XRP買家採購了Ripple的未來現金流

美國現有法學院最古老的法學院威廉＆瑪麗法學院最近進行的法律分析表明，XRP買家採購了Ripple的未來現金流。

A recent legal analysis from William & Mary Law School, the oldest existing law school in the United States, suggests that XRP buyers procured a slice of Ripple’s future cash flow.

美國現有法學院最古老的法學院威廉和瑪麗法學院最近進行的法律分析表明，XRP買家採購了一部分Ripple的未來現金流。

The report, by University of Texas law professor James C. Spindler and published in May 2025, asserts that XRP buyers essentially acquired an economic interest in Ripple’s future revenue streams. However, it also suggests a legal gray area that complicates the situation.

德克薩斯大學法學教授詹姆斯·C·斯皮德勒（James C.但是，這也暗示了一個合法的灰色區域，使情況復雜化。

SMQKE, an independent crypto researcher, first brought the academic report to public attention in a post on X, triggering discussions within the XRP community.

獨立加密研究員Smqke首先在X上的一篇文章中將學術報告引起了公眾關注，從而觸發了XRP社區內的討論。

XRP Holders Have Bought a Slice of Ripple’s Future Cash Flow

XRP持有人購買了Ripple的未來現金流

The report argues that XRP, while not conferring legal ownership or entitlements like dividends or voting rights, still functions like a vehicle for sharing in Ripple’s future business success.

該報告認為，XRP雖然不授予合法所有權或諸如股息或投票權之類的權利，但仍然可以像共享Ripple未來業務成功的工具一樣起作用。

It suggests that investors are seen as betting on Ripple’s long-term profitability, specifically, revenue from its blockchain-based transaction settlement system, when they purchase XRP. The report argued that XRP’s value hinges on the success of Ripple’s infrastructure.

這表明投資者被視為在購買XRP時從基於區塊鏈的交易結算系統中押注Ripple的長期盈利能力，特別是從其基於區塊鏈的交易結算系統中的收入。該報告認為，XRP的價值取決於Ripple基礎架構的成功。

Despite this, the report also calls attention to an important nuance. It claimed that XRP doesn’t provide formal investor protections typically associated with securities, such as enforceable rights or disclosures under SEC regulations.

儘管如此，該報告還呼籲人們注意一個重要的細微差別。它聲稱XRP不提供通常與證券相關的正式投資者保護措施，例如SEC法規中的可執行權或披露。

This creates a paradox. While the economic relationship resembles an investment in Ripple, the legal structure avoids traditional oversight.

這會產生悖論。儘管經濟關係類似於對波紋的投資，但法律結構避免了傳統的監督。

XRP’s Utility Differentiates It From Normal Bonds

XRP的實用程序將其與普通債券區分開

Meanwhile, Ripple has long maintained that XRP is a functional token used to facilitate cross-border payments, not an investment contract. Interestingly, the report acknowledged the strength of this argument.

同時，Ripple長期以來一直堅持認為XRP是用於促進跨境支付的功能令牌，而不是投資合同。有趣的是，該報告承認了這一論點的實力。

The paper credits Ripple for constructing a system where XRP serves an actual use case, fueling transactions within its payment ecosystem, rather than merely existing as a speculative asset.

該論文對構建XRP使用實際用例的系統的漣漪進行了漣漪，從而在其支付生態系統中加油，而不僅僅是作為投機資產存在的。

It points out that XRP is essential to the system’s operation, with users required to utilize the token to process transactions on the XRPL, and as an optional bridge asset in Ripple Payments. This utility-focused design supports Ripple’s claim that the token is fundamentally different from a stock or bond.

它指出，XRP對於系統的操作至關重要，需要用戶使用令牌來處理XRPL上的交易，並且是Ripple Payments中的可選橋樑資產。以公用事業為中心的設計支持Ripple的說法，即令牌與股票或債券的根本不同。

The legal scholar also highlights the broader implications if Ripple’s approach becomes widely adopted. According to the report, companies might tokenize segments of future cash flows and distribute them through crypto markets, potentially bypassing regulatory scrutiny.

法律學者還強調瞭如果波紋的方法被廣泛採用，則具有更廣泛的含義。根據該報告，公司可能會將未來現金流量的細分市場化，並通過加密市場將其分配，可能繞開監管審查。

Still, the report concedes that Ripple is one of the few crypto firms with a real, revenue-generating business, which lends credibility to its model.

儘管如此，該報告仍承認，Ripple是為數不多的具有真實，創收業務的加密公司之一，這為其模型提供了信譽。

Ripple and SEC Already Looking to End the Age-old Lawsuit

Ripple和SEC已經希望結束古老的訴訟

The report surfaces as Ripple and the SEC have recently agreed to abandon their appeals in the ongoing legal dispute. Both parties are now seeking court approval to finalize a settlement, indicating a possible end to one of the most high-profile crypto enforcement battles in recent years.

該報告表現為Ripple和SEC最近同意在持續的法律糾紛中放棄其上訴。雙方現在都在尋求法院的批准來最終確定和解，這表明近年來最引人注目的加密執法鬥爭可能終止。

Ripple’s partial legal victory in 2023, which found that certain XRP sales did not violate securities laws, bolstered its standing in the crypto industry.

Ripple在2023年的部分合法勝利發現，某些XRP銷售並未違反證券法，這加強了其在加密貨幣行業的地位。

The report from William & Mary suggests that while the company may have skimmed traditional frameworks, its operational transparency and real-world use case put it in a different category from purely speculative ventures.

William＆Mary的報告表明，儘管該公司可能已經瀏覽了傳統框架，但其運營透明度和現實用例將其與純粹投機性合資企業不同。