Ripple向SEC的加密特别工作组发送了一封新信，以解决数字资产的定义

Ripple的首席法律官Stuart Alderoty今天上了X（以前是Twitter），分享了Ripple已向美国SEC的加密特遣部队发送了一封额外的信。这封信回应了SEC专员Hester Peirce最近发表的名为“ New Paradigm”的演讲，她提出了一个重要的问题：加密货币何时停止成为投资合同的一部分并成为数字资产？

In a recent post on X, Ripple’s Chief Legal Officer, Stuart Alderoty, shared that the company has sent an additional letter to the U.S. SEC’s Crypto Task Force. The letter is a response to a recent speech by SEC Commissioner Hester Peirce, titled "New Paradigm," where she raised an important question: When does a cryptocurrency stop being part of an investment contract and become just a digital asset?

Ripple的首席法律官Stuart Alderoty在最近关于X的文章中分享说，该公司已向美国SEC的Crypto特遣部队发送了另外一封信。这封信是对SEC专员Hester Peirce最近讲话的回应，标题为“ New Paradigm”，她提出了一个重要的问题：加密货币何时停止成为投资合同的一部分而成为数字资产？

In their letter, Ripple thanked the SEC team for their meeting on May 20, 2025, and offered further thoughts on the issue.

Ripple在他们的信中感谢SEC团队于2025年5月20日举行的会议，并就此问题提出了进一步的想法。

"Most cryptocurrencies traded today are not securities," argued Ripple. They also cited legal analysis by Lewis Cohen and others, which says that when crypto tokens are sold in secondary markets — like exchanges — they usually don't meet the legal definition of a security.

Ripple说：“当今交易的大多数加密货币不是证券。”他们还引用了刘易斯·科恩（Lewis Cohen）和其他人的法律分析，该法律分析说，当加密代币在二级市场（如交流）中出售时，他们通常不符合安全的法律定义。

"This analysis aligns with Judge Torres's ruling that XRP is not a security when sold on open cryptocurrency exchanges in the secondary market."

“这项分析与托雷斯法官的裁决相吻合，即XRP在二级市场的开放加密货币交易所出售时不是安全。”

The company went on to discuss last year's court ruling by Judge Torres in the SEC's lawsuit against Ripple. The judge decided that while some of Ripple's early XRP sales to big investors counted as investment contracts, the XRP token itself isn't a security when sold on secondary markets.

该公司继续讨论了托雷斯法官在SEC针对Ripple的诉讼中的法院裁决。法官决定，尽管Ripple的一些早期XRP向大投资者算作投资合同，但在二级市场上出售时，XRP令牌本身并不是安全性。

"We agree with the SEC that bad actors are a concern, but Congress is the one who needs to change the laws to deal with that," stated Ripple.

Ripple说：“我们同意美国证券交易委员会（SEC）是一个问题，但国会是需要更改法律来处理这一法律的人。”

They also warned against the SEC making vague rules about a token being "fully functional" or "sufficiently decentralized." Such rules, they argued, would cause confusion in the crypto market.

他们还警告说，关于代币是“功能齐全的”或“足够分散的”的SEC制定模糊的规则。他们认为，这样的规则将在加密货币市场引起混乱。

Instead, Ripple suggested a clearer legal framework. For example, if a crypto token was once sold as part of an investment contract, it should be considered separate from that contract when:

取而代之的是，Ripple提出了更清晰的法律框架。例如，如果加密代币曾经作为投资合同的一部分出售，则应将其视为与该合同分开的：

- It's sold on a public exchange, not directly from the token issuer.

- 它是在公共交易所出售的，而不是直接来自代币发行人。

- The token's price is set by market forces of supply and demand.

- 代币的价格是由供求的市场力量确定的。

- It can be freely bought, sold, and used without any restrictions.

- 可以自由购买，出售和使用而无需任何限制。

Furthermore, they proposed a safe harbor rule to protect honest crypto projects that are still developing, helping them avoid legal risks while following clear guidelines.

此外，他们提出了一项安全港规则，以保护仍在开发的诚实加密项目，帮助他们避免法律风险，同时遵循明确的指导方针。

"Finally, we recommend using the maturity of a crypto network — how big and established it is — rather than vague ideas like decentralization, to decide whether it should still be regulated as a security," concluded Ripple.

“最后，我们建议使用加密网络的成熟度（它的大小和建立），而不是像权力中心化这样的含糊的想法，以决定是否仍应被视为安全性，” Ripple总结道。

They suggested that tokens on open, permissionless networks with a large market value, operational for several years, and where no one party has control, should no longer fall under securities laws.

他们建议，具有较高市场价值的公开，无许可的网络，数年运作，没有一方控制的地方，如果不再属于证券法律，则具有较高的市场价值。

This letter from Ripple provides valuable insight into the ongoing dialogue between the crypto industry and the SEC as they navigate the complex landscape of digital assets and securities regulations. The company's recommendations offer a practical and nuanced approach to integrating cryptocurrencies into the existing legal framework.

Ripple的这封信为加密行业与SEC之间正在进行的对话提供了宝贵的见解，因为他们浏览了数字资产和证券法规的复杂景观。该公司的建议提供了将加密货币整合到现有法律框架中的实用和细微差别的方法。