Ripple Labs 对 SEC 的证券分类和执法实践提出上诉

Ripple Labs 通过向美国第二巡回上诉法院提交 Form C 交叉上诉，将其针对美国证券交易委员会 (SEC) 的案件提升到了一个新的水平。

Ripple Labs has filed a Form C cross-appeal with the U.S. Court of Appeal for Second Circuit in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC).

Ripple Labs 已向美国第二巡回上诉法院提交了 Form C 交叉上诉，以应对与美国证券交易委员会 (SEC) 正在进行的法律诉讼。

The cross-appeal stems from the August 2023 decision by the U.S. District Court of the Southern District of New York, which levied a $125 million fine on Ripple for violating securities laws with its institutional sales of XRP.

此次交叉上诉源于美国纽约南区地方法院 2023 年 8 月的裁决，该裁决对 Ripple 处以 1.25 亿美元罚款，理由是其机构销售 XRP 违反了证券法。

Ripple's Chief Legal Officer, Stuart Alderoty, highlighted the significance of the appeal, stating that it will not introduce any new content but will focus on the existing record.

Ripple 首席法务官 Stuart Alderoty 强调了上诉的重要性，表示不会引入任何新内容，而是将重点放在现有记录上。

"This is a cross-appeal, which means we are not adding anything new to the case. It will be decided on the existing administrative record, and we expect the Second Circuit to rule sometime in 2024," Alderoty further noted in an X email to Law360 Pulse.

阿尔德罗蒂在一封 X 电子邮件中进一步指出：“这是一次交叉上诉，这意味着我们不会在案件中添加任何新内容。这将根据现有的行政记录做出决定，我们预计第二巡回法院将在 2024 年的某个时候作出裁决。”到 Law360 脉冲。

The appeal challenges the district court's application of the Howey test to determine that Ripple's institutional sale of its XRP token constitutes a security.

该上诉对地方法院应用 Howey 测试来确定 Ripple 对其 XRP 代币的机构销售构成证券的做法提出了质疑。

"The SEC is not contesting the earlier ruling, which keeps XRP from being categorized as a security, a legal achievement for Ripple," Alderoty stated.

Alderoty 表示：“美国证券交易委员会并没有对之前的裁决提出异议，该裁决阻止了 XRP 被归类为证券，这是 Ripple 的一项法律成就。”

Core Arguments and Legal Strategies

核心论点和法律策略

At the heart of Ripple's appeal is a disagreement over the definition of an investment contract and the application of the Howey test, a legal precedent established in 1946.

Ripple 上诉的核心是对投资合约的定义和 Howey 测试（1946 年确立的法律先例）的应用存在分歧。

Ripple argues that the buyers did not invest money in a common enterprise and were not led to expect profits solely from the efforts of the promoter, as required by the Howey test.

Ripple 辩称，买家并没有将资金投资于普通企业，也没有按照豪伊测试的要求，期望仅从发起人的努力中获得利润。

Furthermore, the appeal alleges that the SEC's enforcement practices were unclear, depriving Ripple of an opportunity to fully comply with the regulations.

此外，上诉称 SEC 的执法行为不明确，剥夺了 Ripple 完全遵守法规的机会。

The filing also argues that the court's legal claim, an injunction, is overly broad, instructing Ripple to simply "comply with the law."

该文件还认为，法院的法律主张（禁令）过于宽泛，指示瑞波只是“遵守法律”。

Ripple's attorneys contend that the focus should be on establishing a clear definition of investment contracts to avoid over-regulation and provide guidance to the crypto industry.

Ripple 的律师认为，重点应该是建立投资合同的明确定义，以避免过度监管，并为加密行业提供指导。

Crypto Industry Implications

对加密行业的影响

The outcome of Ripple's appeal is expected to have a major impact on the cryptocurrency sector, potentially limiting the SEC's authority over digital assets transactions.

Ripple 上诉的结果预计将对加密货币行业产生重大影响，可能会限制 SEC 对数字资产交易的权威。

This case has garnered attention from the crypto community and potential institutional investors, as it may determine the future classification and legal treatment of cryptocurrencies.

此案引起了加密货币社区和潜在机构投资者的关注，因为它可能决定加密货币未来的分类和法律待遇。

Meanwhile, the SEC's cross-appeal pertains to Ripple's programmatic and employee sales of XRP, which a district court judge ruled did not violate federal securities laws.

与此同时，SEC 的交叉上诉涉及 Ripple 的 XRP 程序化销售和员工销售，地区法院法官裁定这并不违反联邦证券法。

The integrity of this investigation is also under scrutiny, with the SEC continuing to pursue Ripple executives Brad Garlinghouse and Chris Larsen for their alleged involvement in the unregistered sale of the coin.

这项调查的完整性也受到审查，美国证券交易委员会继续追查 Ripple 高管布拉德·加林豪斯 (Brad Garlinghouse) 和克里斯·拉森 (Chris Larsen)，因为他们涉嫌参与未经注册的代币销售。