法官考虑驳回SEC监管 花旗继续上调Coinbase目标价

币圈资讯 阅读:44 2024-04-22 10:31:37 评论:0
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加密货币到底是不是证券产品?旷日持久的美国加密货币监管法律大战仍在进行。但从最新情况来看,胜利的天平似乎在向交易所一端倾斜。

一名联邦法官周三对美国证券交易委员会(SEC)的主张表示怀疑,她指出,如果支持SEC的主张,可能会无意中将证券的定义扩展到收藏品等领域,而这些领域并不属于SEC的监管范围。

法官质疑SEC对证券的定义过于宽泛

当地时间周三,美国地区法官Katherine Polk Failla主持了Coinbase请求驳回SEC民事诉讼一案的听证会。

SEC于去年6月起诉Coinbase,称其为未注册的证券经济商,Coinbase在8月提交驳回动议(MTD),主张SEC没有监管加密货币交易所的法定权力。

在长达五个小时的听证会上,Failla似乎对SEC的观点不以为然,她在法庭上对SEC的律师说:

“我想了解你们的标准是如何不涉及收藏品市场或大宗商品的。我担心你们的论点过于宽泛。”

周三的听证会结束时,Failla并未做出裁决,但预计将在未来几个月内做出决定。如果她允许全部或部分案件继续审理,那么诉讼可能会在明年开庭。

Coinbase:炒币就像买棒球卡或豆豆娃,跟证券是两回事

本案影响相当重大,Coinbase与SEC之间的法律对峙是加密货币监管和合规方面的一个关键时刻。此案的结果可能会开创先例,影响美国乃至全球对数字资产的监管方式。

并且,案件的裁决结果也会极大影响Coinbase公司的经营。行业观察人士认为,如果Coinbase被认定为证券经济商,将被迫重组多项服务,如交易、盯盘和托管等,公司可能会面临重大的运营和财务挑战,最高损失30%的收入。

在起诉币安、Coinbase等大型加密货币交易所时,SEC援引了最高法院1946年判决的SEC v. W. J. Howey Co.一案,该判例为投资合同提供了定义,投资合同是有别于股票和债券的一类证券产品。

SEC认为,大多数加密货币都符合投资合同的定义。这意味着Coinbase如果不遵守与纽约证交所或华尔街券商相同的规则,就不能交易加密货币。

针对SEC的指控,Coinbase的辩护理由之一是所谓的“重大问题原则”(major questions doctrine),该原则要求限制美国联邦机构在未获得国会明确指示的情况下颁布具有重大经济和政治意义的法规。

在周三的听证会上,Coinbase的一名律师称,国会并没有授予SEC监管加密货币的权力,但SEC却自行其事。如果法院接受SEC在Coinbase案中的主张,那将会产生“立法影响”,并“波及整个行业”。

此外,关于SEC认定加密货币是一种投资合同的说法,Coinbase辩称,加密资产不附带分红等权利,也不做出其他合同承诺,因此不在SEC的管辖范围内。二级市场上的交易只是个人之间的交易,不存在证券所特有的明确投资合同。大多数加密货币都是商品,而不是证券,投资者可能希望加密货币升值,就像收藏棒球卡或 Beanie Babies(豆豆娃)一样,但这不足以使其成为证券。

听证会结束后,花旗将Coinbase目标价从90美元上调至151美元。

截至发稿,Coinbase盘前涨约1%。


Whether cryptocurrency is a securities product or not, the protracted legal battle on the supervision of cryptocurrency in the United States is still going on, but from the latest situation, the balance of victory seems to be leaning towards the exchange. A federal judge expressed doubts about the proposition of the US Securities and Exchange Commission on Wednesday, pointing out that if the proposition is supported, the definition of securities may be inadvertently extended to areas such as collectibles, which are not within the scope of supervision. The judge questioned that the definition of securities is too broad. The district judge presided over the hearing of the request to dismiss the civil lawsuit, and sued it as an unregistered securities broker last month. In June, he filed a motion to dismiss the case, arguing that there was no legal right to supervise cryptocurrency exchanges. During the five-hour hearing, she seemed to disagree with her opinion. She said to her lawyer in court, I want to know how your standards do not involve the collectible market or commodities. I am worried that your arguments are too broad. At the end of the hearing on Wednesday, no ruling was made, but it was pre-announced. A decision will be made in the next few months. If she allows all or part of the case to continue, the lawsuit may be held next year. Speculating money is like buying a baseball card or a beanie doll and securities. This case has a considerable impact, and the legal confrontation between them is a critical moment in the supervision and compliance of cryptocurrency. The result of this case may set a precedent and affect the supervision of digital assets in the United States and even the world, and the ruling result of the case will also greatly affect the company's business observers. It is believed that if a securities broker is recognized, it will be forced to reorganize a number of services, such as trading marking and custody, and the company may face major operational and financial challenges. The highest loss of income is cited in the case of suing large cryptocurrency exchanges such as Bi 'an, which provides a definition for investment contracts. Investment contracts are a kind of securities products that are different from stocks and bonds. It is believed that most cryptocurrencies meet the definition of investment contracts, which means that if they do not comply with the new york Stock Exchange. One of the defense reasons for the accusation that cryptocurrencies cannot be traded under the same rules as Wall Street brokers is the so-called principle of major issues, which requires that federal agencies in the United States be restricted from issuing laws and regulations of great economic and political significance without clear instructions from Congress. At the hearing on Wednesday, a lawyer said that Congress did not grant the power to supervise cryptocurrencies, but it acted on its own. If the court accepts the claims in the case, it will have legislative impact and affect the whole industry. Regarding the argument that cryptocurrency is an investment contract, it is argued that cryptoassets do not carry dividends and other contractual commitments, so the transactions in the secondary market outside the jurisdiction are only between individuals, and there is no specific investment contract unique to securities. Most cryptocurrencies are commodities rather than securities. Investors may hope that cryptocurrency will appreciate, just like collecting baseball cards or peas, but this is not enough to make it a securities. After the hearing, Citigroup raised its target price from US dollars to US dollars, which rose by about 20% before the press release. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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