美國證券交易委員會可能會對 XRP 裁決提出上訴，但風險很高

美國證券交易委員會（SEC）和 Ripple Labs 之間正在進行的法律鬥爭引起了加密貨幣世界的極大關注。

The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has generated significant attention in the cryptocurrency world. Recently, there has been speculation about whether the SEC will appeal a pivotal ruling from July 2023, which stated that secondary sales of Ripple’s XRP token do not qualify as securities.

美國證券交易委員會（SEC）和 Ripple Labs 之間正在進行的法律鬥爭引起了加密貨幣世界的極大關注。最近，有人猜測 SEC 是否會對 2023 年 7 月起的一項關鍵裁決提出上訴，該裁決規定 Ripple 的 XRP 代幣的二次銷售不符合證券的資格。

Background on the Ripple Case and The Potential Appeal

Ripple 案例的背景和潛在吸引力

In July 2023, U.S. District Judge Analisa Torres made a ruling that recognized XRP’s programmatic sales as non-securities. This decision has sparked a lot of debate, particularly within the SEC, where many believe the ruling was incorrect. A former SEC attorney, who spoke to Fox Business reporter Eleanor Terrett, indicated that there is a strong consensus within the agency that the decision should be challenged.

2023 年 7 月，美國地區法官 Analisa Torres 做出裁決，承認 XRP 的程序化銷售為非證券。這項決定引發了許多爭論，特別是在美國證券交易委員會內部，許多人認為這項裁決是不正確的。一位前美國證券交易委員會律師在接受福克斯商業新聞記者埃莉諾·特雷特採訪時表示，該機構內部存在強烈共識，認為這項決定應該受到質疑。

The SEC’s possible appeal revolves around this critical ruling. The former attorney noted that the sentiment at the SEC is one of urgency to overturn what they see as a flawed judgment.

美國證券交易委員會可能會圍繞這項關鍵裁決提出上訴。這位前律師指出，美國證券交易委員會的觀點是，迫切需要推翻他們認為有缺陷的判決。

Implications of an Appeal

上訴的影響

Pro-XRP lawyer Fred Rispoli has weighed in on the situation, suggesting that while he leans toward the SEC filing an appeal, the stakes are incredibly high. If the SEC lets this case go without an appeal, it could be a significant setback for the agency. This is because an unfavorable ruling for the SEC could empower other defendants in similar cases across the Second Circuit, where New York’s courts have jurisdiction.

支持 XRP 的律師 Fred Rispoli 對這一情況進行了權衡，他表示，雖然他傾向於向 SEC 提起上訴，但風險非常高。如果 SEC 在不上訴的情況下放過此案，這可能對該機構來說是一個重大挫折。這是因為，對美國證券交易委員會不利的裁決可能會賦予紐約法院擁有管轄權的第二巡迴法院類似案件中其他被告的權力。

I'm 60/43 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Letting it slide (no appeal) means that "programmatic sales" is a one-off loss that literally only applies to Ripple's secondary sales and is a distinguishable SDNY loss for the… https://t.co/nIr4vcl0BZ

我 60/43 贊成看到 SEC 上訴通知，但對 SEC 來說風險確實很高。讓它滑動（沒有吸引力）意味著「程序化銷售」是一種一次性損失，實際上僅適用於Ripple 的二級銷售，並且是可區分的SDNY 損失...... https:// t.co/nIr4vcl0BZ

Challenges Ahead for the SEC

SEC 面臨的挑戰

Listening to legal experts like John Deaton, it appears that overturning Judge Torres’s ruling would be a tough challenge for the SEC. Fred said that the outcome of any appeal would heavily depend on the three judges randomly selected to hear the case.

聽聽約翰·迪頓等法律專家的意見，推翻托雷斯法官的裁決對美國證券交易委員會來說似乎是一項艱鉅的挑戰。弗雷德說，任何上訴的結果將在很大程度上取決於隨機選擇審理此案的三名法官。

Fred wrote, “The reality of SEC’s chances of winning on an appeal though mainly come down to the three randomly selected justices that would hear it. If SEC drew 3 SEC-biased judges (rare but possible), it could win.”

弗雷德寫道：「美國證券交易委員會在上訴中獲勝的機會主要取決於隨機選出的三名法官將聽取上訴。如果 SEC 抽到 3 位有 SEC 偏見的法官（罕見但有可能），它可能會獲勝。