美国证券交易委员会可能对 XRP 裁决提出上诉，但风险很高

美国证券交易委员会（SEC）和 Ripple Labs 之间正在进行的法律斗争引起了加密货币世界的极大关注。

The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has generated significant attention in the cryptocurrency world. Recently, there has been speculation about whether the SEC will appeal a pivotal ruling from July 2023, which stated that secondary sales of Ripple’s XRP token do not qualify as securities.

美国证券交易委员会（SEC）和 Ripple Labs 之间正在进行的法律斗争引起了加密货币世界的极大关注。最近，有人猜测 SEC 是否会对 2023 年 7 月起的一项关键裁决提出上诉，该裁决规定 Ripple 的 XRP 代币的二次销售不符合证券的资格。

Background on the Ripple Case and The Potential Appeal

Ripple 案例的背景和潜在吸引力

In July 2023, U.S. District Judge Analisa Torres made a ruling that recognized XRP’s programmatic sales as non-securities. This decision has sparked a lot of debate, particularly within the SEC, where many believe the ruling was incorrect. A former SEC attorney, who spoke to Fox Business reporter Eleanor Terrett, indicated that there is a strong consensus within the agency that the decision should be challenged.

2023 年 7 月，美国地区法官 Analisa Torres 做出裁决，承认 XRP 的程序化销售为非证券。这一决定引发了很多争论，特别是在美国证券交易委员会内部，许多人认为这一裁决是不正确的。一位前美国证券交易委员会律师在接受福克斯商业新闻记者埃莉诺·特雷特采访时表示，该机构内部存在强烈共识，认为这一决定应该受到质疑。

The SEC’s possible appeal revolves around this critical ruling. The former attorney noted that the sentiment at the SEC is one of urgency to overturn what they see as a flawed judgment.

美国证券交易委员会可能会围绕这一关键裁决提出上诉。这位前律师指出，美国证券交易委员会的观点是，迫切需要推翻他们认为有缺陷的判决。

Implications of an Appeal

上诉的影响

Pro-XRP lawyer Fred Rispoli has weighed in on the situation, suggesting that while he leans toward the SEC filing an appeal, the stakes are incredibly high. If the SEC lets this case go without an appeal, it could be a significant setback for the agency. This is because an unfavorable ruling for the SEC could empower other defendants in similar cases across the Second Circuit, where New York’s courts have jurisdiction.

支持 XRP 的律师 Fred Rispoli 对这一情况进行了权衡，他表示，虽然他倾向于向 SEC 提起上诉，但风险非常高。如果 SEC 在不上诉的情况下放过此案，这可能对该机构来说是一个重大挫折。这是因为，对美国证券交易委员会不利的裁决可能会赋予纽约法院拥有管辖权的第二巡回法院类似案件中其他被告的权力。

I'm 60/43 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Letting it slide (no appeal) means that "programmatic sales" is a one-off loss that literally only applies to Ripple's secondary sales and is a distinguishable SDNY loss for the… https://t.co/nIr4vcl0BZ

我 60/43 赞成看到 SEC 上诉通知，但对 SEC 来说风险确实很高。让它滑动（没有吸引力）意味着“程序化销售”是一种一次性损失，实际上仅适用于 Ripple 的二级销售，并且是可区分的 SDNY 损失...... https://t.co/nIr4vcl0BZ

Challenges Ahead for the SEC

SEC 面临的挑战

Listening to legal experts like John Deaton, it appears that overturning Judge Torres’s ruling would be a tough challenge for the SEC. Fred said that the outcome of any appeal would heavily depend on the three judges randomly selected to hear the case.

听约翰·迪顿等法律专家的意见，推翻托雷斯法官的裁决对美国证券交易委员会来说似乎是一项艰巨的挑战。弗雷德表示，任何上诉的结果将在很大程度上取决于随机选择审理此案的三名法官。

Fred wrote, “The reality of SEC’s chances of winning on an appeal though mainly come down to the three randomly selected justices that would hear it. If SEC drew 3 SEC-biased judges (rare but possible), it could win.”

弗雷德写道：“美国证券交易委员会在上诉中获胜的机会主要取决于随机选出的三名法官将听取上诉。如果 SEC 抽到 3 位有 SEC 偏见的法官（罕见但有可能），它就可能获胜。”