SEC 拒絕 Coinbase 重新考慮數位資產分類的請求

美國證券交易委員會 (SEC) 對 Coinbase 的中間上訴動議提出反對，認為法院不應受理 Coinbase 重新評估證券法對數位資產的適用性的請求。 SEC 認為，Coinbase 試圖圍繞「控制問題」提出中間上訴，是為了操縱對該問題的解釋，而且沒有法院遵循托雷斯法官在 Ripple 案件中的裁決。

Securities and Exchange Commission Rebuts Coinbase's Appeal in Digital Assets Case

美國證券交易委員會駁回 Coinbase 在數位資產案的上訴

New York, May 11, 2023 - The United States Securities and Exchange Commission (SEC) has filed an opposition brief against Coinbase's motion for an interlocutory appeal in its ongoing case against Ripple Labs. In this latest filing, the SEC sharply criticized Judge Analisa Torres's decision in the Ripple case and argued that Coinbase's attempt to reassess the application of securities law to digital assets is unfounded.

紐約，2023 年 5 月 11 日 - 美國證券交易委員會 (SEC) 已針對 Coinbase 在針對 Ripple Labs 正在進行的案件中提出的中間上訴動議提交了反對意見簡報。在這份最新文件中，SEC 嚴厲批評了法官 Analisa Torres 在 Ripple 案件中的決定，並認為 Coinbase 試圖重新評估證券法對數位資產的適用性是沒有根據的。

SEC Argues Against Coinbase's Interpretation of Howey Test

SEC 反對 Coinbase 對 Howey 測試的解釋

Coinbase, in its motion for an interlocutory review, contends that the SEC's application of the Howey test to cryptocurrency assets has introduced uncertainty in the definition of securities. The exchange heavily relies on Judge Torres's ruling in the Ripple case, where she deemed the XRP token to be non-securities and its programmatic sales on exchanges not constituting investment contracts.

Coinbase 在其中間審查動議中認為，SEC 對加密貨幣資產應用 Howey 測試給證券的定義帶來了不確定性。該交易所在很大程度上依賴托雷斯法官在瑞波案中的裁決，她認為 XRP 代幣是非證券，其在交易所的程序化銷售不構成投資合約。

However, the SEC rejects Coinbase's motion, asserting that no other court has followed Judge Torres's decision. The regulator argues that Coinbase's attempt to frame an interlocutory appeal around a "controlling question" is a bid to manipulate the interpretation of the issue.

然而，SEC 拒絕了 Coinbase 的動議，聲稱沒有其他法院遵循托雷斯法官的決定。監管機構認為，Coinbase 試圖圍繞「控制問題」提出中間上訴，是為了操縱對該問題的解釋。

"Coinbase's attempts to manipulate the question for an appeal to shoehorn it into a certifiable question under 28 U.S.C. § 1292(b) are self-defeating," the SEC wrote. "Parties cannot manufacture a certifiable issue by jettisoning and then rescuing the questions at issue in the original order."

美國證券交易委員會寫道：“Coinbase 試圖操縱該問題以提出上訴，將其硬塞到 28 U.S.C. § 1292(b) 下的可認證問題中，這是弄巧成拙的。” “各方不能通過放棄然後按原始順序挽救有爭議的問題來製造可證明的問題。”

SEC Denies Coinbase's Claims of Legal Uncertainty

SEC 否認 Coinbase 的法律不確定性主張

The SEC further argues that an interlocutory review is not justified merely because Coinbase proposes a new legal standard. Furthermore, the Gary Gensler-led agency posits that Coinbase may simply dislike the longstanding answer the courts provide. According to the regulator, Coinbase might have structured its business in ways that could now pose challenges to complying with established securities regulations.

SEC 進一步認為，中間審查並不合理，僅僅因為 Coinbase 提出了新的法律標準。此外，Gary Gensler 領導的機構認為 Coinbase 可能只是不喜歡法院長期以來提供的答案。據監管機構稱，Coinbase 的業務結構可能會對遵守既定的證券法規構成挑戰。

"Despite the Order's unassailable conclusions that Coinbase's proposed reading of Howey has not been adopted by any court and, critically, that there is no lack of fair notice as to the framework that applies to its conduct, Coinbase continues to insist, as grounds for interlocutory review, that '[t]he digital asset industry labors under an intolerable cloud of uncertainty' or under a 'cloud of legal uncertainty,'" the SEC stated.

「儘管該命令得出了無懈可擊的結論，即Coinbase 對Howey 提出的解讀尚未被任何法院採納，而且更重要的是，對於適用於其行為的框架並不缺乏公平的通知，但Coinbase 仍然堅持認為，作為中間訴訟的理由美國證券交易委員會表示，「數位資產產業在難以忍受的不確定性雲下運作」或在「法律不確定性雲下」。

Coinbase Responds to SEC's Motion

Coinbase 回應 SEC 的動議

Coinbase's Chief Legal Officer, Paul Grewal, responded that the SEC's motion contradicts itself. Grewal shared screenshots showing differing arguments presented by the SEC in a similar appeal against Ripple Labs.

Coinbase 首席法務官 Paul Grewal 回應稱 SEC 的動議自相矛盾。 Grewal 分享了一些螢幕截圖，顯示 SEC 在針對 Ripple Labs 的類似上訴中提出的不同論點。

"Let's at least have an honest conversation," Grewal said. "Forget about a split across agencies, circuits and elsewhere. There's not even a consensus about Howey and digital assets among the district judges in the same courthouse at Foley Square."

「至少讓我們進行一次誠實的對話，」格雷沃爾說。 「忘掉機構、巡迴法院和其他地方之間的分歧吧。弗利廣場同一法院的地區法官之間甚至沒有就 Howey 和數位資產達成共識。”

Ongoing Legal Battle Between SEC and Coinbase

SEC 和 Coinbase 之間正在進行的法律鬥爭

The latest filing marks another step in the ongoing legal dispute between the SEC and Coinbase. Previously, the agency accused Coinbase of operating as an unregistered exchange and raised concerns about its staking program potentially violating securities laws.

最新的文件標誌著 SEC 和 Coinbase 之間持續的法律糾紛又邁出了一步。此前，該機構指控 Coinbase 作為未經註冊的交易所運營，並對其質押計劃可能違反證券法表示擔憂。

The outcome of this case could have significant implications for the digital asset industry. If Coinbase is successful in its appeal, it could lead to a more favorable regulatory environment for cryptocurrency exchanges. However, if the SEC prevails, it could strengthen the agency's ability to regulate digital assets as securities.

此案的結果可能對數位資產產業產生重大影響。如果 Coinbase 的上訴成功，可能會為加密貨幣交易所帶來更有利的監管環境。然而，如果美國證券交易委員會獲勝，它可能會增強該機構將數位資產作為證券進行監管的能力。

The case is being closely watched by investors, industry participants, and legal experts alike. The next hearing in the case is scheduled for June 1, 2023.

此案受到投資者、行業參與者和法律專家的密切關注。該案的下一次聽證會定於 2023 年 6 月 1 日舉行。