Ripple Labs 對 SEC 的證券分類和執法實務提出上訴

Ripple Labs 透過向美國第二巡迴上訴法院提交 Form C 交叉上訴，將其針對美國證券交易委員會 (SEC) 的案件提升到了一個新的水平。

Ripple Labs has filed a Form C cross-appeal with the U.S. Court of Appeal for Second Circuit in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC).

Ripple Labs 已向美國第二巡迴上訴法院提交了 Form C 交叉上訴，以應對與美國證券交易委員會 (SEC) 正在進行的法律訴訟。

The cross-appeal stems from the August 2023 decision by the U.S. District Court of the Southern District of New York, which levied a $125 million fine on Ripple for violating securities laws with its institutional sales of XRP.

此次交叉上訴源於美國紐約南區地方法院 2023 年 8 月的裁決，該裁決對 Ripple 處以 1.25 億美元罰款，理由是其機構銷售 XRP 違反了證券法。

Ripple's Chief Legal Officer, Stuart Alderoty, highlighted the significance of the appeal, stating that it will not introduce any new content but will focus on the existing record.

Ripple 首席法務官 Stuart Alderoty 強調了上訴的重要性，表示不會引入任何新內容，而是將重點放在現有記錄上。

"This is a cross-appeal, which means we are not adding anything new to the case. It will be decided on the existing administrative record, and we expect the Second Circuit to rule sometime in 2024," Alderoty further noted in an X email to Law360 Pulse.

阿爾德羅蒂在一封X 電子郵件中進一步指出：「這是一次交叉上訴，這意味著我們不會在案件中添加任何新內容。這將根據現有的行政記錄做出決定，我們預計第二巡迴法院將在2024 年的某個時候作出裁決。

The appeal challenges the district court's application of the Howey test to determine that Ripple's institutional sale of its XRP token constitutes a security.

該上訴對地方法院應用 Howey 測試來確定 Ripple 對其 XRP 代幣的機構銷售構成證券的做法提出了質疑。

"The SEC is not contesting the earlier ruling, which keeps XRP from being categorized as a security, a legal achievement for Ripple," Alderoty stated.

Alderoty 表示：“美國證券交易委員會並沒有對先前的裁決提出異議，該裁決阻止了 XRP 被歸類為證券，這是 Ripple 的一項法律成就。”

Core Arguments and Legal Strategies

核心論點與法律策略

At the heart of Ripple's appeal is a disagreement over the definition of an investment contract and the application of the Howey test, a legal precedent established in 1946.

Ripple 上訴的核心是對投資合約的定義和 Howey 測試（1946 年確立的法律先例）的應用存在分歧。

Ripple argues that the buyers did not invest money in a common enterprise and were not led to expect profits solely from the efforts of the promoter, as required by the Howey test.

Ripple 辯稱，買家並沒有將資金投資於普通企業，也沒有按照豪伊測試的要求，期望僅從發起人的努力中獲得利潤。

Furthermore, the appeal alleges that the SEC's enforcement practices were unclear, depriving Ripple of an opportunity to fully comply with the regulations.

此外，上訴稱 SEC 的執法行為不明確，剝奪了 Ripple 完全遵守法規的機會。

The filing also argues that the court's legal claim, an injunction, is overly broad, instructing Ripple to simply "comply with the law."

文件也認為，法院的法律主張（禁令）過於寬泛，指示瑞波只是「遵守法律」。

Ripple's attorneys contend that the focus should be on establishing a clear definition of investment contracts to avoid over-regulation and provide guidance to the crypto industry.

Ripple 的律師認為，重點應該是建立投資合約的明確定義，以避免過度監管，並為加密產業提供指導。

Crypto Industry Implications

對加密產業的影響

The outcome of Ripple's appeal is expected to have a major impact on the cryptocurrency sector, potentially limiting the SEC's authority over digital assets transactions.

Ripple 上訴的結果預計將對加密貨幣行業產生重大影響，可能會限制 SEC 對數位資產交易的權威。

This case has garnered attention from the crypto community and potential institutional investors, as it may determine the future classification and legal treatment of cryptocurrencies.

此案引起了加密貨幣社區和潛在機構投資者的關注，因為它可能決定加密貨幣未來的分類和法律待遇。

Meanwhile, the SEC's cross-appeal pertains to Ripple's programmatic and employee sales of XRP, which a district court judge ruled did not violate federal securities laws.

同時，SEC 的交叉上訴涉及 Ripple 的 XRP 程序化銷售和員工銷售，地區法院法官裁定這並不違反聯邦證券法。

The integrity of this investigation is also under scrutiny, with the SEC continuing to pursue Ripple executives Brad Garlinghouse and Chris Larsen for their alleged involvement in the unregistered sale of the coin.

這項調查的完整性也受到審查，美國證券交易委員會繼續追查Ripple 高管布拉德·加林豪斯(Brad Garlinghouse) 和克里斯·拉森(Chris Larsen)，因為他們涉嫌參與未經註冊的代幣銷售。