Analisa Torres法官否认Ripple和SEC的联合动议

5月15日，Analisa Torres法官否认了Ripple和美国证券交易委员会（SEC）的联合动议，该动议要求批准拟议的和解结构。

Judge Analisa Torres has denied a joint motion from Ripple and the U.S. Securities and Exchange Commission (SEC) that sought approval for a proposed settlement structure in the long-running XRP lawsuit. The motion, which was described as a request for an “indicative ruling,” was dismissed as “procedurally improper.”

Analisa Torres法官否认了Ripple和美国证券交易委员会（SEC）的联合动议，该动议要求批准长期运行的XRP诉讼中的拟议和解结构。该动议被描述为“指示性裁定”的要求，被驳回为“程序上不当”。

While the judge noted that she had no jurisdiction over the matter, she added that even if she did, she would not grant the request. This development further extends the case, which has already spanned several months.

法官指出她对此事没有管辖权，但她补充说，即使她这样做，她也不会批准该请求。这一发展进一步扩大了此案，该案件已经跨越了几个月。

Legal expert Fred Rispoli explained that the court viewed the motion as an attempt to bypass the rigorous legal standard needed to remove the previously ordered injunction and reduce the financial penalty. Rispoli stated,

法律专家弗雷德·里斯波利（Fred Rispoli）解释说，法院认为该动议是绕过删除先前有序的禁令所需的严格法律标准并减少经济罚款。里斯波利说，

“The parties fail to address the ‘heavy burden' they must overcome to vacate the injunction and substantially reduce the Civil Penalty.”

“当事方未能解决'沉重负担'，他们必须克服撤离禁令并大大减少民事罚款。”

This suggests that the only path forward is to file a detailed motion, possibly around 25 pages, providing clear justification. He noted that this would take the SEC and Ripple several weeks to prepare. Judge Torres may take additional time to rule.

这表明前进的唯一途径是提出一个详细的动作，可能约为25页，提供明确的理由。他指出，这将需要SEC并涟漪几周才能准备。托雷斯法官可能需要额外的时间来统治。

Rispoli estimated the earliest conclusion in the XRP lawsuit could arrive by July.

里斯波利估计XRP诉讼中最早的结论可能在7月之前到达。

This has once again sparked discussions in the XRP community. Following the court’s decision, several legal commentators shared their views on the outcome of the XRP lawsuit. Former SEC attorney Marc Fagel pushed back on the idea that Judge Torres was acting out of bias or political intent.

这再次引发了XRP社区的讨论。在法院的裁决之后，几位法律评论员分享了他们对XRP诉讼结果的看法。前美国证券交易委员会的律师马克·法格尔（Marc Fagel）推迟了托雷斯法官出于偏见或政治意图行事的想法。

He emphasized that Ripple was found to have violated securities laws and that the injunction and $125 million penalty were established legal remedies.

他强调，发现波纹违反了证券法，禁令和1.25亿美元的罚款已被建立了法律补救措施。

Fagel addressed claims that the injunction was an unnecessary addition. “The court heard the evidence and agreed that Ripple should be enjoined. So the parties are basically going to her and telling her she was wrong,” he wrote in response to critics.

法格尔（Fagel）谈到了禁令是不必要的补充。他写道：“法院听到了证据，并同意应要求涟漪。因此，当事方基本上是去找她，告诉她她错了。”

Jungle Inc, a known voice in the XRP community, claimed the injunction was a last-minute addition at the SEC’s request. Fagel countered this by stating that the court, not just the SEC, decided on the remedies after finding Ripple liable.

XRP社区中已知的声音Jungle Inc声称该禁令是SEC要求的最后一刻。法格尔（Fagel）通过指出，法院不仅是SEC，在发现波纹责任后决定采取补救措施。

What’s Next for the Ripple VS SEC Case?

Ripple与SEC案的下一步是什么？

According to James Farrell, another ex-SEC lawyer, Ripple attempted to frame its request as part of a settlement to avoid the higher legal burden needed to remove the injunction. Farrell noted,

据另一位前SEC律师詹姆斯·法雷尔（James Farrell）称，Ripple试图将其要求作为和解的一部分构架，以避免删除禁令所需的更高的法律负担。法雷尔指出，

“Ripple played a high risk/high reward strategy.”

“ Ripple发挥了高风险/高奖励策略。”

He added that Judge Torres was not convinced by the framing of the request, leading to its rejection.

他补充说，托雷斯法官并不是对请求的框架的框架说服，导致其拒绝。

Farrell also pointed to internal complications within the SEC, that could have been a key reason behind the delay in the XRP lawsuit resolution.

Farrell还指出了SEC内部的内部并发症，这可能是XRP诉讼解决方案延迟的关键原因。

He suggested that there may be different interpretations of the settlement terms. The SEC’s Office of the General Counsel may argue that its role in the agreement is already complete.

他建议对和解条款有不同的解释。 SEC的总法律顾问办公室可能会争辩说，其在协议中的作用已经完成。

Meanwhile, any changes to the proposed terms might need another vote from SEC commissioners.

同时，对拟议条款的任何更改都可能需要SEC专员的另一票。

Legal sources told journalist Eleanor Terrett that Judge Torres is making it clear that Ripple and the SEC must provide strong reasoning if they want the court to reverse prior decisions. Terrett said,

法律消息人士告诉记者埃莉诺·特雷特（Eleanor Terrett），托雷斯法官明确表示，如果法院希望法院撤销先前的裁决，那么Ripple和SEC必须提供强有力的推理。特雷特说，

“She’s not making it easy for the parties to simply walk away.”

“她并不是让各方简单地走开。”

XRP Lawsuit Projected Resolution Timeline

XRP诉讼计划的解决时间表

If both parties now follow the proper legal process in the Ripple SEC case, including filing comprehensive documentation and providing compelling evidence, a resolution could come as early as July.

如果双方现在都遵循Ripple SEC案件中的适当法律程序，包括提交全面的文件和提供令人信服的证据，那么最早可能会提出决议。

However, some observers believe the XRP lawsuit could extend into December. This could happen if the filings are delayed or if Judge Torres takes more time to review.

但是，一些观察家认为XRP诉讼可以延长到12月。如果备案延迟或托雷斯法官需要更多时间进行审查，这可能会发生这种情况。

Rispoli suggested the new motion should include statements from SEC Commissioners, a review of other dropped cases, and evidence of the agency’s lack of progress on crypto regulation.

里斯波利（Rispoli）建议，新动议应包括SEC专员的陈述，对其他案件的审查以及该机构缺乏加密监管进展的证据。

He also noted that preparing such a motion would require two to three weeks. An additional week or two may be needed for the judge’s decision.

他还指出，准备这样的动作将需要两到三周。法官的裁决可能需要另外一两个星期。

Notably, the latest setback in the case has also weighed on the investors’ sentiment. The same is evidenced by the retreat in the XRP price. During writing, XRP price exchanged hands at $2.36, falling from the $2.5 mark after Judge Torres’s latest ruling.

值得注意的是，此案的最新挫折也使投资者的情绪权衡。 XRP价格的撤退也证明了这一点。在写作过程中，XRP Price以2.36美元的价格交换了手，从托雷斯法官的最新裁决后的2.5美元下降。