為什麼沒有解決SEC與Ripple Case？

儘管SEC駁回了涉及Coinbase和Kraken等主要實體的案件，但Ripple的法律糾紛仍在繼續，引發了有關為什麼尚未解決此案的問題。

Despite the U.S. Securities and Exchange Commission’s (SEC) recent move to drop cases against major entities like Coinbase and Kraken, and the pending approval of the first spot Bitcoin ETF, the legal dispute with Ripple continues to linger.

儘管美國證券交易委員會（SEC）最近採取了針對Coinbase和Kraken等主要實體的案件，以及對第一名比特幣ETF的批准，但與Ripple的法律糾紛繼續持續下去。

A Shifting Regulatory Landscape

不斷變化的監管景觀

In early 2025, the SEC took a decidedly different approach to enforcing cryptocurrency regulation. After a few years of heavy-handed moves that many in the crypto space interpreted as a “regulation by enforcement” strategy, the commission began to back off.

在2025年初，SEC採取了一種絕對不同的方法來執行加密貨幣法規。經過幾年的重型行動，加密貨幣空間中的許多人都將其解釋為“執法法規”策略，委員會開始退縮。

High-profile enforcement actions against companies like Consensys, Gemini, and OpenSea have all been withdrawn. As Commissioner Hester Peirce explained, this move towards ending over-regulation is supposed to enable the SEC to work on leveraging its skillset and expertise instead of using its massive resources to embark on wholesale enforcement proceedings that she maintains “negatively impacted the industry.”

針對Consensys，Gemini和Opensea等公司的備受矚目的執法已被撤回。正如赫斯特·皮爾斯（Hester Peirce）專員所解釋的那樣，朝著結束過度監管的這一舉動應該使SEC能夠利用其技能和專業知識，而不是利用其龐大的資源來啟動批發執法程序，以維持“對該行業產生負面影響”。

Yet, Ripple’s case stands in stark contrast to these recent dismissals. While many assumed the case would quickly resolve, it remains ongoing.

然而，Ripple的案件與最近的解僱形成了鮮明的對比。儘管許多人認為此案將很快解決，但仍在進行中。

The Origins of the Ripple Case

漣漪盒的起源

The SEC vs. Ripple case began in 2020 when the SEC accused Ripple of selling XRP in an unregistered offering of securities. It was one of the first big regulatory moves within the crypto space and provided the groundwork for subsequent actions. XRP suffered a harsh blow from the lawsuit, and a majority of the U.S. exchanges de-listed the token. The case had several implications for the broader crypto community, in that it stretched the boundaries of U.S. securities law to cover digital assets.

SEC vs. Ripple案始於2020年，當時SEC指控Ripple在未註冊的證券發行中出售XRP。這是加密貨幣空間內的第一個大監管動作之一，為後續行動提供了基礎。 XRP遭受了訴訟的嚴厲打擊，美國大多數交換都將令牌列入令牌。該案對更廣泛的加密貨幣社區產生了幾種影響，因為它擴大了美國證券法的界限以涵蓋數字資產。

Ripple never held an ICO like Ethereum, yet they’ve been unfairly targeted by the SEC, spending $200 million on their defense.

Ripple從來沒有像以太坊這樣的ICO持有ICO，但他們被SEC不公平地瞄準了他們的辯護，他們的辯護花在了2億美元上。

In 2023, the court ruled in part for Ripple when it ruled that the sale of XRP on public exchanges was not a sale of securities. However, the court agreed with the SEC that straight sales of XRP to institutional investors were a violation of securities laws. This double verdict left the legal situation complicated for Ripple, which continues to appeal the ruling.

2023年，法院裁定在公共交流上出售XRP並不是證券出售時，該法院部分裁定了Ripple。但是，法院同意美國證券交易委員會的觀點，即XRP向機構投資者直接銷售是違反證券法的。這一雙重判決使Ripple的法律局勢變得複雜，這繼續對該裁決提出上訴。

Why Hasn’t the Case Been Resolved?

為什麼沒有解決這種情況？

The ongoing status of the Ripple case is a result of multiple factors. Among them is the 2024 injunction that Judge Analisa Torres issued suspending a ban against Ripple's selling XRP to institutional buyers in the absence of exemption by the SEC. Despite such a judgment appearing positive for XRP investors, it added more complexities to Ripple’s operations. The company would rather see the injunction lifted, but overturning such a ruling is not a straightforward process.

