作为美国地方法院法官Analisa Torres Ripple的1.25亿美元和解罚款，XRP价格下跌了3％至2.41美元，针对Ripple。

Ripple（XRP）周五下跌了3％，在负面的法律发展中，对监管不确定性的担忧重新激发了，低至2.37美元。

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Recently, Judge Analisa Torres of the U.S. District Court for the Southern District of New York made a noteworthy decision in overruling the $125 million settlement fine levied on Ripple.

最近，纽约南部地区的美国地方法院的Analisa Torres法官做出了一个值得注意的决定，以否决在Ripple上征收的1.25亿美元和解罚款。

This development unfolded as part of the ongoing case brought by the Securities and Exchange Commission (SEC) against Ripple. The SEC is pursuing claims that the cryptocurrency firm engaged in an unregistered offering of securities.

这一发展是作为证券交易委员会（SEC）针对Ripple提出的正在进行的案件的一部分而展开的。美国证券交易委员会（SEC）提出声称，即加密货币公司从事未登记的证券。

In a prior ruling, Judge Torres had partially sided with the SEC’s assertions that Ripple’s sales of XRP to institutional investors constituted investment contracts, thereby classifying them as securities.

在先前的裁决中，托雷斯法官部分支持美国证券交易委员会（SEC）的主张，即朝鲜将XRP销售给机构投资者构成了投资合同，从而将其归类为证券。

However, the judge disagreed with the SEC’s stance on Ripple’s programmatic token sales. Despite this ruling, Judge Torres shot down a proposed $50 million settlement that the two parties had reached in April.

但是，法官不同意SEC对Ripple的程序化令牌销售的立场。尽管采取了这项裁决，但托雷斯法官拒绝了两党在4月达成的一项拟议的5000万美元和解。

The SEC's case against Ripple began in December 2020 with the agency’s allegations that Ripple had sold billions of XRP to raise funds without registering its offerings with the SEC.

SEC针对Ripple的案件始于2020年12月，该机构的指控称Ripple已出售了数十亿XRP以筹集资金，而无需在SEC登记其产品。

The SEC's complaint focused on two main types of XRP sales: "institutional sales," in which Ripple sold XRP to large investors, and "programmatic sales," where Ripple sold XRP in smaller amounts to a broader range of investors through a computer program.

SEC的投诉集中在XRP销售的两种主要类型上：“机构销售”，其中Ripple将XRP卖给了大型投资者和“程序化销售”，其中Ripple通过计算机计划以较小的投资者销售了XRP。

In March 2023, Judge Analisa Torres ruled partly in favor of the SEC, deciding that the institutional sales of XRP were indeed part of an investment contract and should be classified as securities.

2023年3月，Analisa Torres法官部分统治了SEC，决定XRP的机构销售确实是投资合同的一部分，应归类为证券。

On the other hand, the judge disagreed with the SEC regarding the programmatic sales of XRP, stating that they were not sold in a manner that would classify them as securities.

另一方面，法官不同意SEC关于XRP的程序销售的意见，并指出，他们不是以将其归类为证券的方式出售的。

After months of back-and-forth, the two sides reached a surprising $50 million settlement agreement in April.

经过几个月的来回，双方在4月达成了一项令人惊讶的5000万美元和解协议。

This proposed settlement would have seen the SEC drop its case against Ripple in exchange for the cryptocurrency firm paying a penalty of $50 million and an injunction on future securities violations. However, Judge Torres ultimately rejected the settlement, stating that she "cannot approve" the settlement in its present form.

这项拟议的和解将使SEC对Ripple的案件撤销，以换取加密货币公司，以罚款5000万美元，并对未来证券违反的禁令。但是，托雷斯法官最终拒绝了和解，并指出她以目前的形式“不能批准”和解。

The judge's decision to reject the settlement is a significant setback for both the SEC and Ripple.

法官决定拒绝和解的决定是SEC和Ripple的重大挫折。

The SEC will now have to decide whether to continue pursuing its case against Ripple in its entirety or to try and negotiate a new settlement agreement.

SEC现在将必须决定是否继续对Ripple进行全面提起诉讼，还是尝试谈判新的和解协议。

Meanwhile, Ripple will be forced to continue defending itself against the SEC's claims, which could ultimately lead to a full trial of the case.

同时，Ripple将被迫继续为SEC的主张辩护，这最终可能导致对案件进行全面审判。

This case has far-reaching implications for the cryptocurrency industry. If the SEC wins its case against Ripple, it could deter other cryptocurrency firms from raising funds in the U.S. without registering their offerings with the SEC.

此案对加密货币行业具有深远的影响。如果SEC赢得了针对Ripple的案件，它可能会阻止其他加密货币公司在美国筹集资金而不在SEC登记其产品。

This could make it more difficult for cryptocurrency firms to access the capital they need to grow their businesses.

这可能会使加密货币公司更难获得发展业务所需的资金。

On the other hand, if Ripple prevails in this case, it could deter the SEC from bringing cases against cryptocurrency firms for selling digital assets that are not classified as securities.

另一方面，如果在这种情况下波纹占上风，它可能会阻止SEC提出针对加密货币公司出售未归类为证券的数字资产的案件。

This could create more legal certainty for the cryptocurrency industry and encourage greater investment in the sector.

这可以为加密货币行业提供更多的法律确定性，并鼓励对该行业进行更多的投资。

The coming days and weeks will be crucial in determining the next chapter of this case and its broader impact on the cryptocurrency landscape.

接下来的几天和几周对于确定此案的下一章及其对加密货币景观的更广泛影响至关重要。