美國證券交易委員會的「生態系統」定義受到 Ripple 法律執行官的抨擊

針對 3 月 27 日法院的裁決，Ripple 首席法律官 Stuart Alderoty 批評法院對加密「生態系統」的定義過於複雜，可能會導致對聯邦證券法下加密資產發行人和發起人角色的誤解。 Alderoty 的評論遵循了對加密貨幣分類的法律審查，並強調了不同的司法解釋，正如 Coinbase 和 Ripple 案件中所見。

SEC's Ecosystem Definition Draws Scrutiny from Ripple Legal Chief

美國證券交易委員會的生態系統定義引起 Ripple 法律負責人的審查

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and cryptocurrency companies, Ripple's Chief Legal Officer, Stuart Alderoty, has taken aim at the agency's definition of a crypto "ecosystem." This scrutiny stems from a March 27 court ruling involving Coinbase, where Judge Katherine Failla's definition of the term "ecosystem" played a crucial role in determining the status of certain crypto-assets as "securities" under federal law.

在美國證券交易委員會（SEC）與加密貨幣公司之間正在進行的法律鬥爭中，Ripple 的首席法律官 Stuart Alderoty 將矛頭指向了該機構對加密「生態系統」的定義。這項審查源於3 月27 日涉及Coinbase 的法院裁決，其中法官Katherine Failla 對「生態系統」一詞的定義在確定某些加密資產根據聯邦法律作為「證券」的地位方面發揮了至關重要的作用。

Alderoty's criticism centers around the SEC's overly complex approach to defining the concept of an "ecosystem." He argues that the agency's approach implies that acquiring any crypto token automatically entails investment in an "ecosystem," regardless of the context or purpose of the acquisition.

對阿德羅蒂的批評集中在 SEC 定義「生態系統」概念的過於複雜的方法。他認為，該機構的做法意味著，無論收購的背景或目的為何，收購任何加密代幣都會自動需要對「生態系統」進行投資。

This critique resonates with Judge Failla's March 27 decision, where she partially granted Coinbase's Motion to Dismiss specific charges. Notably, the dismissal excluded the allegation of Coinbase operating as an unregistered securities exchange. This legal scrutiny unfolds against the backdrop of an ongoing regulatory debate over the classification of cryptocurrencies under securities laws.

這項批評與 Failla 法官 3 月 27 日的裁決相呼應，她部分批准了 Coinbase 駁回具體指控的動議。值得注意的是，此次駁回排除了 Coinbase 作為未註冊證券交易所運營的指控。這種法律審查是在關於證券法下加密貨幣分類的監管辯論持續進行的背景下展開的。

Drawing comparisons to a separate case, SEC vs. Ripple, Alderoty highlights the divergent judicial interpretations of crypto assets. He commends Judge Analisa Torres' discernment in the Ripple case, contrasting her understanding of the evidentiary record with the SEC's broad application of the "Howey" test to crypto assets.

Alderoty 與單獨的案件（SEC 訴 Ripple）進行比較，強調了加密資產的不同司法解釋。他讚揚了法官 Analisa Torres 在 Ripple 案件中的洞察力，並將她對證據記錄的理解與 SEC 對加密資產的「Howey」測試的廣泛應用進行了對比。

According to Alderoty, Judge Torres' judgment underscores the SEC's deviation from established securities law, particularly in cases where there is an absence of direct promises to investors by promoters. Despite these legal entanglements, Ripple's cryptocurrency, XRP, has maintained a relatively stable trading range between $0.5685 and $0.6624.

阿爾德羅蒂表示，托雷斯法官的判決強調了美國證券交易委員會對既定證券法的背離，特別是在發起人沒有向投資者做出直接承諾的情況下。儘管存在這些法律糾紛，Ripple 的加密貨幣 XRP 仍保持在 0.5685 美元至 0.6624 美元之間相對穩定的交易區間。

Technical analysis by analysts indicates a bearish trend for XRP, supported by indicators such as the Awesome Oscillator and the Relative Strength Index. However, a potential recovery trajectory is suggested, contingent upon overcoming significant resistance levels. Specifically, analysts anticipate a rebound from the $0.5344 support level to challenge the $0.6624 resistance.

分析師的技術分析表明，在動量震盪指標和相對強弱指數等指標的支撐下，XRP 呈現看跌趨勢。然而，建議潛在的復甦軌跡，這取決於克服重大阻力水平。具體來說，分析師預計將從 0.5344 美元的支撐位反彈，挑戰 0.6624 美元的阻力位。

In conclusion, Ripple's legal chief's critique of the SEC's "ecosystem" definition highlights the ongoing debate over the regulatory status of cryptocurrencies. As the SEC continues its pursuit of enforcement actions against crypto companies, the outcome of these legal battles will have significant implications for the future of the industry.

總之，Ripple 法律負責人對 SEC 的「生態系統」定義的批評凸顯了關於加密貨幣監管地位的持續爭論。隨著美國證券交易委員會繼續對加密貨幣公司採取執法行動，這些法律鬥爭的結果將對該行業的未來產生重大影響。