連鎖反應的持續狀態是多種因素的結果。其中包括2024年的禁令，Analisa Torres法官在SEC沒有豁免的情況下暫停了對Ripple向機構買家出售XRP的禁令。儘管XRP投​​資者的判斷似乎是積極的，但它為Ripple的運營增加了更多的複雜性。該公司寧願看到禁令解除，但是推翻這樣的裁決並不是一個簡單的過程。

Pro-XRP attorney Jeremy Hogan believes the Ripple case will be settled before the approval of spot XRP ETFs.

Pro-XRP律師傑里米·霍根（Jeremy Hogan）認為，波紋案將在Spot XRP ETF批准之前解決。

According to pro-XRP attorney Jeremy Hogan, Ripple is likely attempting to negotiate the dissolution of this injunction with the SEC. “This is one last shot at getting the injunction dissolved, I believe,” Hogan stated, adding that it would require a carefully worded motion to be approved by both parties and then decided upon by the court. This process, according to Hogan, could stretch into April or May 2025.

根據Pro-XRP律師傑里米·霍根（Jeremy Hogan）的說法，Ripple可能試圖協商該禁令與SEC的解散。霍根說：“這是使禁令解散的最後一桿。”他補充說，這將需要一項精心措辭的動議才能得到雙方的批准，然後由法院決定。據霍根（Hogan）稱，這一過程可能延伸到2025年4月或5月。

This thinking aligns with the speculations of financial services lawyer James Murphy, who believes that the SEC might have been willing to settle by accepting the $125 million penalty and dropping the appeals. However, according to Murphy, considering the legal complications that the judgment poses for the company's future operations, especially with regard to an IPO or any plans to expand into new markets, Ripple is likely seeking a better deal—one that would void some of the more draconian provisions of the judgment.

這種思想與金融服務律師詹姆斯·墨菲（James Murphy）的猜測保持一致，後者認為SEC可能願意通過接受1.25億美元的罰款並放棄上訴來解決。但是，根據墨菲的說法，考慮到該判決對公司未來運營所構成的法律並發症，尤其是關於IPO或任何擴展到新市場的計劃，Ripple可能會尋求更好的交易，這將使一些更嚴厲的判決條款無效。

The company's strong hand in the case can also be credited to its persistent efforts to align itself with influential political figures, particularly those in Trump's administration. CEO Brad Garlinghouse recently met with Donald Trump, and the company's contributions to Trump's inauguration fund and its move to align itself with a multi-token crypto reserve have been clocked by the National Archives and Records Administration. These political ties have led some to speculate that Ripple might be using its connections to gain leverage in its legal battle, though no formal comments have been made on the matter.

該公司在案件中的強大之手也可以歸功於其持續的努力，以使自己與有影響力的政治人物（尤其是特朗普政府中的人物）保持一致。首席執行官布拉德·加林豪斯（Brad Garlinghouse）最近會見了唐納德·特朗普（Donald Trump），該公司對特朗普就職基金的貢獻以及其與多型加密儲備​​一致的舉動，已經由國家檔案館和唱片管理局（National Archives and Records Administrconment）進行了計算。這些政治聯繫使一些人推測，儘管沒有對此事提出正式評論，但Ripple可能會在法律鬥爭中使用其聯繫來獲得槓桿作用。

The Bigger Picture

更大的圖片

This delay in the Ripple case also reminds us of the manner in which the regulatory landscape for cryptocurrencies continues to be disclosed. While earlier rulings, such as the Torres ruling, set useful legal precedents, the general regulatory landscape remains to be disclosed. As the SEC works to conform to this new Trump political and legal landscape, so too will it be less aggressively enforcement-focused in its actions, especially with regard to the uncertainty of the application of securities laws to digital currencies.

連鎖反應的延誤也使我們想起了加密貨幣的監管格局的方式。儘管諸如托雷斯裁決之類的較早裁決設定了有用的法律先例，但一般的監管格局仍有待披露。由於SEC努力遵守這一新的特朗普政治和法律格局，因此它在其行動中的積極性不太積極，尤其是關於將證券法應用於數字貨幣的不確定性。

Ripple (XRP) was trading at around $2.48, up 5.64% in the last 24 hours at press time.

Ripple（XRP）的交易價格約為2.48美元，發稿時24小時內增長了5.64％。

Within the context of new leadership within the SEC and regulatory policy, Ripple’s case is unusual. When other well-publici

在SEC和監管政策內新領導的背景下，Ripple的案件是不尋常的。當其他良好的公共場合