Coinbase 在 SEC 摊牌中赢得部分胜利，获得 Howey 测试文件的访问权

Coinbase 与美国证券交易委员会 (SEC) 之间的高风险对决发生了戏剧性的转折，一名纽约法官部分批准了该公司对关键文件的竞标。

A New York judge has partially approved Coinbase’s bid for crucial documents in its high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC). This ruling could have broader implications for the regulatory landscape of cryptocurrency exchanges in the U.S.

纽约一名法官部分批准了 Coinbase 在与美国证券交易委员会 (SEC) 的高风险法律战中获取关键文件的请求。这一裁决可能对美国加密货币交易所的监管格局产生更广泛的影响

The SEC has accused Coinbase of operating an unregistered exchange, a charge that the company has flatly denied. As the case enters the discovery phase, Coinbase has sought information on how the SEC classifies tokens as securities.

美国证券交易委员会指控 Coinbase 运营未经注册的交易所，但该公司断然否认了这一指控。随着案件进入调查阶段，Coinbase 已寻求有关 SEC 如何将代币归类为证券的信息。

Judge Katherine Polk Failla’s decision grants Coinbase access to documents related to the Howey Test, a key legal tool used to determine whether an asset qualifies as a security. However, the victory is somewhat tempered.

法官凯瑟琳·波尔克·法拉 (Katherine Polk Failla) 的裁决允许 Coinbase 访问与 Howey Test 相关的文件，Howey Test 是用于确定资产是否符合证券资格的关键法律工具。然而，这场胜利却有些缓和。

The SEC will not be required to produce internal papers if external schedules accompany them. Additionally, the court has rejected the companies’ attempt to subpoena SEC Chairman Gary Gensler for testimony.

如果附有外部时间表，美国证券交易委员会将不需要提供内部文件。此外，法院还驳回了两家公司传唤 SEC 主席加里·詹斯勒 (Gary Gensler) 作证的企图。

Coinbase had initially sought Gensler’s views on cryptocurrencies dating back to 2017, but later narrowed its request to focus only on statements made during his time at the SEC. However, the court dismissed this as irrelevant to the core issues of the case.

Coinbase 最初曾征求 Gensler 自 2017 年以来对加密货币的看法，但后来缩小了要求，仅关注他在 SEC 任职期间发表的声明。但法院以与案件核心问题无关为由予以驳回。

Coinbase’s Chief Legal Officer, Paul Grewal, struck a note of cautious optimism. He acknowledged that while the court imposed some restrictions, it still compelled the SEC to hand over documents that could be pivotal to their defense.

Coinbase 首席法务官 Paul Grewal 表达了谨慎乐观的态度。他承认，虽然法院施加了一些限制，但仍然迫使 SEC 交出可能对他们的辩护至关重要的文件。

"Coinbase got what we asked for on the Howey Test, which will help us show that the SEC has no basis to sue over any of the tokens we offer on our exchange," said Grewal.

Grewal 表示：“Coinbase 在 Howey 测试中满足了我们的要求，这将帮助我们证明 SEC 没有依据对我们在交易所提供的任何代币提起诉讼。”

This legal battle, which began earlier this year, pits Coinbase against the SEC’s claim that it has been operating without proper registration. While Grewal and the company have abandoned their request for Gensler’s communications, the firm continues its discovery efforts.

这场始于今年早些时候的法律诉讼让 Coinbase 与美国证券交易委员会 (SEC) 展开了对峙，后者称其在未经适当注册的情况下运营。虽然 Grewal 和该公司已经放弃了对 Gensler 通信的请求，但该公司仍在继续其发现工作。

The judge’s ruling, allowing the company access to SEC documents related to the Howey Test, signals a potential shift in how regulatory frameworks are applied to crypto exchanges. By prying open the SEC’s reasoning, this case could redefine the playing field for future crypto regulations, shaping the compliance landscape for the entire industry.

法官的裁决允许该公司获取与 Howey 测试相关的 SEC 文件，这标志着监管框架如何应用于加密货币交易所的潜在转变。通过撬开 SEC 的推理，此案可能会重新定义未来加密货币监管的竞争环境，从而塑造整个行业的合规格局。