SEC 拒绝 Coinbase 重新考虑数字资产分类的请求

美国证券交易委员会 (SEC) 对 Coinbase 的中间上诉动议提出反对，认为法院不应受理 Coinbase 重新评估证券法对数字资产的适用性的请求。 SEC 认为，Coinbase 试图围绕“控制问题”提出中间上诉，是为了操纵对该问题的解释，而且没有法院遵循托雷斯法官在 Ripple 案件中的裁决。

Securities and Exchange Commission Rebuts Coinbase's Appeal in Digital Assets Case

美国证券交易委员会驳回 Coinbase 在数字资产案中的上诉

New York, May 11, 2023 - The United States Securities and Exchange Commission (SEC) has filed an opposition brief against Coinbase's motion for an interlocutory appeal in its ongoing case against Ripple Labs. In this latest filing, the SEC sharply criticized Judge Analisa Torres's decision in the Ripple case and argued that Coinbase's attempt to reassess the application of securities law to digital assets is unfounded.

纽约，2023 年 5 月 11 日 - 美国证券交易委员会 (SEC) 已针对 Coinbase 在针对 Ripple Labs 正在进行的案件中提出的中间上诉动议提交了反对意见简报。在这份最新文件中，SEC 严厉批评了法官 Analisa Torres 在 Ripple 案件中的决定，并认为 Coinbase 试图重新评估证券法对数字资产的适用性是没有根据的。

SEC Argues Against Coinbase's Interpretation of Howey Test

SEC 反对 Coinbase 对 Howey 测试的解释

Coinbase, in its motion for an interlocutory review, contends that the SEC's application of the Howey test to cryptocurrency assets has introduced uncertainty in the definition of securities. The exchange heavily relies on Judge Torres's ruling in the Ripple case, where she deemed the XRP token to be non-securities and its programmatic sales on exchanges not constituting investment contracts.

Coinbase 在其中间审查动议中认为，SEC 对加密货币资产应用 Howey 测试给证券的定义带来了不确定性。该交易所在很大程度上依赖托雷斯法官在瑞波案中的裁决，她认为 XRP 代币是非证券，其在交易所的程序化销售不构成投资合同。

However, the SEC rejects Coinbase's motion, asserting that no other court has followed Judge Torres's decision. The regulator argues that Coinbase's attempt to frame an interlocutory appeal around a "controlling question" is a bid to manipulate the interpretation of the issue.

然而，SEC 拒绝了 Coinbase 的动议，声称没有其他法院遵循托雷斯法官的决定。监管机构认为，Coinbase 试图围绕“控制问题”提出中间上诉，是为了操纵对该问题的解释。

"Coinbase's attempts to manipulate the question for an appeal to shoehorn it into a certifiable question under 28 U.S.C. § 1292(b) are self-defeating," the SEC wrote. "Parties cannot manufacture a certifiable issue by jettisoning and then rescuing the questions at issue in the original order."

美国证券交易委员会写道：“Coinbase 试图操纵该问题以提出上诉，将其硬塞到 28 U.S.C. § 1292(b) 下的可认证问题中，这是弄巧成拙的。” “各方不能通过放弃然后按原始顺序挽救有争议的问题来制造可证明的问题。”

SEC Denies Coinbase's Claims of Legal Uncertainty

SEC 否认 Coinbase 的法律不确定性主张

The SEC further argues that an interlocutory review is not justified merely because Coinbase proposes a new legal standard. Furthermore, the Gary Gensler-led agency posits that Coinbase may simply dislike the longstanding answer the courts provide. According to the regulator, Coinbase might have structured its business in ways that could now pose challenges to complying with established securities regulations.

SEC 进一步认为，中间审查并不合理，仅仅因为 Coinbase 提出了新的法律标准。此外，Gary Gensler 领导的机构认为 Coinbase 可能只是不喜欢法院长期以来提供的答案。据监管机构称，Coinbase 的业务结构可能会对遵守既定的证券法规构成挑战。

"Despite the Order's unassailable conclusions that Coinbase's proposed reading of Howey has not been adopted by any court and, critically, that there is no lack of fair notice as to the framework that applies to its conduct, Coinbase continues to insist, as grounds for interlocutory review, that '[t]he digital asset industry labors under an intolerable cloud of uncertainty' or under a 'cloud of legal uncertainty,'" the SEC stated.

“尽管该命令得出了无懈可击的结论，即 Coinbase 对 Howey 提出的解读尚未被任何法院采纳，而且更重要的是，对于适用于其行为的框架并不缺乏公平的通知，但 Coinbase 仍然坚持认为，作为中间诉讼的理由美国证券交易委员会表示，“数字资产行业在难以忍受的不确定性云下运作”或在“法律不确定性云下”。

Coinbase Responds to SEC's Motion

Coinbase 回应 SEC 的动议

Coinbase's Chief Legal Officer, Paul Grewal, responded that the SEC's motion contradicts itself. Grewal shared screenshots showing differing arguments presented by the SEC in a similar appeal against Ripple Labs.

Coinbase 首席法务官 Paul Grewal 回应称 SEC 的动议自相矛盾。 Grewal 分享了一些屏幕截图，显示 SEC 在针对 Ripple Labs 的类似上诉中提出的不同论点。

"Let's at least have an honest conversation," Grewal said. "Forget about a split across agencies, circuits and elsewhere. There's not even a consensus about Howey and digital assets among the district judges in the same courthouse at Foley Square."

“至少让我们进行一次诚实的对话，”格雷沃尔说。 “忘掉机构、巡回法院和其他地方之间的分歧吧。弗利广场同一法院的地区法官之间甚至没有就 Howey 和数字资产达成共识。”

Ongoing Legal Battle Between SEC and Coinbase

SEC 和 Coinbase 之间正在进行的法律斗争

The latest filing marks another step in the ongoing legal dispute between the SEC and Coinbase. Previously, the agency accused Coinbase of operating as an unregistered exchange and raised concerns about its staking program potentially violating securities laws.

最新的文件标志着 SEC 和 Coinbase 之间持续的法律纠纷又迈出了一步。此前，该机构指责 Coinbase 作为未经注册的交易所运营，并对其质押计划可能违反证券法表示担忧。

The outcome of this case could have significant implications for the digital asset industry. If Coinbase is successful in its appeal, it could lead to a more favorable regulatory environment for cryptocurrency exchanges. However, if the SEC prevails, it could strengthen the agency's ability to regulate digital assets as securities.

此案的结果可能对数字资产行业产生重大影响。如果 Coinbase 的上诉成功，可能会为加密货币交易所带来更有利的监管环境。然而，如果美国证券交易委员会获胜，它可能会增强该机构将数字资产作为证券进行监管的能力。

The case is being closely watched by investors, industry participants, and legal experts alike. The next hearing in the case is scheduled for June 1, 2023.

此案受到投资者、行业参与者和法律专家的密切关注。该案的下一次听证会定于 2023 年 6 月 1 日举行。