为什么 Ripple 与 SEC 对加密货币行业很重要？

我们要追溯到 2020 年 12 月，才能理解为什么 SEC 对 Ripple Labs 的诉讼受到整个加密行业的密切关注。

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in December 2020, alleging that the company had raised over $1.38 billion in an “illegal securities offering” of XRP tokens.

美国证券交易委员会 (SEC) 于 2020 年 12 月对 Ripple Labs 提起诉讼，指控该公司通过 XRP 代币的“非法证券发行”筹集了超过 13.8 亿美元。

The lawsuit was closely tracked by the entire crypto industry, as the outcome could have had a major impact on the regulatory landscape for cryptocurrencies in the U.S.

该诉讼受到整个加密行业的密切关注，因为结果可能对美国加密货币的监管格局产生重大影响

If XRP were to be labeled a security and not a currency by the court, it would give the SEC a blueprint for labeling other cryptocurrencies as securities as well.

如果法院将 XRP 标记为证券而不是货币，那么它将为 SEC 提供将其他加密货币也标记为证券的蓝图。

This would have opened the door to a wave of new SEC enforcement actions against cryptocurrency exchanges and other companies, and could have stifled the growth of the crypto industry in the U.S.

这将为美国证券交易委员会针对加密货币交易所和其他公司采取新一轮执法行动打开大门，并可能抑制美国加密行业的增长

However, the court ultimately ruled that XRP sales to institutional investors were securities offerings, but that retail sales of XRP were not investment contracts.

然而，法院最终裁定，向机构投资者出售 XRP 属于证券发行，但零售销售的 XRP 不属于投资合约。

This ruling is a significant victory for Ripple and the crypto industry, as it provides much-needed clarity on the SEC’s approach to regulating cryptocurrencies.

这项裁决对 Ripple 和加密货币行业来说是一次重大胜利，因为它为 SEC 监管加密货币的方法提供了急需的明确性。

The court's decision not to classify XRP as a security when sold to retail investors is likely to have a positive impact on the crypto industry as a whole.

法院决定在向散户投资者出售 XRP 时不将其归类为证券，这可能会对整个加密行业产生积极影响。

By providing a clear legal framework for the sale of cryptocurrencies, the court's ruling will help to reduce uncertainty and encourage further innovation in the crypto space.

通过为加密货币的销售提供明确的法律框架，法院的裁决将有助于减少不确定性并鼓励加密货币领域的进一步创新。

If XRP were to be labeled a security and not a currency by the court, it would give the SEC a blueprint for labeling other cryptocurrencies as securities as well.

如果法院将 XRP 标记为证券而不是货币，那么它将为 SEC 提供将其他加密货币也标记为证券的蓝图。

The prolonged legal process saw the SEC and Ripple Labs go back and forth with each other. Among the highlights of the case was the release of the “Hinman Documents.”

在漫长的法律程序中，SEC 和 Ripple 实验室反复争论。该案的亮点之一是“辛曼文件”的公布。

The Hinman documents refer to a series of internal emails between William Hinman, former Director of the SEC, and other SEC executives. The emails discussed Hinman’s 2018 speech when he declared that “sales of Ether (ETH) are not securities transactions.”

Hinman 文件涉及 SEC 前董事 William Hinman 和其他 SEC 高管之间的一系列内部电子邮件。这些电子邮件讨论了 Hinman 2018 年的演讲，当时他宣称“以太坊 (ETH) 的销售不是证券交易”。

The emails showed (PDF) SEC executives discussing how Hinman could appear “stronger” in declaring that Ethereum is not a security.

这些电子邮件显示 (PDF) SEC 高管讨论了 Hinman 如何在宣称以太坊不是证券时显得“更强硬”。

The answer to the question is not straightforward.

这个问题的答案并不简单。

The SEC had alleged that Ripple Labs had sold “unregistered” XRP tokens in three categories:

美国证券交易委员会声称 Ripple Labs 出售了三类“未注册”的 XRP 代币：

In 2023, a U.S. District Court concluded that XRP sales to institutional investors were “unregistered offers and sales of investment contracts.”

