美國證券交易委員會正式對 Ripple Labs XRP 銷售裁決提出上訴，為漫長的法律鬥爭奠定了基礎

美國證券交易委員會 (SEC) 已正式提起上訴，對地方法院對 Ripple Labs 的 XRP 銷售的裁決提出異議。

The U.S. Securities and Exchange Commission (SEC) has officially filed an appeal against a district court ruling on Ripple Labs' XRP sales. The case, which began with the SEC's lawsuit in December 2020, centers on whether Ripple's sale of XRP to retail investors constitutes unregistered securities transactions under U.S. federal law.

美國證券交易委員會 (SEC) 已針對地區法院對 Ripple Labs 的 XRP 銷售的裁決正式提起上訴。該案始於 2020 年 12 月 SEC 的訴訟，重點在於 Ripple 向散戶投資者出售 XRP 是否構成美國聯邦法律規定的未註冊證券交易。

The SEC Contests Lower Court Ruling in XRP Case

美國證券交易委員會 (SEC) 對下級法院對 XRP 案件的裁決提出異議

The SEC filed its appeal on Wednesday evening, expressing its disagreement with the ruling issued in July 2023 by the U.S. District Court for the Southern District of New York. The district court had ruled that Ripple's programmatic sales of XRP to retail investors through cryptocurrency exchanges did not violate federal securities laws.

美國證券交易委員會於週三晚間提起上訴，表示不同意美國紐約南區地方法院 2023 年 7 月做出的​​裁決。地方法院裁定，Ripple 透過加密貨幣交易所向散戶投資者程序化銷售 XRP 的行為並不違反聯邦證券法。

The SEC's position is that all XRP sales, regardless of how or through whom they occur, should be considered as “investment contracts” under the Howey Test, which determines whether an asset is a security. The SEC argues that Ripple's promotional activities and public statements about XRP created the expectation that investors, including retail buyers, would profit from the asset, thus qualifying XRP sales as securities transactions.

SEC 的立場是，所有 XRP 銷售，無論如何或透過誰進行，都應被視為 Howey 測試下的“投資合約”，該測試確定資產是否為證券。美國證券交易委員會認為，Ripple 的促銷活動和有關 XRP 的公開聲明創造了投資者（包括散戶買家）將從該資產中獲利的預期，從而使 XRP 銷售符合證券交易的資格。

Key Arguments in SEC's Appeal Against Lower Court Ruling XRP Sales Deemed Securities: SEC maintains that all XRP sales, including those to retail investors, constitute investment contracts and are thus subject to federal securities law.

SEC 針對下級法院將 XRP 銷售視為證券的裁決提出上訴的主要論點：SEC 認為，所有 XRP 銷售（包括面向散戶投資者的銷售）均構成投資合同，因此須遵守聯邦證券法。

Promotional Activities Highlighted: The SEC emphasizes Ripple's promotional activities and public statements, which allegedly led investors to believe that XRP's value would increase.

重點宣傳活動：SEC 強調了 Ripple 的宣傳活動和公開聲明，據稱這些活動和公開聲明導致投資者相信 XRP 的價值將會增加。

Broad Definition of Securities: The SEC argues for a broad definition of securities, encompassing assets sold with the expectation of profit, even without traditional certificates.

證券的廣義定義：美國證券交易委員會主張對證券進行廣義定義，包括以營利為目的出售的資產，即使沒有傳統的證書。

Potential Impact on Ripple, Crypto Industry The outcome of this appeal is highly anticipated, with potential implications for both Ripple Labs and the broader cryptocurrency industry.

對 Ripple 和加密貨幣行業的潛在影響 此次上訴的結果備受期待，對 Ripple 實驗室和更廣泛的加密貨幣行業都有潛在影響。

If the SEC's appeal succeeds, the ruling could significantly impact how cryptocurrency assets are treated under U.S. securities laws. This may set a precedent for other crypto projects, potentially subjecting them to greater regulatory oversight and compliance requirements.

如果美國證券交易委員會的上訴成功，該裁決可能會對美國證券法處理加密貨幣資產的方式產生重大影響。這可能為其他加密項目開創先例，可能使它們受到更嚴格的監管和合規要求。

For Ripple Labs, an unfavorable outcome could lead to severe consequences, including the possibility of fines, penalties, and the need to register XRP as a security. The company has consistently maintained that XRP is a currency, not a security, and has defended this position throughout the legal battle.

對於 Ripple Labs 來說，不利的結果可能會導致嚴重的後果，包括可能面臨罰款、處罰以及需要將 XRP 註冊為證券。該公司始終堅稱 XRP 是一種貨幣，而不是證券，並在整個法律訴訟中捍衛了這一立場。

Next Steps for Ripple, XRP in SEC Appeal The appeal is expected to take months to resolve, with both sides preparing for a lengthy legal process. The ultimate decision could redefine the regulatory landscape for cryptocurrencies in the U.S. and set important precedents for how other digital assets are classified in the future.

Ripple、XRP 在 SEC 上訴中的後續步驟上訴預計需要數月時間才能解決，雙方都在為漫長的法律程序做準備。最終決定可能會重新定義美國加密貨幣的監管格局，並為未來其他數位資產的分類方式樹立重要先例。

As the case unfolds, Ripple and its supporters continue to maintain that XRP is a utility token, arguing against its classification as a security. Meanwhile, the SEC is expected to maintain its stance that all sales of the token represent investment contracts subject to regulation under U.S. securities law.

隨著案件的展開，Ripple 及其支持者繼續堅稱 XRP 是一種實用型代幣，反對將其歸類為證券。同時，預計美國證券交易委員會將維持其立場，即所有代幣銷售均代表受美國證券法監管的投資合約。

The SEC's appeal adds another layer of uncertainty to Ripple's legal battle and the broader cryptocurrency market. Depending on the appeal's outcome, the ruling could reshape the regulatory environment for cryptocurrencies and have a profound impact on how similar cases are handled in the future. For now, all eyes are on the ongoing litigation as Ripple fights to defend its position and its flagship asset, XRP.

美國證券交易委員會的上訴為 Ripple 的法律鬥爭和更廣泛的加密貨幣市場增添了另一層不確定性。根據上訴結果，該裁決可能會重塑加密貨幣的監管環境，並對未來類似案件的處理方式產生深遠影響。目前，所有人的目光都集中在正在進行的訴訟上，Ripple 正在努力捍衛其地位及其旗艦資產 XRP。