SEC 宣布在 Coinbase 平台上交易的加密资产作为证券

在一项关键裁决中，法院做出了有利于 SEC 反对 Coinbase 的裁决，认定 Coinbase 的质押计划构成未注册的证券发行。法院发现，Coinbase 在没有必要注册的情况下充当了交易所、经纪商和清算机构，这突显了围绕数字资产分类和监管的持续争论。

Can Crypto Assets Pass the Securities Test?

加密资产能否通过证券测试？

The courtroom drama between Coinbase and the SEC has taken a decisive turn, with the judge siding firmly with the regulatory watchdog. The ruling centers around the thorny issue of digital asset classification and the legal frameworks that govern their trading.

Coinbase 和 SEC 之间的法庭戏剧发生了决定性的转变，法官坚定地站在监管机构一边。该裁决围绕数字资产分类和管理其交易的法律框架这一棘手问题展开。

Coinbase: Exchange, Broker, Clearinghouse Without a License?

Coinbase：没有许可证的交易所、经纪商、清算所？

The court found Coinbase guilty of operating as an exchange, broker, and clearinghouse without the proper registrations. The SEC's microscope focused on the company's Staking Program, which the agency alleges was an unregistered securities offering.

法院判定 Coinbase 在未经适当注册的情况下作为交易所、经纪商和清算所运营。美国证券交易委员会的显微镜重点关注该公司的质押计划，该机构声称该计划是未经注册的证券发行。

What's Considered a Security?

什么被视为证券？

At the heart of this legal battle is the SEC's assertion that Coinbase offered a range of crypto assets for trading that it deems as securities. These assets include popular cryptocurrencies like SOL, ADA, ICP, and MATIC. By facilitating transactions in these assets without registering, Coinbase allegedly violated federal securities laws.

这场法律战的核心是 SEC 声称 Coinbase 提供了一系列其视为证券的加密资产进行交易。这些资产包括 SOL、ADA、ICP 和 MATIC 等流行的加密货币。 Coinbase 涉嫌在未注册的情况下促进这些资产的交易，违反了联邦证券法。

Coinbase's Platform Under Scrutiny

Coinbase 平台受到审查

Coinbase's platform, along with its Prime and Wallet services, has been under scrutiny for potentially enabling the trade of digital assets as investment contracts, thus classifying them as securities.

Coinbase 的平台及其 Prime 和 Wallet 服务一直受到审查，因为它可能使数字资产交易成为投资合约，从而将其归类为证券。

SEC's Argument Prevails

SEC 的论点成立

The court ruling supports the SEC's argument that these crypto assets traded on Coinbase's platform meet the definition of "securities" under U.S. law. This ruling places Coinbase under the obligation to register as an exchange, broker, and clearing agency.

法院裁决支持 SEC 的论点，即在 Coinbase 平台上交易的这些加密资产符合美国法律对“证券”的定义。该裁决规定 Coinbase 有义务注册为交易所、经纪商和清算机构。

The "Major Questions Doctrine" and More

“重大问题主义”等

The court also addressed Coinbase's arguments invoking the "Major Questions Doctrine," the Due Process Clause, and the Administrative Procedure Act. However, none of these arguments persuaded the judge to overturn the SEC's designation of the crypto assets in question as securities.

法院还援引了“重大问题原则”、正当程序条款和行政程序法来处理 Coinbase 的论点。然而，这些论点都没有说服法官推翻 SEC 将相关加密资产指定为证券的决定。

SEC's Boundaries of Authority

SEC 的权限范围

The ruling emphasizes the SEC's authority to regulate new technologies and financial instruments within the scope of existing securities laws. The court held that the cryptocurrency industry has not yet gained the "vast economic and political significance" that would trigger a more cautious approach under the Major Questions Doctrine.

该裁决强调了美国证券交易委员会在现有证券法范围内监管新技术和金融工具的权力。法院认为，加密货币行业尚未获得“巨大的经济和政治意义”，因此无法根据“重大问题原则”采取更加谨慎的态度。

Coinbase's Wallet Service: Not Exempt

Coinbase 的钱包服务：不豁免

Despite Coinbase's defense of its Wallet service, the court agreed with the SEC that Coinbase used this service to act as an unauthorized broker, albeit with certain qualifications.

尽管 Coinbase 对其钱包服务进行了辩护，但法院同意 SEC 的观点，即 Coinbase 使用该服务充当未经授权的经纪人，尽管有一定的资格。

Coinbase Stock Takes a Hit

Coinbase 股票遭受重创

The ruling has had an immediate impact on Coinbase's stock price, which has plunged since the announcement. This reflects the market's reaction to the legal uncertainty surrounding the company's operations.

该裁决对 Coinbase 的股价产生了直接影响，自宣布以来该股价已暴跌。这反映了市场对公司运营法律不确定性的反应。

Conclusion

结论

The court's ruling leaves Coinbase facing a regulatory quandary. The company must now navigate the complex landscape of securities regulations while determining how it will modify its operations in light of this decision. The broader implications for the cryptocurrency industry remain to be seen, as the SEC continues to assert its authority in this rapidly evolving market.

法院的裁决使 Coinbase 面临监管困境。该公司现在必须应对复杂的证券法规，同时确定如何根据这一决定调整其运营。随着美国证券交易委员会继续在这个快速发展的市场中维护其权威，对加密货币行业的更广泛影响仍有待观察。