號AAVE，ADA，ALGO，AMP，APE描述

Regulators in Oregon have expanded the legal assault on crypto firms, taking direct aim at Coinbase for allegedly enabling the unlawful trading of 31 crypto tokens.

俄勒岡州的監管機構擴大了對加密貨幣公司的法律攻擊，直接針對Coinbase涉嫌實現了31個加密代幣的非法交易。

The complaint, filed on April 19 by Oregon officials, claims that Coinbase’s main trading platform and its Prime service allowed users in the state to buy and sell dozens of tokens that Oregon considers to be unregistered securities.

俄勒岡州官員於4月19日提交的投訴聲稱，Coinbase的主要交易平台及其主要服務使該州的用戶可以買賣數十種俄勒岡州認為是未註冊的證券的代幣。

The filing names 31 crypto tokens, prompting commentary from crypto policy experts on the case’s breadth. Justin Slaughter, vice president of regulatory affairs at Paradigm and former senior adviser at the U.S. Securities and Exchange Commission (SEC) and chief policy adviser at the Commodity Futures Trading Commission (CFTC), noted the vast number of tokens covered.

歸檔名稱31加密代幣，促使加密政策專家對案件的廣度發表評論。範式監管事務副總裁賈斯汀·斯勞特（Justin Slaughter），美國證券交易委員會（SEC）的前高級顧問，商品期貨交易委員會（CFTC）的首席政策顧問，指出了大量的代幣。

“The Oregon AG suit … actually covers many more tokens than the SEC complaint did, with 31 tokens claimed to be unregistered securities, including UNI, AAVE, FLOW, LINK, MKR, and even XRP,” he stated on social media platform X on April 21.

他在4月21日在社交媒體平台X上說：“俄勒岡州AG訴訟實際上比SEC投訴涵蓋了更多的代幣，有31個令牌聲稱是未註冊的證券，包括Uni，Aave，Flow，Link，Link，MKR，MKR甚至XRP。”

The legal complaint asserts that Coinbase violated state securities laws by offering and facilitating the trading of these tokens without proper registration.

法律投訴斷言，Coinbase通過在沒有適當註冊的情況下提供和促進這些令牌的交易來違反了州證券法。

“Coinbase—through the Coinbase Platform and Prime—has made available for trading in Oregon crypto assets that are offered and sold as investment contracts, and thus as securities,” reads the complaint.

投訴說：“通過Coinbase平台和Prime，Coinbase可以在俄勒岡州加密貨幣資產上進行交易，這些資產可作為投資合同提供和出售。”

It further alleges: “Coinbase has participated or materially aided in the purchase or sale of unregistered crypto securities by Oregon customers.”

它進一步指控：“ Coinbase已參與或實質上有助於俄勒岡州客戶購買或出售未註冊的加密證券。”

These assets were allegedly bought and sold for U.S. dollars, other fiat currencies, and cryptocurrencies, with consistent pricing across platforms.

據稱，這些資產以美元，其他法定貨幣和加密貨幣的價格購買和出售，跨平台的價格始終如一。

As described in the complaint: “Each unit of a particular crypto asset on the Coinbase Platform, or made available through Prime, including but not limited to each of the crypto securities, trades at the same price as another unit of that same asset.”

如投訴中所述：“ Coinbase平台上特定加密資產的每個單位，或通過Prime提供，包括但不限於每種加密貨幣證券，以與同一資產的另一個單位相同的價格進行交易。”

The Oregon complaint includes a detailed list of tokens that Oregon considers to be unregistered securities. It states:

俄勒岡州的投訴包括俄勒岡州認為是未註冊證券的詳細令牌。它指出：

This includes, but is not limited to, the units of each of the crypto securities further described below with trading symbols AAVE, ADA, ALGO, AMP, APE, ATOM, AVAX, AXS, CHZ, COMP, DASH, DDX, EOS, FIL, FLOW, ICP, LCX, LINK, MATIC, MIR, MKR, NEAR, POWR, RLY, SAND, SOL, UNI, VGX, wLUNA, XRP, and XYO (the ‘crypto securities’).

This includes, but is not limited to, the units of each of the crypto securities further described below with trading symbols AAVE, ADA, ALGO, AMP, APE, ATOM, AVAX, AXS, CHZ, COMP, DASH, DDX, EOS, FIL, FLOW, ICP, LCX, LINK, MATIC, MIR, MKR, NEAR, POWR, RLY, SAND, SOL, UNI, VGX, wLUNA, XRP,和Xyo（“加密證券”）。

The SEC has dropped its lawsuits against both Coinbase and Ripple Labs, signaling a shift in regulatory approach.

SEC已針對Coinbase和Ripple Labs提起訴訟，這表明監管方法發生了變化。

The SEC’s case against Coinbase, which began in June 2023 with allegations of operating as an unregistered securities exchange, was dismissed without any fines or changes to Coinbase’s business model.

SEC針對Coinbase的案件始於2023年6月，指控作為未註冊的證券交易所運營，而沒有對Coinbase的商業模式進行任何罰款或更改。

Similarly, the long-standing lawsuit against Ripple, which began in December 2020 and centered on the classification of XRP as an unregistered security, concluded in March 2025, with the SEC dropping its appeal following a partial court victory for Ripple in 2023.

同樣，針對Ripple的長期訴訟始於2020年12月，並以XRP為中心為未註冊的安全性，於2025年3月結束，在2023年為Ripple取得部分法院勝利後，SEC撤銷了其上訴。

As state-level actions increasingly target crypto firms, many in the industry are calling for consistent federal legislation to avoid a fragmented regulatory landscape that could hinder innovation and growth.

隨著州級行動越來越多地針對加密公司，該行業的許多人呼籲始終如一的聯邦立法，以避免零散的監管景觀，這可能會阻礙創新和增長。