Ripple发布了最终的XRP市场报告，标志着时代的终结

Ripple的最终版本的XRP市场报告发布于第1季度2025年，标志着时代的终结。自2017年以来，该报告一直是加密行业透明度的灯塔。

After four years and sixty final editions, Ripple’s XRP Markets Report is coming to an end.

经过四年零60次的最终版本，Ripple的XRP市场报告即将结束。

The report, which began in 2017, will conclude with its last installment for Q1 2025. The report, published on a quarterly basis, has served as a key source of transparency in an industry often shrouded in secrecy.

该报告始于2017年，将于第1季度2025年的最后一期结束。该报告每季度发表，已成为经常属于保密的行业的关键透明度来源。

However, Ripple announced that it will no longer continue the report in its current form starting Q2 2025. The move follows years of scrutiny, which saw Ripple’s openness being weaponized by former SEC leadership.

但是，Ripple宣布将不再以目前的形式开始报告，从第2225季开始。此举是在经过多年的审查之后，这使Ripple的开放性被前SEC领导层武器化。

While the formal report concludes, Ripple confirmed that it will continue sharing updates through its corporate and developer communication channels. Additionally, Ripple will maintain the rolling total of its XRP holdings in a readily accessible location online for public viewing.

尽管正式报告得出结论，但Ripple确认它将继续通过其公司和开发人员沟通渠道共享更新。此外，Ripple将在在线易于访问的位置进行公众观看的位置，将其XRP控股的总滚动总额维护。

This shift in strategy comes at a time of renewed momentum for the XRP ecosystem.

策略的这种转变是在XRP生态系统新势头的时刻发生的。

As the dust settles on Ripple’s decisive victory over the SEC, the first quarter of 2025 marks a turning point in the U.S. crypto landscape.

随着尘埃落定为Ripple击败SEC的决定性胜利时，2025年第一季度标志着美国加密货币景观的转折点。

With the SEC now poised to approve or reject the agency’s appeal in the case, both parties have agreed to reduce the financial penalty and vacate earlier injunctions.

由于SEC现在准备批准或拒绝该机构在案件中的上诉，双方都同意减少罚款并撤消更早的禁令。

However, the broader regulatory shift under the new U.S. administration looms large. After the finalization of the administration’s actions and the SEC Commission’s vote on the appeal become clear, the next stage of this saga will unfold.

但是，新美国政府下的更广泛的监管转变隐约可见。在完成政府的行动和SEC委员会对上诉的投票之后，该传奇的下一个阶段将展开。

Key policy actions throughout the quarter saw the complete repeal of the controversial SAB 121 rule, setting the stage for broader accounting changes that institutions have been preparing for.

在整个季度中，关键的政策行动完全废除了有争议的SAB 121规则，为机构一直在准备的更广泛的会计变更奠定了基础。

Furthermore, the Office of the Comptroller of the Currency provided new guidance to national banks and federal savings associations on crypto custody, expanding their capabilities.

此外，该货币审计长办公室为国家银行和联邦储蓄协会提供了新的指导，从而扩大了其能力。

Additionally, the Federal Deposit Insurance Corporation (FDIC) revised its guidance, opening new avenues for greater institutional involvement in crypto.

此外，联邦存款保险公司（FDIC）修改了其指导，为加密货币的机构参与开放了新的途径。

Bipartisan momentum towards legislation on stablecoins brought forth an updated version of the bipartisan "Stablecoin TEAP Act," aiming to streamline the regulation of stablecoins.

两党朝着对Stablecoins立法的势头提出了两党“ Stablecoin Teap Act”的更新版本，旨在简化稳定的法规。

This development follows a period of heightened scrutiny on the SEC’s actions in crypto cases.

这一发展是对SEC在加密诉讼案件中对SEC的行为进行了一段时间的审查。

After a series of administrative law judges (ALJs) rulings against the SEC and the agency’s withdrawal from several cases, the agency is now poised to make crucial decisions on several pending cases.

在针对SEC的一系列行政法官（ALJ）裁决以及该机构从几个案件中撤回的裁决后，该机构现在有望就几个悬而未决的案件做出重要的决定。

Among them is the case against crypto exchange Gemini, which reportedly reached a settlement in March, paving the way for the SEC to pursue a broader case against crypto exchanges.

其中包括针对加密货币交易所双子座的情况，据报道3月达成和解，为SEC铺平了对加密交流的更广泛案件的道路。

The SEC is also expected to decide on the administrative law judge’s ruling in December 2024, which found that Coinbase violated federal securities law.

预计SEC还将决定2024年12月的行政法法官裁决，发现Coinbase违反了联邦证券法。

Despite macroeconomic headwinds and tariff-driven volatility that impacted global markets in early February, causing both Bitcoin and Ethereum to experience triple-digit percentage losses, XRP managed to rise nearly 50%.

尽管宏观经济的逆风和关税驱动的波动率在2月初影响了全球市场，从而导致比特币和以太坊遭受三位数损失的损失，但XRP还是设法上涨了近50％。

This resilience enticed institutional investors as Franklin Templeton filed for a U.S.-based spot XRP ETF, converging on the burgeoning market that saw record inflows in 2024.

富兰克林·邓普顿（Franklin Templeton）为美国的现场XRP ETF申请，这种韧性吸引了机构投资者，并在迅速发展的市场上汇聚了2024年创纪录的流入。

In another significant development, CME Group announced the introduction of standard bitcoin futures contracts on its flagship futures exchange.

在另一个重大的发展中，CME集团宣布在其旗舰期货交易所引入标准比特币期货合约。

Brazil’s securities regulator, CVM, greenlit the registration of a new ETF focused specifically on Ripple (NYSE:RPL).

巴西的证券调节器CVM，GreenLit greenlit是专门针对Ripple（NYSE：RPL）的新ETF的注册。

Collectively, these coin investment products, which include ETFs, ETNs, and BTC investment trusts, enticed investors with $37.7 million in fresh inflows during the first quarter.

这些硬币投资产品（包括ETF，ETN和BTC Investment Trusts）总的来说，在第一季度吸引了3770万美元的新鲜流入。

This contribution brought the yearly total to $214 million by the end of March, positioning it as the second-most popular asset class among European investors in 2024. Only U.S. equities attracted larger sums.

到3月底，这项贡献使年度总计达到2.14亿美元，将其定位为2024年欧洲投资者中的第二大流行资产类别。只有美国股票才吸引了更大的款项。

Moreover, these figures indicate that investors are increasingly turning to cryptocurrencies as a hedge against inflation and macroeconomic uncertainty.

此外，这些数字表明，投资者越来越多地转向加密货币，以此作为抵制通货膨胀和宏观经济不确定性的对冲。