Ripple 與 SEC 之間的法律衝突在加密貨幣監管迷宮中升級

Ripple 與 SEC 之間持續的法律鬥爭愈演愈烈，圍繞著 XRP 銷售期間向機構投資者提供選擇性折扣的指控。 Ripple 據稱未能披露這些折扣已成為焦點，美國證券交易委員會 (SEC) 認為，由於對其他投資者可能造成損害，因此應追回其非法所得。最近法院對類似案件的裁決可能會對 Ripple 的辯護產生影響，從而可能削弱 SEC 的案件，並為未來的數位資產監管樹立先例。

Intensifying Legal Battle Between Ripple and SEC Encapsulates Regulatory Challenges in the Cryptocurrency Realm

Ripple 與 SEC 之間日益激烈的法律鬥爭體現了加密貨幣領域的監管挑戰

The ongoing legal dispute between Ripple Labs, Inc. (Ripple) and the United States Securities and Exchange Commission (SEC) has escalated, illuminating the intricate complexities of regulating the burgeoning cryptocurrency industry. The crux of the contention revolves around allegations that Ripple violated securities laws by offering unregistered securities through its proprietary digital asset, XRP, via its On-Demand Liquidity platform.

Ripple Labs, Inc.（Ripple）與美國證券交易委員會（SEC）之間持續的法律糾紛不斷升級，凸顯了監管新興加密貨幣產業的複雜性。爭論的焦點圍繞著 Ripple 違反證券法的指控，該指控稱 Ripple 透過其按需流動性平台透過其專有數位資產 XRP 提供未經註冊的證券，從而違反了證券法。

Prelude to the Controversy

爭議的前奏

The genesis of the dispute dates back to December 2020, when the SEC filed a lawsuit against Ripple, alleging that the company had conducted an unlawful securities offering to raise over $1.3 billion from investors worldwide. The SEC asserted that XRP constituted an investment contract and, as such, should have been registered with the regulatory body in compliance with federal securities laws.

這場糾紛的起源可以追溯到 2020 年 12 月，當時 SEC 對 Ripple 提起訴訟，指控該公司進行非法證券發行，並從全球投資者籌集了超過 13 億美元的資金。 SEC 聲稱 XRP 構成投資合同，因此應根據聯邦證券法在監管機構進行註冊。

Discount Disclosure Dispute

折扣披露爭議

A key point of contention in the lawsuit centers around Ripple's alleged failure to fully disclose discounts that were offered to certain institutional investors during the sale of XRP through its On-Demand Liquidity platform. The SEC contends that this lack of transparency disadvantaged other investors by depriving them of the opportunity to obtain more favorable terms.

該訴訟的一個關鍵爭論點集中在 Ripple 涉嫌未能完全披露在透過其按需流動性平台銷售 XRP 期間向某些機構投資者提供的折扣。美國證券交易委員會認為，缺乏透明度使其他投資者處於不利地位，剝奪了他們獲得更優惠條款的機會。

Aron Govil Ruling: A Glimmer of Hope for Ripple

Aron Govil 裁決：Ripple 的一線希望

A recent ruling by the Second Circuit Court of Appeals in the Aron Govil case has injected fresh impetus into Ripple's defense strategy. The court held that the SEC cannot compel a defendant to disgorge profits from an alleged securities violation if there is no evidence of financial losses suffered by investors.

近期第二巡迴上訴法院對 Aron Govil 案的一項裁決，為 Ripple 的辯護策略注入了新的動力。法院認為，如果沒有證據顯示投資者遭受了經濟損失，美國證券交易委員會不能強迫被告交出因涉嫌證券違規而獲得的利潤。

Ripple's Chief Legal Officer, Stuart Alderoty, has hailed the decision as a positive development, indicating that "similar logic could help Ripple in our ongoing battle against the SEC." Legal analyst Bill Morgan concurs, asserting that if Ripple can establish that no institutional investors suffered financial losses as a result of the undisclosed discounts, it could "significantly undermine the SEC's case."

Ripple 的首席法務官 Stuart Alderoty 稱讚這一決定是一個積極的進展，並表示“類似的邏輯可以幫助 Ripple 與 SEC 進行持續的鬥爭。”法律分析師 Bill Morgan 對此表示同意，並斷言，如果 Ripple 能夠證明沒有機構投資者因未公開的折扣而遭受財務損失，那麼它可能「極大地損害 SEC 的案件」。

SEC's Case for Disgorgement

SEC 的沒收案件

The SEC maintains that Ripple's undisclosed discounts resulted in revenues of approximately $991 million, with costs of less than $115 million. The regulatory body argues that this disparity warrants disgorgement of the profits, which would deprive Ripple of the benefits derived from its alleged wrongdoing.

SEC 堅稱，Ripple 未公開的折扣帶來了約 9.91 億美元的收入，而成本不到 1.15 億美元。監管機構認為，這種差異需要上繳利潤，這將剝奪 Ripple 因涉嫌不當行為而獲得的利益。

However, Morgan highlights that the SEC's case does not hinge on whether non-institutional investors experienced losses but rather on whether the lack of disclosure of discounts prevented other institutional investors from securing more advantageous terms.

然而，摩根強調，美國證券交易委員會的案件並不取決於非機構投資者是否遭受損失，而是取決於缺乏折扣披露是否妨礙其他機構投資者獲得更有利的條款。

Regulatory Implications

監管影響

The Ripple-SEC legal battle serves as a microcosm of the broader regulatory challenges facing the cryptocurrency industry. It underscores the need for clearer regulations that balance technological innovation with investor protection. The outcome of this case will set precedents that will shape the regulatory landscape for digital assets in the years to come.

Ripple 與 SEC 的法律之爭是加密貨幣行業面臨的更廣泛監管挑戰的縮影。它強調需要更明確的監管來平衡技術創新與投資者保護。此案的結果將開創先例，從而塑造未來幾年數位資產的監管格局。

Market Response

市場反應

At the time of writing, the price of XRP was hovering around US$0.5191, reflecting a modest 6% increase over the previous 24 hours. The fluctuating price dynamics of XRP are closely tied to the developments and uncertainties surrounding the ongoing legal battle.

截至撰寫本文時，XRP 的價格徘徊在 0.5191 美元左右，較前 24 小時小幅上漲 6%。 XRP 價格動態的波動與正在進行的法律鬥爭的進展和不確定性密切相關。

Conclusion

結論

The SEC's lawsuit against Ripple has ignited a multifaceted legal battle that raises complex questions about the regulation of digital assets. The outcome of this high-stakes litigation will have far-reaching implications for the cryptocurrency industry and will continue to be closely monitored by market participants, regulators, and legal experts alike.

美國證券交易委員會對 Ripple 的訴訟引發了一場多方面的法律鬥爭，引發了有關數位資產監管的複雜問題。這場高風險訴訟的結果將對加密貨幣產業產生深遠影響，並將繼續受到市場參與者、監管機構和法律專家等的密切關注。