Coinbase 加密诉讼引发对证券分类的担忧

加密货币交易所 Coinbase 面临六名用户的法律诉讼，他们指控该平台及其首席执行官布莱恩·阿姆斯特朗违反国家证券法，并声称该交易所不将加密代币作为证券进行交易，从而误导用户。该诉讼在加利福尼亚州北区提起，指控 Coinbase 将多种加密货币列为证券，并在法律模糊的生态系统中运营。原告声称，Coinbase 的商业模式错误地声明其“不出售证券”，他们寻求禁令救济、陪审团审判和全面撤销。 Coinbase 尚未对这起诉讼发表评论。

Amidst a backdrop of surging revenue, cryptocurrency exchange Coinbase now finds itself embroiled in a legal battle that threatens to cast a shadow over its operations. A group of six plaintiffs, alleging violations of state securities laws and deceptive practices by Coinbase, have filed a lawsuit in the United States District Court for the Northern District of California, San Francisco Division.

在收入激增的背景下，加密货币交易所 Coinbase 现在发现自己卷入了一场法律诉讼，这可能给其运营蒙上阴影。由六名原告组成的团体指控 Coinbase 违反州证券法和欺骗行为，已向美国加利福尼亚州北区旧金山分院提起诉讼。

The lawsuit asserts a pivotal claim: Coinbase's classification of certain cryptocurrencies, including Solana, Polygon, Near Protocol, Decentraland, Algorand, Uniswap, Tezos, and Stellar, as mere digital assets does not align with their true nature as securities. This discrepancy, according to the plaintiffs, constitutes a violation of state securities laws.

该诉讼提出了一个关键主张：Coinbase 将某些加密货币（包括 Solana、Polygon、Near Protocol、Decentraland、Algorand、Uniswap、Tezos 和 Stellar）分类为单纯的数字资产，与它们作为证券的真实性质不符。原告认为，这种差异构成了违反国家证券法的行为。

At the heart of the plaintiffs' argument lies Coinbase's alleged failure to register itself as a securities broker and its alleged failure to register the cryptocurrencies it offers for sale. This omission, they argue, has deprived investors of crucial information and protections.

原告争论的核心在于 Coinbase 据称未能将自己注册为证券经纪人，以及未能注册其出售的加密货币。他们认为，这种疏忽剥夺了投资者的重要信息和保护。

Coinbase's business model, as alleged by the plaintiffs, hinges on a misrepresentation: the assertion that it does not deal in securities. This claim, they argue, is nothing but a veil concealing the exchange's true nature as a securities broker.

正如原告所称，Coinbase 的商业模式取决于虚假陈述：声称它不从事证券交易。他们认为，这种说法只不过是掩盖了交易所作为证券经纪人的真实性质的面纱。

The lawsuit further alleges that Coinbase's user agreement explicitly acknowledges the crypto assets it sells as "securities," yet the exchange has not taken the necessary steps to comply with securities regulations. This discrepancy, the plaintiffs contend, demonstrates Coinbase's willful disregard for the law.

该诉讼进一步声称，Coinbase 的用户协议明确承认其出售的加密资产为“证券”，但该交易所尚未采取必要措施来遵守证券法规。原告认为，这种差异表明 Coinbase 故意无视法律。

The plaintiffs' legal strategy involves seeking injunctive relief through a jury trial and demanding a full rescission of Coinbase's actions. In essence, they are seeking to restore the status quo and prevent further harm to investors.

原告的法律策略包括通过陪审团审判寻求禁令救济，并要求全面撤销 Coinbase 的行动。本质上，他们正在寻求恢复现状并防止投资者受到进一步伤害。

Coinbase, as of this writing, has not issued an official statement regarding the lawsuit. However, previous statements made by the exchange indicate that it maintains the position that the sales of secondary crypto assets do not meet the legal criteria for securities transactions.

截至撰写本文时，Coinbase 尚未就该诉讼发表正式声明。不过，该交易所此前发表的声明表明，其仍认为二级加密资产的销售不符合证券交易的法律标准。

This legal battle is not without precedent. Coinbase has previously faced scrutiny for alleged violations of US securities laws. In January 2024, a federal judge in Manhattan questioned both Coinbase and the US securities regulator over their differing interpretations of when digital assets qualify as securities. The Securities and Exchange Commission (SEC) had filed a lawsuit against Coinbase, prompting the exchange to petition the court to dismiss the SEC's action.

这场法律斗争并非没有先例。 Coinbase 此前曾因涉嫌违反美国证券法而面临审查。 2024 年 1 月，曼哈顿的一名联邦法官质疑 Coinbase 和美国证券监管机构对数字资产何时符合证券资格的不同解释。美国证券交易委员会（SEC）对 Coinbase 提起诉讼，促使该交易所请求法院驳回 SEC 的诉讼。

Despite these legal challenges, Coinbase reported a surge in financial performance during the first quarter of 2024. The exchange reported total revenue of $1.6 billion and net income of $1.2 billion for Q1 2024. Additionally, Coinbase reported $1 billion in adjusted earnings before interest, taxes, depreciation, and amortization.

尽管存在这些法律挑战，Coinbase 报告称 2024 年第一季度的财务业绩大幅增长。该交易所报告 2024 年第一季度的总收入为 16 亿美元，净利润为 12 亿美元。此外，Coinbase 报告的调整后息税前利润为 10 亿美元、折旧和摊销。

The outcome of the lawsuit filed by the six plaintiffs remains uncertain. However, the allegations raised in the lawsuit underscore the complex regulatory landscape surrounding cryptocurrencies and the need for clear and consistent regulation. As the cryptocurrency market continues to evolve, regulators and lawmakers will need to strike a balance between fostering innovation and protecting investors.

六名原告提起的诉讼结果仍不确定。然而，诉讼中提出的指控凸显了围绕加密货币的复杂监管环境以及明确和一致监管的必要性。随着加密货币市场的不断发展，监管机构和立法者需要在促进创新和保护投资者之间取得平衡。