Ripple Labs與美國證券交易委員會（SEC）之間的法律糾紛對XRP產生了重大的長期後果

Ripple Labs與美國證券交易委員會（SEC）之間的法律糾紛對XRP產生了重大的長期後果

The legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has had far-reaching consequences for XRP, extending beyond the immediate market disruption triggered in late 2020.

Ripple Labs與美國證券交易委員會（SEC）之間的法律糾紛對XRP產生了深遠的後果，超出了2020年底觸發的直接市場中斷。

As the saga nears its conclusion, analysts argue that the repercussions have left a lasting mark on the asset’s performance, reputation, and adoption.

隨著傳奇的結論，分析師認為，影響的影響已經持久了資產的績效，聲譽和採用。

The SEC’s action, announced in December 2020, alleged that Ripple had conducted unregistered securities offerings through its sales of XRP.

SEC於2020年12月宣布的行動聲稱，Ripple通過其XRP銷售進行了未註冊的證券產品。

The announcement immediately impacted the market. Within days, XRP’s value fell sharply from $0.65 to $0.17, a drop of more than 70%. Several major exchanges, including Coinbase and Kraken, responded by delisting the token, further reducing its market accessibility and liquidity.

該公告立即影響了市場。幾天之內，XRP的價值從0.65美元急劇下降到0.17美元，下降了70％以上。包括Coinbase和Kraken在內的幾次主要交易所做出了回應，通過將代幣推薦，進一步降低了其市場的可及性和流動性。

While the sharp price decline was attention-grabbing, the lasting impact may have been felt more profoundly in subsequent years. According to insights from “All Things XRP,” a community-based X (formerly Twitter) account, the lawsuit created a form of prolonged market suppression.

儘管急劇下跌是引人注目的，但在隨後幾年中可能會更深刻地感受到持久的影響。根據“所有事物XRP”的見解，這是一個基於社區的X（以前為Twitter）帳戶，該訴訟創造了一種長時間的市場壓制形式。

6️⃣ Collateral Damage: Reputation.

6️⃣附帶損害：聲譽。

The lawsuit didn’t just hit the price.

訴訟不僅達到了價格。

It painted XRP as “toxic.”

它將XRP描繪成“有毒”。

Banks paused. Institutions bailed.

銀行停了下來。機構保釋。

Investors lost faith.

投資者失去了信心。

Even post-victory, that stigma lingers.— All Things XRP (@XRP_investing) May 1, 2025

即使是在污名化之後，污名的徘徊。

Between 2021 and 2023, XRP traded mostly in the $0.30-$0.50 range, during which many other cryptocurrencies experienced substantial growth.

在2021年至2023年之間，XRP的交易主要在0.30至0.50美元之間，在此期間，許多其他加密貨幣經歷了大幅增長。

As Bitcoin, Ethereum, and Solana surged amid a broader market rally, U.S.-based investors remained largely limited in their ability to participate in the broader crypto market due to the ongoing legal uncertainty and limited exchange access.

隨著比特幣，以太坊和索拉納在更廣泛的市場集會中激增，由於持續的法律不確定性和有限的交換訪問，美國的投資者在參與更廣泛的加密貨幣市場的能力方面仍然在很大程度上有限。

As a result, XRP's presence was largely absent during a critical growth period for the sector.

結果，在該行業的關鍵增長期間，XRP的存在在很大程度上不存在。

In July 2023, optimism returned briefly when Judge Analisa Torres ruled that XRP was not a security. The price doubled overnight, reaching $0.90. However, the SEC’s subsequent appeal created fresh uncertainty.

2023年7月，當Analisa Torres法官裁定XRP不是安全性時，樂觀情緒短暫地恢復了。一夜之間，價格翻了一番，達到0.90美元。但是，SEC隨後的上訴產生了新的不確定性。

The positive momentum stalled, and investor interest diminished once again.

積極的勢頭停滯了，投資者的興趣再次減少。

By March 2025, when the SEC officially dropped the case, XRP experienced only a modest recovery, rising to $2.49, a gain of roughly 10%.

到2025年3月，當SEC正式撤銷此案時，XRP僅經歷了適度的恢復，上升至2.49美元，增長了約10％。

Market observers noted that, by this point, attention had shifted to newer projects, limiting the token’s potential for a sustained rally.

市場觀察家指出，到此為止，注意力已經轉移到了較新的項目上，限制了令牌持續集會的潛力。

The broader consequences of the lawsuit, analysts argue, are best understood in terms of missed opportunities. Despite the asset’s strong technological foundation and the potential for cross-chain interoperability, the legal overhang restricted its market potential and prevented meaningful partnerships.

分析師認為，訴訟的更廣泛的後果最好從錯過的機會來理解。儘管資產具有強大的技術基礎和跨鏈互操作性的潛力，但法律懸垂限制了其市場潛力，並阻止了有意義的伙伴關係。

Institutional interest waned, and various financial firms chose to delay or cancel their engagements with Ripple.

機構利益減少了，各種金融公司選擇延遲或取消與波紋的交戰。

Additionally, Ripple’s cross-border payments strategy faced delays as the company diverted significant resources toward legal defense. Meanwhile, competitors advanced in market presence and infrastructure, making it more difficult for Ripple to reclaim its previous momentum.

此外，隨著公司將大量資源轉向法律辯護，Ripple的跨境支付策略面臨延誤。同時，競爭對手在市場的業務和基礎設施中進步，使得漣漪更難獲得以前的勢頭。

The lawsuit is now in its final stages. Ripple has agreed to pay a reduced penalty of $50 million for earlier institutional XRP sales. The court and SEC must approve a potential refund of $75 million, which is currently under consideration.

該訴訟現在處於最後階段。 Ripple已同意為早期的機構XRP銷售額減少5000萬美元的罰款。法院和美國證券交易委員會必須批准7500萬美元的潛在退款，目前正在考慮。

Both parties have agreed to pause their appeals. In April 2025, a federal appellate court formally placed the matter in abeyance. The new SEC leadership, led by Chair Paul Atkins, has taken a more lenient approach toward crypto enforcement, signaling a likely end to the prolonged legal conflict.

雙方都同意暫停他們的上訴。 2025年4月，聯邦上訴法院正式將此事擱置。由主席保羅·阿特金斯（Paul Atkins）領導的新的SEC領導層採取了更寬大的方法來執行加密貨幣，這表明可能終止了長期的法律衝突。

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