為什麼 Ripple 與 SEC 對加密貨幣產業很重要？

我們要追溯到 2020 年 12 月，才能理解為什麼 SEC 對 Ripple Labs 的訴訟受到整個加密產業的密切關注。

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in December 2020, alleging that the company had raised over $1.38 billion in an “illegal securities offering” of XRP tokens.

美國證券交易委員會 (SEC) 於 2020 年 12 月對 Ripple Labs 提起訴訟，指控該公司透過 XRP 代幣的「非法證券發行」籌集了超過 13.8 億美元。

The lawsuit was closely tracked by the entire crypto industry, as the outcome could have had a major impact on the regulatory landscape for cryptocurrencies in the U.S.

該訴訟受到整個加密行業的密切關注，因為結果可能對美國加密貨幣的監管格局產生重大影響

If XRP were to be labeled a security and not a currency by the court, it would give the SEC a blueprint for labeling other cryptocurrencies as securities as well.

如果法院將 XRP 標記為證券而不是貨幣，那麼它將為 SEC 提供將其他加密貨幣也標記為證券的藍圖。

This would have opened the door to a wave of new SEC enforcement actions against cryptocurrency exchanges and other companies, and could have stifled the growth of the crypto industry in the U.S.

這將為美國證券交易委員會針對加密貨幣交易所和其他公司採取新一輪執法行動打開大門，並可能抑制美國加密產業的成長

However, the court ultimately ruled that XRP sales to institutional investors were securities offerings, but that retail sales of XRP were not investment contracts.

然而，法院最終裁定，向機構投資者出售 XRP 屬於證券發行，但零售銷售的 XRP 不屬於投資合約。

This ruling is a significant victory for Ripple and the crypto industry, as it provides much-needed clarity on the SEC’s approach to regulating cryptocurrencies.

這項裁決對 Ripple 和加密貨幣行業來說是一次重大勝利，因為它為 SEC 監管加密貨幣的方法提供了急需的明確性。

The court's decision not to classify XRP as a security when sold to retail investors is likely to have a positive impact on the crypto industry as a whole.

法院決定在向散戶投資者出售 XRP 時不將 XRP 歸類為證券，這可能會對整個加密行業產生積極影響。

By providing a clear legal framework for the sale of cryptocurrencies, the court's ruling will help to reduce uncertainty and encourage further innovation in the crypto space.

透過為加密貨幣的銷售提供明確的法律框架，法院的裁決將有助於減少不確定性並鼓勵加密貨幣領域的進一步創新。

If XRP were to be labeled a security and not a currency by the court, it would give the SEC a blueprint for labeling other cryptocurrencies as securities as well.

如果法院將 XRP 標記為證券而不是貨幣，那麼它將為 SEC 提供將其他加密貨幣也標記為證券的藍圖。

The prolonged legal process saw the SEC and Ripple Labs go back and forth with each other. Among the highlights of the case was the release of the “Hinman Documents.”

在漫長的法律程序中，SEC 和 Ripple 實驗室反覆爭論。該案的亮點之一是“辛曼文件”的公佈。

The Hinman documents refer to a series of internal emails between William Hinman, former Director of the SEC, and other SEC executives. The emails discussed Hinman’s 2018 speech when he declared that “sales of Ether (ETH) are not securities transactions.”

Hinman 文件涉及 SEC 前董事 William Hinman 與其他 SEC 高層之間的一系列內部電子郵件。這些電子郵件討論了 Hinman 2018 年的演講，當時他宣稱「以太坊 (ETH) 的銷售不是證券交易」。

The emails showed (PDF) SEC executives discussing how Hinman could appear “stronger” in declaring that Ethereum is not a security.

這些電子郵件顯示 (PDF) SEC 高層討論了 Hinman 如何在宣稱以太坊不是證券時顯得「更強硬」。

The answer to the question is not straightforward.

這個問題的答案並不簡單。

The SEC had alleged that Ripple Labs had sold “unregistered” XRP tokens in three categories:

美國證券交易委員會聲稱 Ripple Labs 出售了三類「未註冊」的 XRP 代幣：

In 2023, a U.S. District Court concluded that XRP sales to institutional investors were “unregistered offers and sales of investment contracts.”

