Ripple Labs和SEC的持續法律鬥爭達到了關鍵關鍵時刻

Ripple Labs和美國SEC之間正在進行的法律鬥爭達到了關鍵時刻。

The ongoing legal battle between Ripple Labs and the U.S. SEC has reached a critical juncture. On May 8, 2025, Judge Analisa Torres denied a joint motion from both parties seeking an indicative ruling to reduce Ripple’s $125 million penalty and release associated escrow funds.

Ripple Labs和美國SEC之間正在進行的法律鬥爭達到了關鍵時刻。 2025年5月8日，Analisa Torres法官否認雙方的共同動議，要求一項指示性裁決，以減少Ripple的1.25億美元罰款並釋放相關的託管基金。

The motion, which aimed at slashing the financial sanctions to $50 million and striking portions of the December 2023 ruling, was deemed “procedurally improper” by the court. This decision effectively stalls the proposed settlement and suggests that the case may continue on its current path.

法院認為該動議旨在將財務制裁削減到2023年12月的裁決中的5000萬美元，並引人注目，並被法院視為“程序不當”。這一決定有效地阻止了擬議的解決方案，並建議該案可能會在其當前的道路上繼續進行。

Despite this setback, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that the company’s previous legal victories remain intact. Notably, Judge Torres’s 2023 ruling that XRP is not a security when sold on public exchanges still stands.

儘管有這種挫折，但Ripple的首席法律官Stuart Alderoty強調，該公司以前的法律勝利仍然完好無損。值得注意的是，托雷斯法官的2023年裁定XRP在公共交流上出售時並不是安全。

A Blueprint for Blockchain in Banking

銀行業中區塊鏈的藍圖

An X post by Crypto analyst SMQKE cites a William & Mary Law Review article (Vol. 66:1531) suggesting that 's institutional investors own a "slice of Ripple’s future cashflows" from its transaction settlement system.

Crypto分析師SMQKE的X帖子引用了William＆Mary Law評論文章（第66：1531卷），建議機構投資者從其交易結算系統中擁有“ Ripple的未來現金流”。

This analysis implies that XRP could be viewed as a security, an interesting juxtaposition considering Judge Analisa Torres's 2023 ruling that XRP is not a security when sold by Ripple to the public on exchanges.

該分析表明，XRP可以被視為安全性，考慮到Analisa Torres法官2023年的裁決，XRP是由Ripple出售給公眾在交易所以交易所出售的。

According to the analyst, a win for Ripple would be a milestone for blockchain-based infrastructure. It could provide banks, investment funds, and corporations with a blueprint for transferring critical financial functions, like payments, settlements, and custody, to blockchain networks.

根據分析師的說法，Ripple的勝利將是基於區塊鏈的基礎設施的里程碑。它可以為銀行，投資基金和公司提供藍圖，用於將關鍵財務職能（如付款，和解和監護權）轉移到區塊鍊網絡上。

If XRP is officially deemed not a security, it would validate the concept that tokens can be used to represent future corporate value without falling under strict securities laws. This, in turn, could open the door for companies to raise capital and transfer value on-chain.

如果XRP被正式認為不是安全性，它將驗證以下概念，即代幣可用於代表未來的公司價值而不會屬於嚴格的證券法。反過來，這可能為公司籌集資本和轉移鏈價值轉移價值打開大門。

Crypto Implications

加密含義

SMQKE further notes that the foundations of finance are already shifting with the advent of new technologies. Tokenized shares could settle instantly, custody could be managed by smart contracts, and payment systems could be directly linked to crypto wallets.

SMQKE進一步指出，隨著新技術的出現，財務基礎已經在轉移。令牌化的股票可以立即結算，可以通過智能合約來管理監護權，並且付款系統可以直接與加密錢包聯繫起來。

Institutions would still play a role, but they would operate on more efficient, digital rails. If the court endorses Ripple’s structure, it would send a strong message that blockchain technology is prepared to support core financial operations.

機構仍將發揮作用，但它們將在更高效的數字鐵軌上運作。如果法院認可Ripple的結構，它將發出強烈的信息，即區塊鏈技術準備支持核心財務運營。

This wouldn't just be a win for Ripple, but also a signal that the industry has matured to handle the next phase of global finance.

這對Ripple來說不僅是勝利，而且還表明該行業已經成長以處理全球金融的下一階段。

The SEC sued Ripple in 2020 for selling XRP as unregistered securities, a claim that Ripple denies. According to the agency, when a company sells securities, it must register the offering with the SEC or obtain an exemption.

SEC於2020年起訴Ripple，因為將XRP作為未註冊證券出售，這一說法是Ripple否認的。根據該機構的說法，當公司出售證券時，它必須在SEC註冊產品或獲得豁免。

The case has seen several partial wins for Ripple, but a final ruling is still pending. Experts say the outcome could have a huge impact on how crypto is regulated in the U.S. going forward.

此案為Ripple取得了幾次部分勝利，但最終的裁決仍在審理中。專家說，結果可能會對美國未來的加密方式產生巨大影響。

Yes, a Ripple win could have huge implications for the future of crypto in the U.S.

是的，連鎖反應可能會對美國加密貨幣的未來產生巨大影響

If the court agrees with the SEC that a portion of Ripple’s Series C preferred stock offering in 2019 was sold to U.S. investors in violation of federal securities laws, it could open the door for the SEC to pursue similar claims against other crypto companies.

如果法院同意SEC的一部分Ceripple的C系列首選股票產品中的一部分被出售給美國投資者，以違反聯邦證券法，它可能會為SEC宣傳對其他加密貨幣公司的類似索賠。

However, if the court sides with Ripple and rules that XRP was not a security when it was sold on the open market, it could significantly limit the SEC’s ability to police the crypto sector.

但是，如果法院在公開市場上出售XRP並不是XRP是安全性的規定，則可能會大大限制SEC向加密貨幣部門監管的能力。

The judge’s decision could also have implications for the future of DeFi. If the court finds that crypto tokens can be sold as securities even if they are not registered with the SEC, it could make it more difficult for DeFi protocols to raise capital.

法官的決定也可能對Defi的未來產生影響。如果法院發現，即使沒有向SEC註冊的加密代幣，也可以將其作為證券出售，這可能會使Defi協議更難籌集資金。

This could have a chilling effect on innovation in the crypto industry.

這可能會對加密貨幣行業的創新產生令人不寒而栗的影響。

On the other hand, if the judge rules that crypto tokens are not securities if they are sold on a public exchange, it could create more legal certainty for the crypto industry and pave the deposits for greater institutional adoption of crypto.

另一方面，如果法官裁定加密代幣不是證券，如果它們在公共交易所出售，則可能會為加密行業提供更多的法律確定性，並為更多的機構採用加密貨幣鋪平存款。

The case is still ongoing and could drag on for several more years. However, the stakes are high and the implications of the judge’s decision could be far-reaching.

該案仍在進行中，並且可能會再拖延幾年。但是，賭注很高，法官決定的影響可能是深遠的。

The post As May 8 Deadline Passes, Judge Torres’s Latest Decision Impacts Both Parties in Critical Case » BeInCryptomag appeared first on BeInCrypto.

5月8日截止日期的職位，托雷斯法官的最新決定影響了關鍵案件的雙方»beincryptomag首先出現在Beincrypto上。