Ripple Labs和SEC的持续法律斗争达到了关键关键时刻

Ripple Labs和美国SEC之间正在进行的法律斗争达到了关键时刻。

The ongoing legal battle between Ripple Labs and the U.S. SEC has reached a critical juncture. On May 8, 2025, Judge Analisa Torres denied a joint motion from both parties seeking an indicative ruling to reduce Ripple’s $125 million penalty and release associated escrow funds.

Ripple Labs和美国SEC之间正在进行的法律斗争达到了关键时刻。 2025年5月8日，Analisa Torres法官否认双方的共同动议，要求一项指示性裁决，以减少Ripple的1.25亿美元罚款并释放相关的托管基金。

The motion, which aimed at slashing the financial sanctions to $50 million and striking portions of the December 2023 ruling, was deemed “procedurally improper” by the court. This decision effectively stalls the proposed settlement and suggests that the case may continue on its current path.

法院认为该动议旨在将财务制裁削减到2023年12月的裁决中的5000万美元，并引人注目，并被法院视为“程序不当”。这一决定有效地阻止了拟议的解决方案，并建议该案可能会在其当前的道路上继续进行。

Despite this setback, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that the company’s previous legal victories remain intact. Notably, Judge Torres’s 2023 ruling that XRP is not a security when sold on public exchanges still stands.

尽管有这种挫折，但Ripple的首席法律官Stuart Alderoty强调，该公司以前的法律胜利仍然完好无损。值得注意的是，托雷斯法官的2023年裁定XRP在公共交流上出售时并不是安全。

A Blueprint for Blockchain in Banking

银行业中区块链的蓝图

An X post by Crypto analyst SMQKE cites a William & Mary Law Review article (Vol. 66:1531) suggesting that 's institutional investors own a "slice of Ripple’s future cashflows" from its transaction settlement system.

Crypto分析师SMQKE的X帖子引用了William＆Mary Law评论文章（第66：1531卷），建议机构投资者从其交易结算系统中拥有“ Ripple的未来现金流”。

This analysis implies that XRP could be viewed as a security, an interesting juxtaposition considering Judge Analisa Torres's 2023 ruling that XRP is not a security when sold by Ripple to the public on exchanges.

该分析表明，XRP可以被视为安全性，考虑到Analisa Torres法官2023年的裁决，XRP是由Ripple出售给公众在交易所以交易所出售的。

According to the analyst, a win for Ripple would be a milestone for blockchain-based infrastructure. It could provide banks, investment funds, and corporations with a blueprint for transferring critical financial functions, like payments, settlements, and custody, to blockchain networks.

根据分析师的说法，Ripple的胜利将是基于区块链的基础设施的里程碑。它可以为银行，投资基金和公司提供蓝图，用于将关键财务职能（如付款，和解和监护权）转移到区块链网络上。

If XRP is officially deemed not a security, it would validate the concept that tokens can be used to represent future corporate value without falling under strict securities laws. This, in turn, could open the door for companies to raise capital and transfer value on-chain.

如果XRP被正式认为不是安全性，它将验证以下概念，即代币可用于代表未来的公司价值而不会属于严格的证券法。反过来，这可能为公司筹集资本和转移链价值转移价值打开大门。

Crypto Implications

加密含义

SMQKE further notes that the foundations of finance are already shifting with the advent of new technologies. Tokenized shares could settle instantly, custody could be managed by smart contracts, and payment systems could be directly linked to crypto wallets.

SMQKE进一步指出，随着新技术的出现，财务基础已经在转移。令牌化的股票可以立即结算，可以通过智能合约来管理监护权，并且付款系统可以直接与加密钱包联系起来。

Institutions would still play a role, but they would operate on more efficient, digital rails. If the court endorses Ripple’s structure, it would send a strong message that blockchain technology is prepared to support core financial operations.

机构仍将发挥作用，但它们将在更高效的数字铁轨上运作。如果法院认可Ripple的结构，它将发出强烈的信息，即区块链技术准备支持核心财务运营。

This wouldn't just be a win for Ripple, but also a signal that the industry has matured to handle the next phase of global finance.

这对Ripple来说不仅是胜利，而且还表明该行业已经成长以处理全球金融的下一阶段。

The SEC sued Ripple in 2020 for selling XRP as unregistered securities, a claim that Ripple denies. According to the agency, when a company sells securities, it must register the offering with the SEC or obtain an exemption.

SEC于2020年起诉Ripple，因为将XRP作为未注册证券出售，这一说法是Ripple否认的。根据该机构的说法，当公司出售证券时，它必须在SEC注册产品或获得豁免。

The case has seen several partial wins for Ripple, but a final ruling is still pending. Experts say the outcome could have a huge impact on how crypto is regulated in the U.S. going forward.

此案为Ripple取得了几次部分胜利，但最终的裁决仍在审理中。专家说，结果可能会对美国未来的加密方式产生巨大影响。

Yes, a Ripple win could have huge implications for the future of crypto in the U.S.

是的，连锁反应可能会对美国加密货币的未来产生巨大影响

If the court agrees with the SEC that a portion of Ripple’s Series C preferred stock offering in 2019 was sold to U.S. investors in violation of federal securities laws, it could open the door for the SEC to pursue similar claims against other crypto companies.

如果法院同意SEC的一部分Ceripple的C系列首选股票产品中的一部分被出售给美国投资者，以违反联邦证券法，它可能会为SEC宣传对其他加密货币公司的类似索赔。

However, if the court sides with Ripple and rules that XRP was not a security when it was sold on the open market, it could significantly limit the SEC’s ability to police the crypto sector.

但是，如果法院在公开市场上出售XRP并不是XRP是安全性的规定，则可能会大大限制SEC向加密货币部门监管的能力。

The judge’s decision could also have implications for the future of DeFi. If the court finds that crypto tokens can be sold as securities even if they are not registered with the SEC, it could make it more difficult for DeFi protocols to raise capital.

法官的决定也可能对Defi的未来产生影响。如果法院发现，即使没有向SEC注册的加密代币，也可以将其作为证券出售，这可能会使Defi协议更难筹集资金。

This could have a chilling effect on innovation in the crypto industry.

这可能会对加密货币行业的创新产生令人不寒而栗的影响。

On the other hand, if the judge rules that crypto tokens are not securities if they are sold on a public exchange, it could create more legal certainty for the crypto industry and pave the deposits for greater institutional adoption of crypto.

另一方面，如果法官裁定加密代币不是证券，如果它们在公共交易所出售，则可能会为加密行业提供更多的法律确定性，并为更多的机构采用加密货币铺平存款。

The case is still ongoing and could drag on for several more years. However, the stakes are high and the implications of the judge’s decision could be far-reaching.

该案仍在进行中，并且可能会再拖延几年。但是，赌注很高，法官决定的影响可能是深远的。

The post As May 8 Deadline Passes, Judge Torres’s Latest Decision Impacts Both Parties in Critical Case » BeInCryptomag appeared first on BeInCrypto.

5月8日截止日期的职位，托雷斯法官的最新决定影响了关键案件的双方»beincryptomag首先出现在Beincrypto上。