XRP买家采购了Ripple的未来现金流

美国现有法学院最古老的法学院威廉＆玛丽法学院最近进行的法律分析表明，XRP买家采购了Ripple的未来现金流。

A recent legal analysis from William & Mary Law School, the oldest existing law school in the United States, suggests that XRP buyers procured a slice of Ripple’s future cash flow.

美国现有法学院最古老的法学院威廉和玛丽法学院最近进行的法律分析表明，XRP买家采购了一部分Ripple的未来现金流。

The report, by University of Texas law professor James C. Spindler and published in May 2025, asserts that XRP buyers essentially acquired an economic interest in Ripple’s future revenue streams. However, it also suggests a legal gray area that complicates the situation.

德克萨斯大学法学教授詹姆斯·C·斯皮德勒（James C.但是，这也暗示了一个合法的灰色区域，使情况复杂化。

SMQKE, an independent crypto researcher, first brought the academic report to public attention in a post on X, triggering discussions within the XRP community.

独立加密研究员Smqke首先在X上的一篇文章中将学术报告引起了公众关注，从而触发了XRP社区内的讨论。

XRP Holders Have Bought a Slice of Ripple’s Future Cash Flow

XRP持有人购买了Ripple的未来现金流

The report argues that XRP, while not conferring legal ownership or entitlements like dividends or voting rights, still functions like a vehicle for sharing in Ripple’s future business success.

该报告认为，XRP虽然不授予合法所有权或诸如股息或投票权之类的权利，但仍然可以像共享Ripple未来业务成功的工具一样起作用。

It suggests that investors are seen as betting on Ripple’s long-term profitability, specifically, revenue from its blockchain-based transaction settlement system, when they purchase XRP. The report argued that XRP’s value hinges on the success of Ripple’s infrastructure.

这表明投资者被视为在购买XRP时从基于区块链的交易结算系统中押注Ripple的长期盈利能力，特别是从其基于区块链的交易结算系统中的收入。该报告认为，XRP的价值取决于Ripple基础架构的成功。

Despite this, the report also calls attention to an important nuance. It claimed that XRP doesn’t provide formal investor protections typically associated with securities, such as enforceable rights or disclosures under SEC regulations.

尽管如此，该报告还呼吁人们注意一个重要的细微差别。它声称XRP不提供通常与证券相关的正式投资者保护措施，例如SEC法规中的可执行权或披露。

This creates a paradox. While the economic relationship resembles an investment in Ripple, the legal structure avoids traditional oversight.

这会产生悖论。尽管经济关系类似于对波纹的投资，但法律结构避免了传统的监督。

XRP’s Utility Differentiates It From Normal Bonds

XRP的实用程序将其与普通债券区分开

Meanwhile, Ripple has long maintained that XRP is a functional token used to facilitate cross-border payments, not an investment contract. Interestingly, the report acknowledged the strength of this argument.

同时，Ripple长期以来一直坚持认为XRP是用于促进跨境支付的功能令牌，而不是投资合同。有趣的是，该报告承认了这一论点的实力。

The paper credits Ripple for constructing a system where XRP serves an actual use case, fueling transactions within its payment ecosystem, rather than merely existing as a speculative asset.

该论文对构建XRP使用实际用例的系统的涟漪进行了涟漪，从而在其支付生态系统中加油，而不仅仅是作为投机资产存在的。

It points out that XRP is essential to the system’s operation, with users required to utilize the token to process transactions on the XRPL, and as an optional bridge asset in Ripple Payments. This utility-focused design supports Ripple’s claim that the token is fundamentally different from a stock or bond.

它指出，XRP对于系统的操作至关重要，需要用户使用令牌来处理XRPL上的交易，并且是Ripple Payments中的可选桥梁资产。以公用事业为中心的设计支持Ripple的说法，即令牌与股票或债券的根本不同。

The legal scholar also highlights the broader implications if Ripple’s approach becomes widely adopted. According to the report, companies might tokenize segments of future cash flows and distribute them through crypto markets, potentially bypassing regulatory scrutiny.

法律学者还强调了如果波纹的方法被广泛采用，则具有更广泛的含义。根据该报告，公司可能会将未来现金流量的细分市场化，并通过加密市场将其分配，可能绕开监管审查。

Still, the report concedes that Ripple is one of the few crypto firms with a real, revenue-generating business, which lends credibility to its model.

尽管如此，该报告仍承认，Ripple是为数不多的具有真实，创收业务的加密公司之一，这为其模型提供了信誉。

Ripple and SEC Already Looking to End the Age-old Lawsuit

Ripple和SEC已经希望结束古老的诉讼

The report surfaces as Ripple and the SEC have recently agreed to abandon their appeals in the ongoing legal dispute. Both parties are now seeking court approval to finalize a settlement, indicating a possible end to one of the most high-profile crypto enforcement battles in recent years.

该报告表现为Ripple和SEC最近同意在持续的法律纠纷中放弃其上诉。双方现在都在寻求法院的批准来最终确定和解，这表明近年来最引人注目的加密执法斗争可能终止。

Ripple’s partial legal victory in 2023, which found that certain XRP sales did not violate securities laws, bolstered its standing in the crypto industry.

Ripple在2023年的部分合法胜利发现，某些XRP销售并未违反证券法，这加强了其在加密货币行业的地位。

The report from William & Mary suggests that while the company may have skimmed traditional frameworks, its operational transparency and real-world use case put it in a different category from purely speculative ventures.

William＆Mary的报告表明，尽管该公司可能已经浏览了传统框架，但其运营透明度和现实用例将其与纯粹投机性合资企业不同。