2023 年，美国地方法院得出结论，向机构投资者出售 XRP 属于“未经注册的投资合同要约和销售”。

The court cited the Howey Test, which notes that “an investment contract is a contract, transaction, or scheme whereby a person invests their money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

法院引用了豪伊测试，其中指出“投资合同是一种合同、交易或计划，其中一个人将其资金投资于一个共同企业，并期望仅从发起人或第三方的努力中获得利润。 ”

The court found that institutional investors “purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”

法院发现，机构投资者“购买 XRP 是希望从 Ripple 的努力中获利”。

Furthermore, the court concluded that institutional investors bought XRP as an investment rather than for consumptive purposes.

此外，法院得出结论，机构投资者购买瑞波币是作为投资而不是消费目的。

Lockup provisions and resale restriction conditions also proved that institutional sales of XRP were unregistered securities offerings.

禁售条款和转售限制条件也证明了XRP的机构销售是未经注册的证券发行。

However, the court concluded that XRP tokens bought by retail investors from crypto exchanges were not “investment contracts.”

然而，法院的结论是，散户投资者从加密货币交易所购买的 XRP 代币不是“投资合约”。

The court reasoned that:

法院的理由是：

The court also found no evidence that “Other Distributions” were sold as investment contracts.

法院还发现没有证据表明“其他分配”作为投资合同出售。

Ripple Labs must pay the $125 million fine to the SEC within 30 days of the final order.

Ripple Labs 必须在最终命令下达后 30 天内向 SEC 支付 1.25 亿美元的罚款。

The sum is well below the $2 billion figure that the SEC sought in fines and penalties from the company.

该金额远低于 SEC 要求该公司罚款 20 亿美元的数额。

CEO Garlinghouse called the court ruling “a victory for Ripple, the industry, and the rule of law.”

首席执行官加林豪斯称法院的裁决“是 Ripple、行业和法治的胜利”。

He said:

他说：

“The SEC’s headwinds against the whole of the XRP community are gone.”

“SEC 对整个 XRP 社区的阻力已经消失。”

With the SEC lawsuit behind it now, could XRP finally scale new all-time highs again? It has been over seven years since XRP hit a peak of $3.84 on January 4, 2018.

随着美国证券交易委员会 (SEC) 提起诉讼，XRP 最终能否再次创下历史新高？自 XRP 在 2018 年 1 月 4 日触及 3.84 美元的峰值以来，已经过去七年多了。

Coinbase market data showed that since January 2018, Bitcoin (BTC) has breached multiple all-time highs — $64,899 in April 2021, $69,000 in November 2021, and $73,835 in March 2024.

Coinbase 市场数据显示，自 2018 年 1 月以来，比特币 (BTC) 已突破多个历史新高——2021 年 4 月为 64,899 美元，2021 年 11 月为 69,000 美元，2024 年 3 月为 73,835 美元。

In 2024, Ripple plans to launch a fully collateralized stablecoin to support the growth of its public blockchain. XRP Ledger. Ripple expects the native stablecoin to synergize with the XRP token to improve payment solutions and customer experience on the XRP Ledger.

Ripple计划在2024年推出完全抵押的稳定币，以支持其公共区块链的增长。瑞波币分类账。 Ripple 期望原生稳定币与 XRP 代币协同作用，以改善 XRP Ledger 上的支付解决方案和客户体验。

However, a section of the crowd believes that a native stablecoin on the XRP Ledger will bring the “death of XRP” by replacing it as the asset that facilitates cross-border payments.

然而，一部分人认为，XRP Ledger 上的原生稳定币将取代 XRP 成为促进跨境支付的资产，从而带来“XRP 的死亡”。

Ripple is one of the oldest cryptocurrencies in the world, ideated in 2011 by co-founder Jed McCaleb.

Ripple 是世界上最古老的加密货币之一，由联合创始人 Jed McCaleb 于 2011 年提出。

Once valued more than Ethereum (ETH), Ripple’s XRP has fallen behind newer crypto projects such as Solana (SOL

Ripple 的 XRP 的价值一度超过以太坊 (ETH)，但现已落后于 Solana (SOL) 等较新的加密项目