Coinbase 因数字资产分类误导而被提起证券诉讼

Coinbase 正面临个人投诉人违反证券法的指控。投诉人声称，该交易所故意无视证券法，并且包括 SOL、MATIC 和 UNI 在内的多种加密货币都是证券。 Coinbase 也被提起集体诉讼，声称该交易所欺骗投资者购买证券。 Coinbase 已就本案的关键问题“投资合同”的定义向 SEC 提出中间上诉。

Coinbase Accused of Securities Law Violations in Class Action Lawsuit

Coinbase 在集体诉讼中被指控违反证券法

Cryptocurrency exchange Coinbase faces allegations of securities law violations stemming from a class action lawsuit filed by five plaintiffs against the company and its CEO, Brian Armstrong. The complaint, filed in federal court in California, alleges that Coinbase engaged in deceptive practices to induce investors into purchasing securities under the guise of digital assets.

加密货币交易所 Coinbase 面临违反证券法的指控，该诉讼源于五名原告对该公司及其首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 提起的集体诉讼。该诉状向加利福尼亚州联邦法院提起，指控 Coinbase 从事欺骗行为，以数字资产为幌子诱导投资者购买证券。

Allegations of Securities Violations

证券违规指控

The plaintiffs claim that Coinbase knowingly and persistently disregarded securities laws of California and Florida. They allege that Coinbase represented itself as a "Securities Broker" in its user agreement, implying that it was offering digital assets as securities alongside investment contracts and other products. This classification subjects the exchange to the regulations governing securities brokers/dealers.

原告声称 Coinbase 故意并持续无视加利福尼亚州和佛罗里达州的证券法。他们声称，Coinbase 在其用户协议中将自己描述为“证券经纪人”，这意味着它正在提供数字资产作为证券以及投资合约和其他产品。这种分类使交易所遵守管理证券经纪人/交易商的法规。

The complaint further alleges that Coinbase's Coinbase Earn accounts violated securities laws by promising high returns. The plaintiffs argue that these accounts effectively acted as investment contracts, offering investors the expectation of profit from Coinbase's efforts.

起诉书进一步指控 Coinbase 的 Coinbase Earn 账户承诺高回报，违反了证券法。原告辩称，这些账户实际上充当了投资合同，为投资者提供了从 Coinbase 的努力中获利的预期。

Securities Designation of Specific Cryptocurrencies

特定加密货币的证券指定

In the lawsuit, the plaintiffs specifically identify SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ, and XLM as securities. They argue that these cryptocurrencies meet the legal definition of securities because they represent investment contracts that entitle holders to expect profits based on the efforts of others, namely Coinbase.

在诉讼中，原告明确将 SOL、MATIC、NEAR、MANA、ALGO、UNI、XTZ 和 XLM 视为证券。他们认为，这些加密货币符合证券的法律定义，因为它们代表了投资合同，持有人有权期望基于其他人（即 Coinbase）的努力获得利润。

Demand for Relief

救济需求

The plaintiffs seek a jury trial and various remedies, including injunctive relief to prevent Coinbase from continuing its alleged misconduct, statutory damages under state law, and full rescission of any purchases made as a result of the company's deceptive practices.

原告寻求陪审团审判和各种补救措施，包括禁止 Coinbase 继续其涉嫌不当行为的禁令、州法律规定的法定损害赔偿，以及全面撤销因该公司的欺骗行为而进行的任何购买。

Coinbase's Legal Battle with the SEC

Coinbase 与 SEC 的法律斗争

The allegations raised in the class action lawsuit echo similar concerns expressed by the U.S. Securities and Exchange Commission (SEC) in a separate investigation. The SEC has asserted that certain cryptocurrencies, including those listed in the lawsuit, should be classified as securities and regulated accordingly.

集体诉讼中提出的指控与美国证券交易委员会（SEC）在另一项调查中表达的类似担忧相呼应。美国证券交易委员会声称，某些加密货币，包括诉讼中列出的加密货币，应归类为证券并接受相应监管。

Coinbase has mounted legal challenges to the SEC's interpretation of the law. The company's former Chief Legal Officer, Paul Grewal, argued that the Second Circuit Court of Appeals and the Supreme Court have both ruled that secondary transactions of cryptocurrencies do not qualify as securities due to the absence of investment contracts.

Coinbase 对 SEC 对该法律的解释提出了法律挑战。该公司前首席法务官 Paul Grewal 辩称，第二巡回上诉法院和最高法院均裁定，由于缺乏投资合同，加密货币的二级交易不符合证券的资格。

Implications for Coinbase and the Crypto Industry

对 Coinbase 和加密货币行业的影响

The outcome of both the class action lawsuit and the SEC's investigation will have significant implications for Coinbase and the cryptocurrency industry as a whole. If Coinbase is found to have violated securities laws, it could face substantial fines and penalties. Moreover, it could set a precedent for the regulation of digital assets and impact the way other exchanges operate.

集体诉讼和 SEC 调查的结果将对 Coinbase 和整个加密货币行业产生重大影响。如果 Coinbase 被发现违反了证券法，它可能会面临巨额罚款和处罚。此外，它可能为数字资产的监管开创先例，并影响其他交易所的运营方式。

The allegations against Coinbase highlight the ongoing debate over the legal classification of cryptocurrencies. While some argue that they should be treated as commodities, others contend that they meet the criteria of securities and should be subject to stricter oversight. The resolution of these legal issues will help shape the future of the cryptocurrency market and the role of exchanges like Coinbase.

针对 Coinbase 的指控凸显了有关加密货币法律分类的持续争论。虽然一些人认为它们应该被视为商品，但另一些人则认为它们符合证券标准，应该受到更严格的监管。这些法律问题的解决将有助于塑造加密货币市场的未来以及 Coinbase 等交易所的作用。