SEC 和 Coinbase 在曼哈顿就加密资产分类发生冲突

在加密货币行业的一个关键案件中，一位联邦法官对 Coinbase 和 SEC 就数字资产分类为证券的相互冲突的观点进行了审查。 Coinbase 试图驳回 SEC 指控其违反证券规则的诉讼，引发了关于证券的法律定义以及 SEC 视为投资合约的加密代币特征的激烈争论。法官的裁决将对 SEC 对数字资产领域的管辖权产生重大影响。

The SEC and Coinbase Clash Over the Classification of Digital Assets: A Pivotal Case Unveils Regulatory Uncertainty

SEC 和 Coinbase 在数字资产分类问题上的冲突：一个关键案例揭示了监管的不确定性

In a Manhattan federal courtroom on Wednesday, Judge Katherine Polk Failla presided over a highly anticipated hearing that pitted Coinbase, the largest cryptocurrency exchange in the United States, against the Securities and Exchange Commission (SEC). The central issue at hand was the contentious debate over whether digital assets, such as cryptocurrencies, constitute securities under U.S. law.

周三，在曼哈顿联邦法庭，法官 Katherine Polk Failla 主持了一场备受期待的听证会，美国最大的加密货币交易所 Coinbase 与美国证券交易委员会 (SEC) 展开了对峙。当前的中心问题是关于加密货币等数字资产是否构成美国法律规定的证券的争论。

The SEC has alleged that Coinbase facilitated the trading of at least 13 crypto tokens that should have been registered as securities. The agency claims that these tokens, including Solana, Cardano, and Polygon, are investment contracts that fall within the SEC's regulatory purview.

SEC 指控 Coinbase 促进了至少 13 种本应注册为证券的加密代币的交易。该机构声称，这些代币，包括 Solana、Cardano 和 Polygon，都是属于 SEC 监管权限的投资合约。

Coinbase, however, vehemently disputes this characterization. The company argues that crypto assets do not meet the definition of an investment contract, as laid out in the Securities Act of 1933 and further refined by Supreme Court precedent. Coinbase maintains that crypto tokens are not akin to traditional securities such as stocks or bonds, which involve an investment in a common enterprise with the expectation of profit.

然而，Coinbase 强烈反对这种描述。该公司辩称，加密资产不符合 1933 年《证券法》中规定的投资合同的定义，并由最高法院的先例进一步细化。 Coinbase 认为，加密代币与股票或债券等传统证券不同，后者涉及对普通企业的投资并期望获得利润。

During the four-hour hearing, Judge Failla engaged in a thorough examination of both sides' arguments, scrutinizing the legal criteria used to define securities and the specific attributes of the crypto tokens in question. She raised concerns about the SEC's request to broaden the definition of a security, expressing particular skepticism regarding the agency's attempt to equate crypto tokens with investment contracts.

在四个小时的听证会上，法伊拉法官对双方的论点进行了彻底审查，仔细审查了用于定义证券的法律标准以及相关加密代币的具体属性。她对美国证券交易委员会扩大证券定义的要求表示担忧，对该机构试图将加密代币与投资合同等同起来表示特别怀疑。

The SEC's assistant chief litigation counsel, Patrick Costello, argued that the crypto tokens at the heart of the case support a larger "enterprise," making them akin to an investment contract. He contended that when the value of the network or ecosystem increases, so does the value of the associated token.

美国证券交易委员会助理首席诉讼律师帕特里克·科斯特洛（Patrick Costello）辩称，本案核心的加密代币支持一个更大的“企业”，使它们类似于投资合同。他认为，当网络或生态系统的价值增加时，相关代币的价值也会增加。

Coinbase's lawyers, in contrast, emphasized that buyers of crypto tokens were not entering into contracts that entitled them to the proceeds of a common enterprise. They maintained that the SEC's allegations were not supported by the facts and the law.

相比之下，Coinbase 的律师强调，加密代币的买家并没有签订使他们有权获得普通企业收益的合同。他们坚称SEC的指控没有事实和法律支持。

The outcome of this case has far-reaching implications for the burgeoning cryptocurrency industry. A ruling in favor of the SEC would significantly expand the agency's authority over digital assets, potentially requiring platforms like Coinbase to register certain tokens as securities. This could impose significant compliance burdens and regulatory oversight on the industry.

此案的结果对蓬勃发展的加密货币行业具有深远的影响。有利于 SEC 的裁决将显着扩大该机构对数字资产的权力，可能会要求 Coinbase 等平台将某些代币注册为证券。这可能会给该行业带来巨大的合规负担和监管监督。

Conversely, a ruling in favor of Coinbase would provide greater clarity and certainty for businesses operating in the cryptocurrency space. It would suggest that digital assets can exist outside the SEC's jurisdiction, allowing the industry to continue innovating and growing without the specter of securities regulation.

相反，有利于 Coinbase 的裁决将为在加密货币领域运营的企业提供更大的清晰度和确定性。这意味着数字资产可以存在于 SEC 管辖范围之外，从而使该行业能够在不受证券监管的情况下继续创新和发展。

Judge Failla did not issue a ruling from the bench, indicating that she was still considering the complex legal issues involved. Her ultimate decision will be closely watched by industry participants, legal experts, and regulators alike.

