Ripple vs SEC Battle可能會在今年結束

隨著和解談判和本週的一次關鍵SEC會議，對於XRP而言，賭注比以往任何時候都要高。這是對事物立場的快速分解

The prolonged legal battle between Ripple and the SEC might finally reach its conclusion this year. With settlement talks ongoing and a critical SEC meeting on Thursday, the stakes are higher than ever for XRP.

Ripple和SEC之間的長期法律鬥爭可能最終得出今年的結論。隨著和解的持續談判和周四的關鍵SEC會議，對於XRP而言，賭注比以往任何時候都要高。

Here's a quick rundown of where things stand, what's next, and why this week could be crucial for the crypto industry.

這是對事物的立場，下一步以及為什麼本週對加密貨幣行業至關重要的快速分析。

The SEC is planning to appeal a federal judge’s ruling that covered different legal classifications for the institutional and retail sales of the XRP token. The regulator is aiming to overturn the 2023 ruling, which stated that Ripple’s programmatic sales of XRP to retail customers did not violate securities laws, whereas its institutional sales did.

SEC計劃對聯邦法官的裁決提出上訴，該裁決涵蓋了XRP令牌的機構和零售銷售的不同法律分類。監管機構的目的是推翻2023年的裁決，該裁決指出，Ripple將XRP的程序銷售額用於零售客戶並未違反證券法，而其機構銷售也沒有違反。

Earlier this year, the SEC filed an opening brief in its appeal against Ripple, arguing that all sales of XRP should be counted as unregistered securities. The regulator claims that Ripple’s marketing activities and statements to the public were meant to create profit expectations in the minds of those buying XRP, which in return rendered the token an "unregistered security" under federal securities law.

今年早些時候，美國證券交易委員會（SEC）在對Ripple的上訴中提交了開幕式摘要，認為所有XRP的銷售均應算作未註冊的證券。監管機構聲稱，波紋的營銷活動和向公眾的陳述旨在在購買XRP的人的心中創造利潤期望，作為回報，這使代幣成為聯邦證券法的“未註冊安全性”。

However, Ripple’s legal chief, Stuart Alderoty, downplayed these arguments, calling them "stale" and suggesting that they would be dropped by the next administration.

但是，Ripple的法律局長Stuart Alderoty輕描淡寫了這些論點，稱它們為“陳舊”，並暗示下一個政府將把它們撤銷。

Both parties dropped appeals in March after a federal judge ruled that portions of the macroeconomic analysis in the case were inadmissible. The case began in December 2020 when the SEC sued Ripple for selling unregistered securities in a $1.3 billion fundraising effort that began in 2015.

在聯邦法官裁定該案的一部分宏觀經濟分析是不可接受的，雙方在三月份撤銷了上訴。該案始於2020年12月，當時SEC在2015年開始的13億美元籌款工作中起訴Ripple出售未註冊的證券。

The judge, Judge Torres, also held that institutional sales of XRP did violate securities laws but that programmatic sales to retail customers did not. The case had major implications for the crypto industry, with the ruling on public sales having the potential to set a precedent for other blockchain projects.

法官托雷斯法官還認為，XRP的機構銷售確實違反了證券法，但向零售客戶的程序化銷售沒有。該案對加密貨幣行業具有重大影響，其裁決有可能為其他區塊鏈項目設定先例。

After a year of appeals and negotiations, Ripple and the SEC finally reached a settlement agreement, with the SEC agreeing to a reduced penalty of $50 million to close its case against Ripple. The $50 million fine is part of the $125 million that was set aside in a joint stipulation by both parties in May.

經過一年的上訴和談判，Ripple和SEC終於達成了和解協議，SEC同意減少5000萬美元的罰款，以結束針對Ripple的案件。 5000萬美元的罰款是五月雙方共同規定的1.25億美元的一部分。

The case began in December 2020 when the SEC sued Ripple for selling unregistered securities in a $1.3 billion fundraising effort that began in 2015. The regulator claimed that Ripple’s founders, Christian SEgar and Jed McCaleb, sold XRP to raise money for the company while promising investors that the value of XRP would increase.

該案始於2020年12月，當時SEC在2015年開始的13億美元籌款工作中起訴Ripple出售未註冊的證券。監管機構聲稱，Ripple的創始人Christian Segar和Jed McCaleb賣給了XRP，賣給了XRP，以向公司籌集資金，同時向公司籌集資金，同時有望增加XRP的價值。

In March, both parties dropped appeals in the case after Judge Torres ruled that portions of the macroeconomic analysis in the case were inadmissible. The case is now heading toward a final resolution, with the SEC needing to make a new request for a partial summary judgment to adjust the ruling on the $125 million penalty and the ban on sales of XRP to big investors.

3月，托雷斯法官裁定該案的宏觀經濟分析的一部分是不可接受的，雙方在此案中撤銷了上訴。該案現在正朝著最終決議邁進，SEC需要提出新的要求進行部分簡易判決，以調整對1.25億美元罰款的裁決，並禁止XRP向大投資者銷售。

The SEC will need to clearly show that lifting the ban on XRP sales and lowering the penalty will benefit both big investors and the public. Only then will Judge Torres grant the request, which is a common practice in cases like this.

SEC將需要清楚地表明，取消對XRP銷售的禁令並降低罰款將使大型投資者和公眾受益。只有這樣，托雷斯法官才會授予該請求，這在這種情況下是一個普遍的做法。

Investors are now awaiting the SEC’s next move, which could come as early as this week with a closed SEC meeting set for Thursday, May 22. A favorable ruling could also clear up things for an XRP ETF, which has been a hot topic of discussion in recent months. As the case progresses, it will be interesting to see how Judge Torres's decision impacts the future of crypto regulation in the U.S.

投資者現在正在等待SEC的下一步行動，該行動可能早在本週舉行的SEC會議上，將於5月22日星期四舉行。有利的裁決也可以清除XRP ETF的事情，這是最近幾個月來討論的熱門話題。隨著案件的進行，有趣的是，托雷斯法官的決定如何影響美國加密監管的未來