法律專家：解開圍繞 XRP 銷售的混亂

著名律師和加密貨幣支持者 Bil​​l Morgan 最近澄清了圍繞 XRP 作為證券地位的爭論的誤解。摩根聲稱，儘管前 SEC 主任約翰·里德·斯塔克 (John Reed Stark) 聲稱，托雷斯法官關於二級 XRP 銷售屬於非投資合約的裁決仍然有效。摩根強調了托雷斯法官的決定的具體事實性質和 SEC 的有限指控，認為她關於程序化銷售的調查結果不應擴展到所有二級市場加密貨幣銷售。

Dispelling Confusion over XRP Sales: Insights from Legal Experts

消除 XRP 銷售的混亂：法律專家的見解

The ongoing debate surrounding the classification of XRP sales as securities has witnessed a significant development, thanks to the incisive analysis of renowned lawyer and crypto advocate Bill Morgan. In a recent Twitter thread, Morgan sought to clarify the complexities surrounding the issue, acknowledging the prevalent confusion and offering his expert insights.

由於著名律師和加密貨幣倡導者 Bil​​l Morgan 的深入分析，圍繞 XRP 銷售分類為證券的持續爭論已經取得了重大進展。在最近的 Twitter 貼文中，摩根試圖澄清圍繞該問題的複雜性，承認普遍存在的困惑並提供他的專家見解。

Morgan's analysis stemmed from a statement attributed to former SEC Director John Reed Stark, who purportedly asserted that the judge overseeing the Coinbase-SEC case, Judge Torres, had unequivocally rejected the notion that secondary sales of XRP could constitute investment contracts or unregistered securities.

摩根的分析源於前 SEC 主任 John Reed Stark 的聲明，據稱他聲稱負責 Coinbase-SEC 案件的法官 Torres 法官明確拒絕了 XRP 的二次銷售可能構成投資合約或未註冊證券的觀點。

Challenging this assertion, Morgan categorically refuted the accuracy of Stark's statement. He maintained that Judge Torres had made no such finding, emphasizing that secondary market sales of XRP were not expressly considered within the scope of the court's purview.

摩根對此說法提出質疑，斷然駁斥了史塔克聲明的準確性。他堅稱托雷斯法官沒有做出這樣的裁決，並強調 XRP 的二級市場銷售並未明確考慮在法院的職權範圍內。

Morgan's critique was met with a counterargument from fellow legal expert Marc Fagel, who expressed skepticism regarding the potential for exchange-mediated token sales to meet the criteria outlined in the Howey test, the benchmark for determining whether an investment qualifies as a security.

摩根的批評遭到了法律專家馬克·法格爾(Marc Fagel) 的反駁，他對交易所介導的代幣銷售能否滿足Howey 測試中概述的標準表示懷疑，Howey 測試是確定投資是否符合證券資格的基準。

Undeterred, Morgan respectfully disagreed with Fagel's assessment. He elaborated that Judge Torres's analysis was confined to Ripple's programmatic sales, one of three specific categories presented for her consideration by the SEC.

Undeterred, Morgan respectfully disagreed with Fagel's assessment. He elaborated that Judge Torres's analysis was confined to Ripple's programmatic sales, one of three specific categories presented for her consideration by the SEC.

Morgan expounded that Judge Torres's evaluation of the specific circumstances surrounding Ripple's programmatic sales had led her to conclude that they did not constitute investment contracts. Crucial to this finding was Ripple's active promotion of XRP to secondary market investors.

摩根解釋說，托雷斯法官對 Ripple 程序化銷售具體情況的評估使她得出結論，這些銷售不構成投資合約。這項發現的關鍵是 Ripple 向二級市場投資者積極推廣 XRP。

While acknowledging Judge Torres's recognition of Ripple's promotional efforts targeting institutional investors, Morgan emphasized the absence of evidence suggesting widespread promotion beyond this limited circle. Such findings, he argued, cannot be indiscriminately applied to other cryptocurrencies like Solana.

摩根承認托雷斯法官對瑞波幣針對機構投資者的促銷活動的認可，但強調沒有證據表明瑞波幣在這個有限的圈子之外進行了廣泛的促銷活動。他認為，這樣的發現不能不加區別地應用於 Solana 等其他加密貨幣。

Morgan stressed the fact-specific nature of the Howey test, asserting that Judge Torres's conclusions regarding Ripple's programmatic XRP sales should not be construed as a blanket determination that all secondary market sales of cryptocurrencies on exchanges automatically qualify as investment contracts.

摩根強調了 Howey 測試的具體事實性質，並聲稱托雷斯法官關於 Ripple 程序化 XRP 銷售的結論不應被解釋為一攬子決定，即交易所上所有加密貨幣的二級市場銷售自動符合投資合約的資格。

He further elaborated that Judge Torres's findings regarding Ripple's promotional activities were based on uncontested evidence, leaving little room for appeal. Morgan expressed his belief that the SEC's prospects for successfully overturning the court's decision are limited.

他進一步闡述說，托雷斯法官關於 Ripple 促銷活動的調查結果是基於無可爭議的證據，幾乎沒有上訴的空間。摩根表示，他相信美國證券交易委員會成功推翻法院判決的前景有限。

Morgan's expert analysis provides valuable clarity amidst the ongoing debate surrounding XRP sales and their potential classification as securities. His insights underscore the complexities of the issue and the need for careful consideration of the specific facts and circumstances surrounding each case.

在圍繞 XRP 銷售及其潛在證券分類的持續爭論中，摩根的專家分析提供了有價值的清晰度。他的見解強調了問題的複雜性以及仔細考慮每個案件的具體事實和情況的必要性。