Coinbase 遭遇集体诉讼，被指控安全失实陈述

Coinbase 面临投资者的集体诉讼，指控其在其交易所出售未经注册的加密资产证券。诉状称，Coinbase 在未经适当注册的情况下出售 Solana、Polygon 和 Uniswap 等证券代币，违反了州证券法，并歪曲其“证券经纪人”的身份，从而误导了投资者。该诉讼寻求损失赔偿以及停止销售这些代币的禁令。

Coinbase Investors Allege Deception in Class Lawsuit, Escalating Legal Woes for Crypto Exchange

Coinbase 投资者指控集体诉讼中存在欺诈行为，加密货币交易所的法律困境不断升级

A group of investors has filed a class lawsuit against cryptocurrency exchange Coinbase and its CEO, Brian Armstrong, accusing them of misleading investors into purchasing unregistered crypto asset securities. This legal challenge adds to the mounting troubles facing Coinbase as regulators increase scrutiny over the crypto market.

一群投资者对加密货币交易所 Coinbase 及其首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 提起集体诉讼，指控他们误导投资者购买未注册的加密资产证券。随着监管机构加强对加密货币市场的审查，这一法律挑战加剧了 Coinbase 面临的日益严重的麻烦。

Allegations of Securities Violations

证券违规指控

The plaintiffs allege that Coinbase violated state securities laws by selling securities tokens without registering them with the appropriate authorities. These tokens, including Solana (SOL), Polygon (MATIC), Near Protocol (NEAR), Decentraland (MANA), Algorand (ALGO), Uniswap (UNI), Tezos (XTZ), and Stellar (XLM), are considered investment contracts under the law and require registration to protect investors.

原告指控 Coinbase 在未向有关当局注册的情况下出售证券代币，违反了州证券法。这些代币包括 Solana (SOL)、Polygon (MATIC)、Near Protocol (NEAR)、Decentraland (MANA)、Algorand (ALGO)、Uniswap (UNI)、Tezos (XTZ) 和 Stellar (XLM)，均被视为投资合约根据法律并要求注册以保护投资者。

Evidence of Securities Intent

证券意图的证据

The investors point to Coinbase's self-designation as a "Securities Broker" in its user agreement as evidence of its intent to operate within the securities framework. Additionally, Coinbase Prime, its brokerage platform for institutional investors, is claimed to function as a securities broker. These assertions strengthen the plaintiffs' argument that Coinbase intended to treat the tokens as securities.

投资者指出，Coinbase 在其用户协议中自称为“证券经纪人”，这证明了其有意在证券框架内运营。此外，其面向机构投资者的经纪平台 Coinbase Prime 据称也具有证券经纪人的功能。这些主张强化了原告的论点，即 Coinbase 打算将代币视为证券。

Class Action and Relief Sought

集体诉讼和寻求救济

Through this class action, the investors seek compensation for their losses and an injunction to prevent Coinbase from continuing to sell these unregistered tokens. This is not the first time Coinbase has faced allegations of selling unregistered securities. In March 2022, three investors sued the exchange for violating federal securities law, claiming that 79 tokens offered by Coinbase were unregistered securities.

通过此次集体诉讼，投资者寻求赔偿损失，并寻求禁令，以阻止 Coinbase 继续出售这些未注册的代币。这并不是 Coinbase 第一次面临出售未注册证券的指控。 2022 年 3 月，三名投资者起诉该交易所违反联邦证券法，声称 Coinbase 提供的 79 种代币是未经注册的证券。

Regulatory Scrutiny and Challenges

监管审查和挑战

In April 2024, a court ruled that cryptocurrencies traded on Coinbase did not violate the Securities Exchange Act, as they were traded in secondary markets where users purchased from each other rather than directly from the exchange. It is unclear whether Coinbase will employ a similar defense strategy in this latest lawsuit. The exchange may also argue that the tokens in question should not be subject to the same regulations.

2024 年 4 月，法院裁定，在 Coinbase 上交易的加密货币并不违反《证券交易法》，因为它们是在二级市场上交易的，用户在二级市场上相互购买，而不是直接从交易所购买。目前尚不清楚 Coinbase 是否会在这起最新诉讼中采用类似的辩护策略。交易所还可能辩称，相关代币不应受到同样的监管。

Ongoing Legal Battle with SEC

与 SEC 正在进行的法律斗争

This class lawsuit is separate from an ongoing legal battle between Coinbase and the US Securities and Exchange Commission (SEC). However, both cases focus on whether crypto tokens sold on Coinbase qualify as securities and if the exchange should comply with securities regulations.

该集体诉讼与 Coinbase 和美国证券交易委员会 (SEC) 之间正在进行的法律战不同。然而，这两个案例都集中在 Coinbase 上出售的加密代币是否符合证券资格以及交易所是否应遵守证券法规。

Financial Performance Despite Legal Hurdles

尽管存在法律障碍，但财务业绩

Despite these legal challenges, Coinbase reported strong financial performance in its Q1/2024 report. Total revenue reached $1.6 billion, with net income exceeding $1 billion, surpassing 2023 results. The report showed growth across various segments, including consumer transactions, institutional transactions, and Coinbase Prime. Positive market performance and the launch of Bitcoin exchange-traded funds (ETFs) in the US contributed to this success. However, analysts express concern that the legal uncertainties could impact the company's long-term performance.

尽管存在这些法律挑战，Coinbase 在其 2024 年第一季度报告中报告了强劲的财务业绩。总收入达到16亿美元，净利润超过10亿美元，超过2023年的业绩。该报告显示了各个领域的增长，包括消费者交易、机构交易和 Coinbase Prime。积极的市场表现以及比特币交易所交易基金（ETF）在美国的推出促成了这一成功。然而，分析师担心法律不确定性可能会影响该公司的长期业绩。

Ongoing Debate on Crypto Regulation

关于加密货币监管的持续争论

The lawsuit underscores the ongoing debate about crypto regulation, particularly regarding the classification of tokens. Coinbase has repeatedly called on the SEC to provide clear and comprehensive regulations for crypto, as the current lack of guidance creates uncertainty for investors and businesses operating in the crypto space.

该诉讼凸显了有关加密货币监管的持续争论，特别是有关代币分类的争论。 Coinbase 多次呼吁 SEC 为加密货币提供清晰、全面的监管，因为目前缺乏指导给加密货币领域的投资者和企业带来了不确定性。

SEC's Recent Actions

SEC 的近期行动

In March 2024, a US court rejected Coinbase's motion to dismiss the SEC's lawsuit, ruling that the SEC had sufficient evidence to support its allegations. The court also found that Coinbase's staking service could be considered a security, similar to an investment contract. However, the court found no connection between Coinbase's wallet product and securities.

2024年3月，美国一家法院驳回了Coinbase驳回SEC诉讼的动议，裁定SEC有足够的证据支持其指控。法院还发现，Coinbase 的质押服务可以被视为一种证券，类似于投资合同。然而，法院认为Coinbase的钱包产品与证券之间没有联系。

Crypto Industry Facing Lawsuits

加密行业面临诉讼

Coinbase is not alone in facing legal challenges from regulators. Other crypto entities, such as Kraken, Binance, Uniswap Labs, and Consensys, are also embroiled in lawsuits with the SEC. These companies have vowed to contest the agency's legal action, underscoring the industry's determination to resist regulatory overreach.

Coinbase 并不是唯一一家面临监管机构法律挑战的公司。 Kraken、Binance、Uniswap Labs 和 Consensys 等其他加密货币实体也卷入了与 SEC 的诉讼。这些公司发誓要对该机构的法律行动提出异议，突显该行业抵制监管越权的决心。