SEC 诉 Coinbase：区块链协会专家分析裁决，看到加密货币交易所的胜利和挑战

区块链协会总法律顾问 Marisa Tashman Coppel 提供了她对 SEC 最近针对 Coinbase 案件的法院命令的分析。 Coppel 对 SEC 驳回 Coinbase Wallet 作为未注册经纪商运营的指控表示欢迎，称其为“DeFi 的巨大胜利”，但对法院对“生态系统”的广泛定义以及代币因其依赖绩效而属于投资合约的论点表示担忧代币生态系统。

SEC v. Coinbase: Blockchain Association's Legal Counsel Weighs In on Preliminary Ruling

SEC 诉 Coinbase：区块链协会法律顾问对初步裁决发表意见

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase, the Blockchain Association's Legal Counsel, Marisa Tashman Coppel, has provided her analysis of the recent court order, highlighting both potential victories and challenges for Coinbase.

在美国证券交易委员会 (SEC) 和加密货币交易所 Coinbase 之间正在进行的法律斗争中，区块链协会的法律顾问 Marisa Tashman Coppel 对最近的法院命令进行了分析，强调了 Coinbase 的潜在胜利和挑战。

Dismissal of Brokerage Allegations

驳回经纪指控

Coppel applauds the court's decision to dismiss the SEC's claim that Coinbase Wallet operates as an unregistered broker. She views this as a significant win for decentralized finance (DeFi) and peer-to-peer technology developers. By rejecting the SEC's assertion, the court has prevented an overly broad interpretation of brokerage activities under existing securities regulations.

Coppel 对法院驳回 SEC 关于 Coinbase Wallet 作为未注册经纪人运营的指控的决定表示赞赏。她认为这对于去中心化金融（DeFi）和点对点技术开发商来说是一次重大胜利。通过驳回 SEC 的主张，法院避免了对现行证券法规下的经纪活动进行过于宽泛的解释。

Ongoing Claims

持续索赔

However, the court did allow the SEC's other claims to proceed, including allegations of the sale of unregistered securities. While Coppel acknowledges that this is not an ideal outcome, she emphasizes that it provides Coinbase with an opportunity to engage in the discovery process and gather evidence that could strengthen their defense.

然而，法院确实允许 SEC 的其他索赔继续进行，包括出售未注册证券的指控。虽然 Coppel 承认这不是一个理想的结果，但她强调，这为 Coinbase 提供了参与发现过程并收集可以加强防御的证据的机会。

Preliminary Nature of Proceedings

诉讼的初步性质

Coppel cautions that the current stage of the proceedings is preliminary, and the court is required to accept the SEC's allegations as true for the purposes of considering the motion to dismiss. As discovery progresses, she expects closer scrutiny of key issues such as token decentralization, the role of token holders, and the application of investment contract analysis.

科佩尔警告说，目前的诉讼阶段是初步的，法院必须接受 SEC 的指控，才能考虑驳回动议。随着发现的进展，她预计对代币去中心化、代币持有者的角色以及投资合约分析的应用等关键问题进行更严格的审查。

Concerns over Expansive "Ecosystem" Definition

对广泛的“生态系统”定义的担忧

Coppel expresses particular concern over the court's expansive definition of "ecosystem" in its analysis of whether tokens are investment contracts. She argues that the court's reasoning, if applied broadly, could potentially classify a wide range of collectibles and even luxury items as unregistered securities. To illustrate her point, she cites the example of Lakers season tickets, which, while tied to the performance of the team, are not typically considered investment contracts.

科佩尔对法院在分析代币是否属于投资合约时对“生态系统”的广泛定义表示特别担忧。她认为，法院的推理如果广泛适用，可能会将多种收藏品甚至奢侈品归类为未注册证券。为了说明她的观点，她引用了湖人队季票的例子，虽然季票与球队的表现挂钩，但通常不被视为投资合同。

Optimism for Coinbase's Defense

对 Coinbase 防御的乐观态度

Despite the court's decision to allow the SEC's other claims to proceed, Coppel remains optimistic about Coinbase's chances in the case. She praises Coinbase's legal team, led by Paul Grewal, as "some of the best lawyers in the world" and highlights the strength of their arguments. She also notes that courts are generally reluctant to grant full dismissal of claims against government agencies at this early stage.

尽管法院决定允许 SEC 的其他索赔继续进行，但 Coppel 仍然对 Coinbase 在此案中的胜算持乐观态度。她称赞 Paul Grewal 领导的 Coinbase 法律团队是“世界上最好的律师之一”，并强调了他们的论点的力量。她还指出，法院通常不愿意在早期阶段完全驳回针对政府机构的索赔。

Implications for Future Crypto Cases

对未来加密案件的影响

While the SEC may attempt to use this ruling as support for its positions in other crypto-related cases, Coppel hopes that courts will exercise caution in relying too heavily on an opinion rendered before any factual discovery has taken place. She believes that the specific facts of each case should be considered in determining whether tokens constitute securities.

虽然 SEC 可能会尝试利用这一裁决来支持其在其他加密货币相关案件中的立场，但 Coppel 希望法院在过度依赖任何事实发现之前所提供的意见时保持谨慎。她认为，在确定代币是否构成证券时，应考虑每个案件的具体事实。

In conclusion, the Blockchain Association's analysis of the preliminary ruling in SEC v. Coinbase highlights both potential victories and challenges for the cryptocurrency exchange. While the dismissal of the brokerage allegations is a positive development for DeFi, Coinbase still faces ongoing claims from the SEC. As the case progresses through the discovery process, the court's scrutiny of key issues will shape the ultimate outcome.

总之，区块链协会对 SEC 诉 Coinbase 案初步裁决的分析强调了加密货币交易所的潜在胜利和挑战。虽然经纪指控被驳回对 DeFi 来说是一个积极的进展，但 Coinbase 仍面临 SEC 的持续指控。随着案件在证据开示过程中取得进展，法院对关键问题的审查将决定最终结果。