Ripple向SEC的加密特別工作組發送了一封新信，以解決數字資產的定義

Ripple的首席法律官Stuart Alderoty今天上了X（以前是Twitter），分享了Ripple已向美國SEC的加密特遣部隊發送了一封額外的信。這封信回應了SEC專員Hester Peirce最近發表的名為“ New Paradigm”的演講，她提出了一個重要的問題：加密貨幣何時停止成為投資合同的一部分並成為數字資產？

In a recent post on X, Ripple’s Chief Legal Officer, Stuart Alderoty, shared that the company has sent an additional letter to the U.S. SEC’s Crypto Task Force. The letter is a response to a recent speech by SEC Commissioner Hester Peirce, titled "New Paradigm," where she raised an important question: When does a cryptocurrency stop being part of an investment contract and become just a digital asset?

Ripple的首席法律官Stuart Alderoty在最近關於X的文章中分享說，該公司已向美國SEC的Crypto特遣部隊發送了另外一封信。這封信是對SEC專員Hester Peirce最近講話的回應，標題為“ New Paradigm”，她提出了一個重要的問題：加密貨幣何時停止成為投資合同的一部分而成為數字資產？

In their letter, Ripple thanked the SEC team for their meeting on May 20, 2025, and offered further thoughts on the issue.

Ripple在他們的信中感謝SEC團隊於2025年5月20日舉行的會議，並就此問題提出了進一步的想法。

"Most cryptocurrencies traded today are not securities," argued Ripple. They also cited legal analysis by Lewis Cohen and others, which says that when crypto tokens are sold in secondary markets — like exchanges — they usually don't meet the legal definition of a security.

Ripple說：“當今交易的大多數加密貨幣不是證券。”他們還引用了劉易斯·科恩（Lewis Cohen）和其他人的法律分析，該法律分析說，當加密代幣在二級市場（如交流）中出售時，他們通常不符合安全的法律定義。

"This analysis aligns with Judge Torres's ruling that XRP is not a security when sold on open cryptocurrency exchanges in the secondary market."

“這項分析與托雷斯法官的裁決相吻合，即XRP在二級市場的開放加密貨幣交易所出售時不是安全。”

The company went on to discuss last year's court ruling by Judge Torres in the SEC's lawsuit against Ripple. The judge decided that while some of Ripple's early XRP sales to big investors counted as investment contracts, the XRP token itself isn't a security when sold on secondary markets.

該公司繼續討論了托雷斯法官在SEC針對Ripple的訴訟中的法院裁決。法官決定，儘管Ripple的一些早期XRP向大投資者算作投資合同，但在二級市場上出售時，XRP令牌本身並不是安全性。

"We agree with the SEC that bad actors are a concern, but Congress is the one who needs to change the laws to deal with that," stated Ripple.

Ripple說：“我們同意美國證券交易委員會（SEC）是一個問題，但國會是需要更改法律來處理這一法律的人。”

They also warned against the SEC making vague rules about a token being "fully functional" or "sufficiently decentralized." Such rules, they argued, would cause confusion in the crypto market.

他們還警告說，關於代幣是“功能齊全的”或“足夠分散的”的SEC制定模糊的規則。他們認為，這樣的規則將在加密貨幣市場引起混亂。

Instead, Ripple suggested a clearer legal framework. For example, if a crypto token was once sold as part of an investment contract, it should be considered separate from that contract when:

取而代之的是，Ripple提出了更清晰的法律框架。例如，如果加密代幣曾經作為投資合同的一部分出售，則應將其視為與該合同分開的：

- It's sold on a public exchange, not directly from the token issuer.

- 它是在公共交易所出售的，而不是直接來自代幣發行人。

- The token's price is set by market forces of supply and demand.

- 代幣的價格是由供求的市場力量確定的。

- It can be freely bought, sold, and used without any restrictions.

- 可以自由購買，出售和使用而無需任何限制。

Furthermore, they proposed a safe harbor rule to protect honest crypto projects that are still developing, helping them avoid legal risks while following clear guidelines.

此外，他們提出了一項安全港規則，以保護仍在開發的誠實加密項目，幫助他們避免法律風險，同時遵循明確的指導方針。

"Finally, we recommend using the maturity of a crypto network — how big and established it is — rather than vague ideas like decentralization, to decide whether it should still be regulated as a security," concluded Ripple.

“最後，我們建議使用加密網絡的成熟度（它的大小和建立），而不是像權力中心化這樣的含糊的想法，以決定是否仍應被視為安全性，” Ripple總結道。

They suggested that tokens on open, permissionless networks with a large market value, operational for several years, and where no one party has control, should no longer fall under securities laws.

他們建議，具有較高市場價值的公開，無許可的網絡，數年運作，沒有一方控制的地方，如果不再屬於證券法律，則具有較高的市場價值。

This letter from Ripple provides valuable insight into the ongoing dialogue between the crypto industry and the SEC as they navigate the complex landscape of digital assets and securities regulations. The company's recommendations offer a practical and nuanced approach to integrating cryptocurrencies into the existing legal framework.

Ripple的這封信為加密行業與SEC之間正在進行的對話提供了寶貴的見解，因為他們瀏覽了數字資產和證券法規的複雜景觀。該公司的建議提供了將加密貨幣整合到現有法律框架中的實用和細微差別的方法。