SEC的舉動對XRP意味著什麼？

SEC通過在“上訴”部分列出波紋訴訟來更新其網站的決定不一定是該案解決的信號

The U.S. Securities and Exchange Commission (SEC) has updated its website to include the ongoing lawsuit against Ripple Labs in the “cases on appeal” section, sparking fresh speculation about the future of XRP.

美國證券交易委員會（SEC）已更新其網站，以在“上訴案件”部分中包括針對Ripple Labs的訴訟，引發了有關XRP未來的新猜測。

The SEC filed a lawsuit against Ripple in December 2020, alleging that the company raised over $1.3 billion through an unregistered digital asset securities offering. Ripple has maintained that XRP is a digital asset and not a security.

SEC於2020年12月對Ripple提起訴訟，指控該公司通過未註冊的數字資產證券籌集了超過13億美元。 Ripple堅持認為XRP是數字資產，而不是安全性。

Now, with the case still in appellate court, what does this change on the SEC website mean for XRP and the broader landscape of cryptocurrency regulation in the U.S.? Let’s dive into the latest updates and explore the potential implications.

現在，由於該案仍在上訴法院中，SEC網站上的這種變化對XRP意味著什麼以及美國加密貨幣法規的更廣泛的景觀是什麼？讓我們研究最新的更新並探索潛在的影響。

SEC Updates Website, Moving Ripple Lawsuit to ‘Cases on Appeal’

SEC更新網站，將波紋訴訟移至“上訴案件”

On February 1, 2025, a subtle yet significant change occurred on the U.S. Securities and Exchange Commission (SEC) website. The page, which provides an overview of the SEC’s ongoing legal cases, has now listed the case against Ripple Labs Inc. in the “cases on appeal” section.

2025年2月1日，美國證券交易委員會（SEC）網站發生了微妙而重大的變化。該頁面提供了SEC正在進行的法律案件的概述，現已在“上訴案件”部分中列出了針對Ripple Labs Inc.的案件。

This update signals that the SEC’s case against Ripple, which began in December 2020, has now progressed to the appellate court level. Following the District Court’s summary judgment decision in December 2022, both parties filed their respective appeals in early January 2023.

此更新表明，SEC針對Ripple的案件始於2020年12月，現已升至上訴法院級別。根據地方法院在2022年12月的簡易判決決定之後，雙方於2023年1月上旬提出了各自上訴。

As the case continues to unfold in the Second Circuit Court of Appeals, both the SEC and Ripple are presenting their arguments and awaiting the court’s decision. The appellate court will review the lower court's decision and determine whether any legal errors were made during the proceedings.

隨著案件在第二巡迴上訴法院繼續展開，SEC和Ripple都提出了他們的論點並等待法院的裁決。上訴法院將審查下級法院的裁決，並確定在訴訟過程中是否犯了任何法律錯誤。

After hearing oral arguments in September 2023, the Second Circuit is expected to issue its ruling in the first half of 2025. This decision will either fully resolve the case or remand it back to the District Court for further proceedings.

在2023年9月聽到口頭辯論之後，預計第二巡迴法院將在2025年上半年發表裁決。該決定將完全解決此案，或者將其還給地方法院進行進一步訴訟。

Breaking Down the Legal Battle: XRP Use Case at the Forefront

打破法律戰鬥：XRP用例

The SEC alleges that Ripple raised over $1.3 billion through an unregistered digital asset securities offering from 2013 to 2019. According to the complaint, about 14.6 billion XRP tokens were sold directly by Ripple, while another 52 billion XRP were sold through third parties, mainly cryptocurrency exchanges.

SEC聲稱，Ripple通過2013年至2019年的未註冊數字資產證券籌集了超過13億美元。根據投訴，Ripple直接出售了約146億XRP代幣，而另外520億XRP則通過第三方出售，主要是通過第三方出售交流。

However, Ripple has maintained throughout the case that XRP is a digital asset and not a security. The company argues that the SEC’s case is based on an overreach of federal securities laws and that its use case—particularly in Ripple’s On-Demand Liquidity (ODL) service—renders XRP fundamentally different from traditional investment contracts.

但是，Ripple在XRP是數字資產而不是安全性的情況下保持了Ripple。該公司認為，SEC的案件是基於對聯邦證券法的過度研究，其用例（尤其是在Ripple的按需流動性（ODL）服務）與傳統投資合同基本上不同。

Moreover, Ripple has highlighted the critical role of XRP in facilitating faster and lower-cost cross-border payments through ODL. This service, which leverages XRP as a bridge currency, has already processed billions of dollars in transactions daily, according to Ripple.

此外，Ripple強調了XRP在通過ODL促進更快和較低成本的跨境支付方面的關鍵作用。據Ripple稱，這項利用XRP作為橋樑貨幣的服務已經每天處理數十億美元的交易。

If Ripple emerges victorious in this legal saga, it could set a pivotal precedent for the future of crypto regulation in the United States. A favorable ruling might limit the SEC’s ability to pursue similar actions against other digital assets, especially those with clear use cases in the real world.

如果Ripple在這個合法的傳奇中取得了勝利，它可能會為美國加密監管的未來樹立關鍵的先例。有利的裁決可能會限制SEC對其他數字資產採取類似行動的能力，尤其是那些在現實世界中有清晰用例的資產。

On the other hand, a ruling against Ripple would strengthen the SEC’s authority in regulating cryptocurrencies and digital asset markets. The Commission could ramp up its efforts to classify and regulate various digital assets based on their specific characteristics and use cases.

另一方面，針對波紋的裁決將加強SEC在規範加密貨幣和數字資產市場方面的權威。委員會可以根據其特定特徵和用例來加強其對各種數字資產進行分類和規範的努力。

Either way, the outcome of this case is bound to have a far-reaching impact on the cryptocurrency industry and the broader financial landscape in the U.S. As we continue to follow the legal proceedings and await the appellate court’s decision, stay tuned for further updates on this critical development.

無論哪種方式，隨著我們繼續遵循法律訴訟並等待上訴法院的裁決，這一案件的結果必定會對加密貨幣行業和美國更廣泛的金融景觀產生深遠的影響這一批判性發展。