美國SEC在Ripple Labs案中的上訴，結束了四年的法律鬥爭

美國SEC在與Ripple的持續法律案件中正式撤銷了上訴，結束了為期四年的法律鬥爭。但是，SEC尚未確認最新發展。

The U.S. Securities and Exchange Commission (SEC) has dropped its appeal in the ongoing legal case with Ripple, bringing an end to a four-year legal battle. However, the SEC has yet to confirm the latest developments.

美國證券交易委員會（SEC）在與Ripple的持續法律案件中放棄了上訴，結束了為期四年的法律鬥爭。但是，SEC尚未確認最新發展。

There’s been a lot of talk about what will happen to XRP once the SEC clears the legal issues. Some experts think that when the SEC removes the injunction, Ripple will be able to sell XRP to institutional investors without any problems.

一旦SEC清除法律問題，XRP將會發生什麼事情。一些專家認為，當SEC刪除禁令時，Ripple將能夠在沒有任何問題的情況下向機構投資者出售XRP。

However, Marc Fagel, a former SEC lawyer, explained why that’s not exactly true.

但是，前SEC律師馬克·法格爾（Marc Fagel）解釋了為什麼這不是完全正確的。

Fagel: Even If SEC Clears Injunction, Issues Remain

FAGEL：即使SEC清除了禁令，問題仍然存在

Fagel pointed out that even if the SEC clears the injunction, the court’s original ruling still stands. The court had previously ruled that Ripple’s sales of XRP to institutional investors were against the law.

法格爾指出，即使SEC清除了禁令，法院的原始裁決仍然存在。法院此前曾裁定，Ripple向機構投資者的XRP銷售違反了法律。

This means that selling XRP in the same way as before would still be illegal, even if the SEC removes the injunction.

這意味著即使SEC刪除了禁令，以與以前相同的方式出售XRP仍然是非法的。

He explained that the issue is not just about specific contracts or agreements, but about how Ripple sold XRP to institutional investors. The court found that the way these sales were made made XRP an unregistered security.

他解釋說，這個問題不僅涉及特定的合同或協議，還涉及波紋如何將XRP出售給機構投資者。法院發現，使XRP成為未註冊的安全性。

Room For Legal Flexibility

法律靈活性的空間

However, Fagel mentioned that not all sales to institutional investors would require registration. Some sales might be allowed under special exemptions. It all depends on the details of the transactions and whether they are similar to the ones that were previously found illegal.

但是，Fagel提到，並非所有向機構投資者的銷售都需要註冊。在特殊豁免下可能允許一些銷售。這完全取決於交易的細節以及它們是否與以前發現非法的交易相似。

But Fagel also pointed out that the SEC has been less focused on regulating the crypto market recently. This means that Ripple might not face strict consequences for its future sales of XRP, even if they are similar to previous ones.

但是Fagel還指出，SEC最近不在專注於監管加密貨幣市場。這意味著，即使與以前的XRP相似，波紋可能不會面臨其未來XRP銷售的嚴格後果。

What’s Next For Ripple And XRP?

Ripple和XRP的下一步是什麼？

As for Ripple, Fagel said the company’s legal team will need to carefully consider any future sales. If they follow the same pattern as the past sales, they could face legal issues.

至於Ripple，Fagel表示，該公司的法律團隊將需要仔細考慮將來的任何銷售。如果他們遵循與過去銷售相同的模式，他們可能會面臨法律問題。

But since the SEC is less involved in crypto regulation now, Ripple may be able to move forward with fewer legal concerns.

但是，由於SEC現在不少參與加密法規，因此Ripple可能能夠以更少的法律問題前進。

Will Judge Torres Clarify The Ruling?

托雷斯法官會澄清裁決嗎？

Some people asked if Judge Torres would provide more clarity on the past XRP sales to institutional investors.

有人問托雷斯法官是否會更明確地向機構投資者銷售XRP。

Fagel believes she probably won’t. The judge has already made her decision, and Ripple is likely to request that she remove the injunction entirely.

法格爾認為她可能不會。法官已經做出了決定，Ripple可能要求她完全刪除禁令。

The attorney thinks there’s little chance that the judge will change her ruling, as she was previously reluctant to make it more specific.

律師認為法官幾乎沒有機會改變她的裁決，因為她以前不願意使其更具體。