2023 年，美國地方法院得出結論，向機構投資者出售 XRP 屬於「未經註冊的投資合約要約和銷售」。

The court cited the Howey Test, which notes that “an investment contract is a contract, transaction, or scheme whereby a person invests their money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

法院引用了豪伊測試，其中指出“投資合約是一種合約、交易或計劃，其中一個人將其資金投資於一個共同企業，並期望僅從發起人或第三方的努力中獲得利潤。 ”

The court found that institutional investors “purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”

法院發現，機構投資者「購買 XRP 是希望從 Ripple 的努力中獲利」。

Furthermore, the court concluded that institutional investors bought XRP as an investment rather than for consumptive purposes.

此外，法院得出結論，機構投資者購買瑞波幣是作為投資而不是消費目的。

Lockup provisions and resale restriction conditions also proved that institutional sales of XRP were unregistered securities offerings.

禁售條款和轉售限制條件也證明了XRP的機構銷售是未經註冊的證券發行。

However, the court concluded that XRP tokens bought by retail investors from crypto exchanges were not “investment contracts.”

然而，法院的結論是，散戶投資者從加密貨幣交易所購買的 XRP 代幣不是「投資合約」。

The court reasoned that:

法院的理由是：

The court also found no evidence that “Other Distributions” were sold as investment contracts.

法院還發現沒有證據表明「其他分配」作為投資合約出售。

Ripple Labs must pay the $125 million fine to the SEC within 30 days of the final order.

Ripple Labs 必須在最終命令下達後 30 天內向 SEC 支付 1.25 億美元的罰款。

The sum is well below the $2 billion figure that the SEC sought in fines and penalties from the company.

該金額遠低於 SEC 要求該公司罰款 20 億美元的金額。

CEO Garlinghouse called the court ruling “a victory for Ripple, the industry, and the rule of law.”

執行長加林豪斯稱法院的裁決「是 Ripple、產業和法治的勝利」。

He said:

他說：

“The SEC’s headwinds against the whole of the XRP community are gone.”

“SEC 對整個 XRP 社區的阻力已經消失。”

With the SEC lawsuit behind it now, could XRP finally scale new all-time highs again? It has been over seven years since XRP hit a peak of $3.84 on January 4, 2018.

隨著美國證券交易委員會 (SEC) 提起訴訟，XRP 最終能否再次創下歷史新高？自從 XRP 在 2018 年 1 月 4 日觸及 3.84 美元的高峰以來，已經過去七年多了。

Coinbase market data showed that since January 2018, Bitcoin (BTC) has breached multiple all-time highs — $64,899 in April 2021, $69,000 in November 2021, and $73,835 in March 2024.

Coinbase 市場數據顯示，自 2018 年 1 月以來，比特幣 (BTC) 已突破多個歷史新高——2021 年 4 月為 64,899 美元，2021 年 11 月為 69,000 美元，2024 年 3 月為 73,835 美元。

In 2024, Ripple plans to launch a fully collateralized stablecoin to support the growth of its public blockchain. XRP Ledger. Ripple expects the native stablecoin to synergize with the XRP token to improve payment solutions and customer experience on the XRP Ledger.

Ripple計劃在2024年推出完全抵押的穩定幣，以支持其公共區塊鏈的成長。瑞波幣分類帳。 Ripple 期望原生穩定幣與 XRP 代幣協同作用，以改善 XRP Ledger 上的支付解決方案和客戶體驗。

However, a section of the crowd believes that a native stablecoin on the XRP Ledger will bring the “death of XRP” by replacing it as the asset that facilitates cross-border payments.

然而，一部分人認為，XRP Ledger 上的原生穩定幣將取代 XRP 成為促進跨境支付的資產，從而帶來「XRP 的死亡」。

Ripple is one of the oldest cryptocurrencies in the world, ideated in 2011 by co-founder Jed McCaleb.

Ripple 是世界上最古老的加密貨幣之一，由聯合創始人 Jed McCaleb 於 2011 年提出。

Once valued more than Ethereum (ETH), Ripple’s XRP has fallen behind newer crypto projects such as Solana (SOL

Ripple 的 XRP 的價值一度超過以太坊 (ETH)，但現已落後於 Solana (SOL) 等較新的加密項目