法伊拉法官没有做出法官裁决，表明她仍在考虑所涉及的复杂法律问题。她的最终决定将受到行业参与者、法律专家和监管机构的密切关注。

SEC's Evolving Approach to Cryptocurrency Regulation

SEC 不断发展的加密货币监管方法

The lawsuit against Coinbase is part of a broader shift in the SEC's approach to cryptocurrency regulation. Under the leadership of Chairman Gary Gensler, the agency has adopted a more aggressive stance, targeting not only companies selling digital tokens but also entities offering trading platforms and clearing services.

针对 Coinbase 的诉讼是 SEC 加密货币监管方式更广泛转变的一部分。在董事长加里·詹斯勒 (Gary Gensler) 的领导下，该机构采取了更为激进的立场，不仅针对销售数字代币的公司，还针对提供交易平台和清算服务的实体。

Gensler has repeatedly asserted that many crypto assets meet the definition of a security and should be subject to SEC registration and oversight. This view has drawn criticism from some industry participants, who argue that the SEC is overreaching its authority and stifling innovation.

Gensler 一再声称，许多加密资产符合证券的定义，应该接受 SEC 的注册和监督。这一观点引起了一些行业参与者的批评，他们认为 SEC 超越了其权威并扼杀了创新。

The Coinbase case will serve as a test of the SEC's ability to extend its regulatory reach into the cryptocurrency realm. If the agency prevails, it could embolden the SEC to pursue further enforcement actions against exchanges and other crypto businesses.

Coinbase 案件将考验 SEC 将监管范围扩展到加密货币领域的能力。如果该机构获胜，它可能会鼓励美国证券交易委员会对交易所和其他加密业务采取进一步的执法行动。

The Major Questions Doctrine: A Legal Obstacle for the SEC?

主要问题原则：SEC 的法律障碍？

Coinbase has also argued that the SEC's lawsuit implicates the so-called "major questions doctrine." This legal principle holds that federal agencies cannot regulate matters of vast economic or political significance without specific authorization from Congress.

Coinbase 还辩称，SEC 的诉讼涉及所谓的“重大问题主义”。这一法律原则认为，未经国会特别授权，联邦机构不能监管具有重大经济或政治意义的事务。

Coinbase contends that the SEC's attempt to regulate digital assets as securities is a "major question" that requires explicit congressional action. The SEC, however, has dismissed this argument, arguing that it has broad authority to regulate investment contracts and has been doing so for decades.

Coinbase 认为，SEC 将数字资产作为证券进行监管的尝试是一个“重大问题”，需要国会采取明确的行动。然而，美国证券交易委员会驳回了这一论点，称其拥有广泛的权力来监管投资合同，并且几十年来一直这样做。

The major questions doctrine has the potential to limit the SEC's ability to regulate cryptocurrency. If Judge Failla accepts Coinbase's argument, it could provide a significant setback to the agency's efforts to assert jurisdiction over the industry.

重大问题原则有可能限制 SEC 监管加密货币的能力。如果 Failla 法官接受 Coinbase 的论点，可能会对该机构维护该行业管辖权的努力造成重大挫折。

Staking Program Under Scrutiny

质押计划正在接受审查

In addition to the classification of crypto tokens as securities, the SEC has also targeted Coinbase's "staking" program. Staking involves pooling assets to verify activity on blockchain networks and taking commissions in exchange for "rewards" to customers. The SEC maintains that this program should have been registered with the agency.

除了将加密代币归类为证券之外，SEC 还针对 Coinbase 的“质押”计划。质押涉及汇集资产以验证区块链网络上的活动，并收取佣金以换取客户的“奖励”。 SEC 坚持认为该计划应该已在该机构注册。

Coinbase has defended its staking program, arguing that it is not akin to a securities offering. The company contends that the rewards earned by customers are not akin to dividends or profits but rather a technical necessity for maintaining the integrity of the blockchain network.

Coinbase 为其质押计划进行了辩护，称其与证券发行不同。该公司认为，客户获得的奖励并不类似于股息或利润，而是维护区块链网络完整性的技术必需品。

The SEC's pursuit of Coinbase's staking program highlights the agency's growing scrutiny of this emerging area of cryptocurrency activity. It remains to be seen how Judge Failla will rule on this matter and whether it will have implications for other staking programs offered by exchanges and other businesses.

SEC 对 Coinbase 的质押计划的追查突显了该机构对这一新兴加密货币活动领域的日益严格的审查。法伊拉法官将如何对此事做出裁决，以及这是否会对交易所和其他企业提供的其他质押项目产生影响，还有待观察。

Conclusion

结论

The SEC's lawsuit against Coinbase has thrust the issue of cryptocurrency regulation into the legal spotlight. The outcome of the case will have far-reaching implications for the industry, determining the extent to which digital assets will be subject to SEC oversight.

美国证券交易委员会对 Coinbase 的诉讼将加密货币监管问题推向了法律关注的焦点。该案的结果将对行业产生深远影响，决定数字资产将在多大程度上受到 SEC 的监管。

Judge Failla's ruling is expected to provide greater clarity and certainty regarding the regulatory landscape for cryptocurrency. The decision will be closely analyzed by industry participants, legal professionals, and regulators, shaping the future of this rapidly evolving sector.

法伊拉法官的裁决预计将为加密货币的监管环境提供更大的清晰度和确定性。该决定将由行业参与者、法律专业人士和监管机构仔细分析，塑造这个快速发展行业的未来。