Ripple Labs与美国证券交易委员会（SEC）之间的法律纠纷对XRP产生了重大的长期后果

Ripple Labs与美国证券交易委员会（SEC）之间的法律纠纷对XRP产生了重大的长期后果

The legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has had far-reaching consequences for XRP, extending beyond the immediate market disruption triggered in late 2020.

Ripple Labs与美国证券交易委员会（SEC）之间的法律纠纷对XRP产生了深远的后果，超出了2020年底触发的直接市场中断。

As the saga nears its conclusion, analysts argue that the repercussions have left a lasting mark on the asset’s performance, reputation, and adoption.

随着传奇的结论，分析师认为，影响的影响已经持久了资产的绩效，声誉和采用。

The SEC’s action, announced in December 2020, alleged that Ripple had conducted unregistered securities offerings through its sales of XRP.

SEC于2020年12月宣布的行动声称，Ripple通过其XRP销售进行了未注册的证券产品。

The announcement immediately impacted the market. Within days, XRP’s value fell sharply from $0.65 to $0.17, a drop of more than 70%. Several major exchanges, including Coinbase and Kraken, responded by delisting the token, further reducing its market accessibility and liquidity.

该公告立即影响了市场。几天之内，XRP的价值从0.65美元急剧下降到0.17美元，下降了70％以上。包括Coinbase和Kraken在内的几次主要交易所做出了回应，通过将代币推荐，进一步降低了其市场的可及性和流动性。

While the sharp price decline was attention-grabbing, the lasting impact may have been felt more profoundly in subsequent years. According to insights from “All Things XRP,” a community-based X (formerly Twitter) account, the lawsuit created a form of prolonged market suppression.

尽管急剧下跌是引人注目的，但在随后几年中可能会更深刻地感受到持久的影响。根据“所有事物XRP”的见解，这是一个基于社区的X（以前为Twitter）帐户，该诉讼创造了一种长时间的市场压制形式。

6️⃣ Collateral Damage: Reputation.

6️⃣附带损害：声誉。

The lawsuit didn’t just hit the price.

诉讼不仅达到了价格。

It painted XRP as “toxic.”

它将XRP描绘成“有毒”。

Banks paused. Institutions bailed.

银行停了下来。机构保释。

Investors lost faith.

投资者失去了信心。

Even post-victory, that stigma lingers.— All Things XRP (@XRP_investing) May 1, 2025

即使是在污名化之后，污名的徘徊。

Between 2021 and 2023, XRP traded mostly in the $0.30-$0.50 range, during which many other cryptocurrencies experienced substantial growth.

在2021年至2023年之间，XRP的交易主要在0.30至0.50美元之间，在此期间，许多其他加密货币经历了大幅增长。

As Bitcoin, Ethereum, and Solana surged amid a broader market rally, U.S.-based investors remained largely limited in their ability to participate in the broader crypto market due to the ongoing legal uncertainty and limited exchange access.

随着比特币，以太坊和索拉纳在更广泛的市场集会中激增，由于持续的法律不确定性和有限的交换访问，美国的投资者在参与更广泛的加密货币市场的能力方面仍然在很大程度上有限。

As a result, XRP's presence was largely absent during a critical growth period for the sector.

结果，在该行业的关键增长期间，XRP的存在在很大程度上不存在。

In July 2023, optimism returned briefly when Judge Analisa Torres ruled that XRP was not a security. The price doubled overnight, reaching $0.90. However, the SEC’s subsequent appeal created fresh uncertainty.

2023年7月，当Analisa Torres法官裁定XRP不是安全性时，乐观情绪短暂地恢复了。一夜之间，价格翻了一番，达到0.90美元。但是，SEC随后的上诉产生了新的不确定性。

The positive momentum stalled, and investor interest diminished once again.

积极的势头停滞了，投资者的兴趣再次减少。

By March 2025, when the SEC officially dropped the case, XRP experienced only a modest recovery, rising to $2.49, a gain of roughly 10%.

到2025年3月，当SEC正式撤销此案时，XRP仅经历了适度的恢复，上升至2.49美元，增长了约10％。

Market observers noted that, by this point, attention had shifted to newer projects, limiting the token’s potential for a sustained rally.

市场观察家指出，到此为止，注意力已经转移到了较新的项目上，限制了令牌持续集会的潜力。

The broader consequences of the lawsuit, analysts argue, are best understood in terms of missed opportunities. Despite the asset’s strong technological foundation and the potential for cross-chain interoperability, the legal overhang restricted its market potential and prevented meaningful partnerships.

分析师认为，诉讼的更广泛的后果最好从错过的机会来理解。尽管资产具有强大的技术基础和跨链互操作性的潜力，但法律悬垂限制了其市场潜力，并阻止了有意义的伙伴关系。

Institutional interest waned, and various financial firms chose to delay or cancel their engagements with Ripple.

机构利益减少了，各种金融公司选择延迟或取消与波纹的交战。

Additionally, Ripple’s cross-border payments strategy faced delays as the company diverted significant resources toward legal defense. Meanwhile, competitors advanced in market presence and infrastructure, making it more difficult for Ripple to reclaim its previous momentum.

此外，随着公司将大量资源转向法律辩护，Ripple的跨境支付策略面临延误。同时，竞争对手在市场的业务和基础设施中进步，使得涟漪更难获得以前的势头。

The lawsuit is now in its final stages. Ripple has agreed to pay a reduced penalty of $50 million for earlier institutional XRP sales. The court and SEC must approve a potential refund of $75 million, which is currently under consideration.

该诉讼现在处于最后阶段。 Ripple已同意为早期的机构XRP销售额减少5000万美元的罚款。法院和美国证券交易委员会必须批准7500万美元的潜在退款，目前正在考虑。

Both parties have agreed to pause their appeals. In April 2025, a federal appellate court formally placed the matter in abeyance. The new SEC leadership, led by Chair Paul Atkins, has taken a more lenient approach toward crypto enforcement, signaling a likely end to the prolonged legal conflict.

双方都同意暂停他们的上诉。 2025年4月，联邦上诉法院正式将此事搁置。由主席保罗·阿特金斯（Paul Atkins）领导的新的SEC领导层采取了更宽大的方法来执行加密货币，这表明可能终止了长期的法律冲突。

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