SEC 争议 Ripple 裁决的先例，对 Coinbase 上诉提出质疑

在 Coinbase 与 SEC 之间的法律斗争中，SEC 对 Ripple 在 2023 年 7 月做出的​​有利裁决的更广泛影响力提出了质疑，该裁决将通过交易所销售的 XRP 视为非证券产品。 SEC 针对 Coinbase 上诉的论点称，没有其他法院认可这一裁决，这意味着 Ripple 的胜利可能是行业内的一个孤立事件。

SEC Questions Ripple Ruling's Precedential Value, Clouds Coinbase Appeal

SEC 质疑 Ripple 裁决的先例价值，给 Coinbase 上诉蒙上阴影

Washington, D.C. - The Securities and Exchange Commission (SEC) has cast doubt on the legal significance and influence of a recent favorable ruling in the Ripple lawsuit, arguing that it holds no sway in other cases, potentially complicating Coinbase's appeal attempt.

华盛顿特区 - 美国证券交易委员会 (SEC) 对 Ripple 诉讼中最近有利裁决的法律意义和影响力表示怀疑，认为该裁决在其他案件中没有影响力，这可能会使 Coinbase 的上诉尝试复杂化。

In a July 2023 decision, Judge Analisa Torres ruled that Ripple's programmatic sales of XRP tokens through exchanges did not constitute securities offerings, effectively affirming that XRP is not a security and that token sales on exchanges do not qualify as investment contracts.

在 2023 年 7 月的一项裁决中，法官 Analisa Torres 裁定 Ripple 通过交易所进行的 XRP 代币程序化销售不构成证券发行，有效地确认了 XRP 不是证券，并且交易所上的代币销售不符合投资合同的资格。

However, in a recent legal filing related to Coinbase's appeal, the SEC asserted that "no court has followed the [Ripple] ruling," implying that other courts have not embraced the legal reasoning or precedent established in the case.

然而，在最近一份与 Coinbase 上诉相关的法律文件中，SEC 声称“没有法院遵循 [Ripple] 的裁决”，这意味着其他法院尚未接受该案中确立的法律推理或先例。

This statement suggests that the SEC views the Ripple decision as an outlier, lacking in legal influence or validity. It also hints at the possibility that the SEC may not consider the Ripple ruling binding in other cases, including its own lawsuit against Coinbase.

该声明表明 SEC 认为 Ripple 的决定是异常情况，缺乏法律影响力或有效性。它还暗示 SEC 可能不会认为 Ripple 裁决在其他案件中具有约束力，包括其针对 Coinbase 的诉讼。

The SEC's argument stems from its belief that the digital assets listed on Coinbase's platform are securities, and that sales through the platform constitute investment contracts. This view directly conflicts with Judge Torres's ruling that tokens like XRP sold on exchanges are not securities.

SEC 的论点源于其认为 Coinbase 平台上列出的数字资产是证券，通过该平台进行的销售构成投资合同。这一观点与托雷斯法官关于在交易所出售的 XRP 等代币不是证券的裁决直接相冲突。

Legal experts have weighed in on the implications of the SEC's stance. Bill Morgan, a pro-XRP lawyer, has suggested that if other courts do not adopt the Ripple ruling and the SEC prevails in its other major crypto lawsuits, Ripple's victory regarding programmatic sales would stand in isolation.

法律专家对 SEC 立场的影响进行了权衡。支持 XRP 的律师 Bill Morgan 表示，如果其他法院不采纳 Ripple 的裁决，并且 SEC 在其他重大加密诉讼中胜诉，那么 Ripple 在程序化销售方面的胜利将是孤立的。

"Yes if no court follows SEC v Ripple and the SEC wins all these other big crypto cases but the SEC does not appeal or does not succeed in an appeal against Ripple then programmatic sales by Ripple will stand alone as not needing to be registered," Morgan tweeted.

“是的，如果没有法院关注 SEC 诉 Ripple 案，并且 SEC 赢得了所有其他大型加密货币案件，但 SEC 没有上诉或针对 Ripple 的上诉没有成功，那么 Ripple 的程序化销售将独立存在，因为不需要注册，”摩根发推文。

This would mean that Ripple could continue its programmatic sales unregistered, but the ruling may not necessarily serve as a legal precedent for other entities in the crypto industry.

这意味着 Ripple 可以在未注册的情况下继续进行程序化销售，但该裁决不一定能成为加密行业其他实体的法律先例。

The SEC's questioning of the Ripple ruling's precedential value has cast a shadow over Coinbase's appeal attempt. Coinbase has argued that the SEC's lawsuit against it is "based on an overbroad and erroneous interpretation of the law," and that the SEC's attempt to apply securities laws to digital assets is "unconstitutional."

美国证券交易委员会对 Ripple 裁决的先例价值的质疑给 Coinbase 的上诉尝试蒙上了阴影。 Coinbase 辩称，SEC 针对其的诉讼“基于对法律过于宽泛且错误的解释”，并且 SEC 试图将证券法适用于数字资产是“违宪的”。

The SEC's latest filing adds another layer of complexity to the Coinbase case, and it remains to be seen how the court will ultimately rule. The outcome of the Coinbase appeal could have far-reaching implications for the crypto industry, as it could help clarify the regulatory landscape and provide guidance on the classification of digital assets.

美国证券交易委员会的最新文件让 Coinbase 案件又增加了一层复杂性，法院最终将如何裁决仍有待观察。 Coinbase 上诉的结果可能会对加密货币行业产生深远的影响，因为它可以帮助澄清监管环境并为数字资产的分类提供指导。

The SEC's position raises concerns about the consistency and predictability of the legal framework surrounding cryptocurrencies. The agency's assertion that the Ripple ruling holds no weight for other cases suggests that it may be willing to take a case-by-case approach to regulating digital assets, rather than establishing clear and consistent rules.

美国证券交易委员会的立场引发了人们对加密货币法律框架的一致性和可预测性的担忧。该机构声称 Ripple 裁决对其他案件没有影响力，这表明它可能愿意采取具体情况具体分析的方法来监管数字资产，而不是建立明确且一致的规则。

This approach creates uncertainty and challenges for businesses operating in the crypto space. Without clear regulatory guidelines, companies may face difficulties in developing and implementing compliant products and services.

这种方法给加密货币领域运营的企业带来了不确定性和挑战。如果没有明确的监管指南，公司在开发和实施合规产品和服务时可能会面临困难。

Furthermore, the SEC's stance could undermine the legitimacy of the crypto industry in the eyes of investors and the general public. If different courts reach different conclusions on the legal status of digital assets, it could create confusion and erode trust in the market.

此外，美国证券交易委员会的立场可能会损害加密行业在投资者和公众眼中的合法性。如果不同的法院对数字资产的法律地位得出不同的结论，可能会造成混乱并削弱市场的信任。

The Ripple lawsuit and the Coinbase appeal are closely watched cases that will likely shape the future of crypto regulation. The outcome of these cases will have significant implications for businesses, investors, and the entire crypto ecosystem.

Ripple 诉讼和 Coinbase 上诉是受到密切关注的案件，它们可能会影响加密货币监管的未来。这些案件的结果将对企业、投资者和整个加密生态系统产生重大影响。