Analisa Torres法官否認Ripple和SEC的聯合動議

5月15日，Analisa Torres法官否認了Ripple和美國證券交易委員會（SEC）的聯合動議，該動議要求批准擬議的和解結構。

Judge Analisa Torres has denied a joint motion from Ripple and the U.S. Securities and Exchange Commission (SEC) that sought approval for a proposed settlement structure in the long-running XRP lawsuit. The motion, which was described as a request for an “indicative ruling,” was dismissed as “procedurally improper.”

Analisa Torres法官否認了Ripple和美國證券交易委員會（SEC）的聯合動議，該動議要求批准長期運行的XRP訴訟中的擬議和解結構。該動議被描述為“指示性裁定”的要求，被駁回為“程序上不當”。

While the judge noted that she had no jurisdiction over the matter, she added that even if she did, she would not grant the request. This development further extends the case, which has already spanned several months.

法官指出她對此事沒有管轄權，但她補充說，即使她這樣做，她也不會批准該請求。這一發展進一步擴大了此案，該案件已經跨越了幾個月。

Legal expert Fred Rispoli explained that the court viewed the motion as an attempt to bypass the rigorous legal standard needed to remove the previously ordered injunction and reduce the financial penalty. Rispoli stated,

法律專家弗雷德·里斯波利（Fred Rispoli）解釋說，法院認為該動議是繞過刪除先前有序的禁令所需的嚴格法律標準並減少經濟罰款。里斯波利說，

“The parties fail to address the ‘heavy burden' they must overcome to vacate the injunction and substantially reduce the Civil Penalty.”

“當事方未能解決'沉重負擔'，他們必須克服撤離禁令並大大減少民事罰款。”

This suggests that the only path forward is to file a detailed motion, possibly around 25 pages, providing clear justification. He noted that this would take the SEC and Ripple several weeks to prepare. Judge Torres may take additional time to rule.

這表明前進的唯一途徑是提出一個詳細的動作，可能約為25頁，提供明確的理由。他指出，這將需要SEC並漣漪幾週才能準備。托雷斯法官可能需要額外的時間來統治。

Rispoli estimated the earliest conclusion in the XRP lawsuit could arrive by July.

里斯波利估計XRP訴訟中最早的結論可能在7月之前到達。

This has once again sparked discussions in the XRP community. Following the court’s decision, several legal commentators shared their views on the outcome of the XRP lawsuit. Former SEC attorney Marc Fagel pushed back on the idea that Judge Torres was acting out of bias or political intent.

這再次引發了XRP社區的討論。在法院的裁決之後，幾位法律評論員分享了他們對XRP訴訟結果的看法。前美國證券交易委員會的律師馬克·法格爾（Marc Fagel）推遲了托雷斯法官出於偏見或政治意圖行事的想法。

He emphasized that Ripple was found to have violated securities laws and that the injunction and $125 million penalty were established legal remedies.

他強調，發現波紋違反了證券法，禁令和1.25億美元的罰款已被建立了法律補救措施。

Fagel addressed claims that the injunction was an unnecessary addition. “The court heard the evidence and agreed that Ripple should be enjoined. So the parties are basically going to her and telling her she was wrong,” he wrote in response to critics.

法格爾（Fagel）談到了禁令是不必要的補充。他寫道：“法院聽到了證據，並同意應要求漣漪。因此，當事方基本上是去找她，告訴她她錯了。”

Jungle Inc, a known voice in the XRP community, claimed the injunction was a last-minute addition at the SEC’s request. Fagel countered this by stating that the court, not just the SEC, decided on the remedies after finding Ripple liable.

XRP社區中已知的聲音Jungle Inc聲稱該禁令是SEC要求的最後一刻。法格爾（Fagel）通過指出，法院不僅是SEC，在發現波紋責任後決定採取補救措施。

What’s Next for the Ripple VS SEC Case?

Ripple與SEC案的下一步是什麼？

According to James Farrell, another ex-SEC lawyer, Ripple attempted to frame its request as part of a settlement to avoid the higher legal burden needed to remove the injunction. Farrell noted,

據另一位前SEC律師詹姆斯·法雷爾（James Farrell）稱，Ripple試圖將其要求作為和解的一部分構架，以避免刪除禁令所需的更高的法律負擔。法雷爾指出，

“Ripple played a high risk/high reward strategy.”

“ Ripple發揮了高風險/高獎勵策略。”

He added that Judge Torres was not convinced by the framing of the request, leading to its rejection.

他補充說，托雷斯法官並不是對請求的框架的框架說服，導致其拒絕。

Farrell also pointed to internal complications within the SEC, that could have been a key reason behind the delay in the XRP lawsuit resolution.

Farrell還指出了SEC內部的內部並發症，這可能是XRP訴訟解決方案延遲的關鍵原因。

He suggested that there may be different interpretations of the settlement terms. The SEC’s Office of the General Counsel may argue that its role in the agreement is already complete.

他建議對和解條款有不同的解釋。 SEC的總法律顧問辦公室可能會爭辯說，其在協議中的作用已經完成。

Meanwhile, any changes to the proposed terms might need another vote from SEC commissioners.

同時，對擬議條款的任何更改都可能需要SEC專員的另一票。

Legal sources told journalist Eleanor Terrett that Judge Torres is making it clear that Ripple and the SEC must provide strong reasoning if they want the court to reverse prior decisions. Terrett said,

法律消息人士告訴記者埃莉諾·特雷特（Eleanor Terrett），托雷斯法官明確表示，如果法院希望法院撤銷先前的裁決，那麼Ripple和SEC必須提供強有力的推理。特雷特說，

“She’s not making it easy for the parties to simply walk away.”

“她並不是讓各方簡單地走開。”

XRP Lawsuit Projected Resolution Timeline

XRP訴訟計劃的解決時間表

If both parties now follow the proper legal process in the Ripple SEC case, including filing comprehensive documentation and providing compelling evidence, a resolution could come as early as July.

如果雙方現在都遵循Ripple SEC案件中的適當法律程序，包括提交全面的文件和提供令人信服的證據，那麼最早可能會提出決議。

However, some observers believe the XRP lawsuit could extend into December. This could happen if the filings are delayed or if Judge Torres takes more time to review.

但是，一些觀察家認為XRP訴訟可以延長到12月。如果備案延遲或託雷斯法官需要更多時間進行審查，這可能會發生這種情況。

Rispoli suggested the new motion should include statements from SEC Commissioners, a review of other dropped cases, and evidence of the agency’s lack of progress on crypto regulation.

里斯波利（Rispoli）建議，新動議應包括SEC專員的陳述，對其他案件的審查以及該機構缺乏加密監管進展的證據。

He also noted that preparing such a motion would require two to three weeks. An additional week or two may be needed for the judge’s decision.

他還指出，準備這樣的動作將需要兩到三週。法官的裁決可能需要另外一兩個星期。

Notably, the latest setback in the case has also weighed on the investors’ sentiment. The same is evidenced by the retreat in the XRP price. During writing, XRP price exchanged hands at $2.36, falling from the $2.5 mark after Judge Torres’s latest ruling.

值得注意的是，此案的最新挫折也使投資者的情緒權衡。 XRP價格的撤退也證明了這一點。在寫作過程中，XRP Price以2.36美元的價格交換了手，從托雷斯法官的最新裁決後的2.5美元下降。