即將離任的 SEC 主席加里·詹斯勒 (Gary Gensler) 提起了他可能是最後一場反加密訴訟，駁斥托雷斯法官對 Ripple XRP 的裁決，稱其為悲劇性錯誤

在美國證券交易委員會向第二巡迴法院提出的新上訴中，委員們重新審視了美國紐約南區地方法院做出的具有里程碑意義的裁決，認為這是一個巨大的錯誤。

Securities and Exchange Commission (SEC) Chairman Gary Gensler is set to leave his post on Friday, and his organization will likely file its final lawsuit against a crypto promoter.

美國證券交易委員會 (SEC) 主席加里詹斯勒 (Gary Gensler) 將於週五離職，他的組織可能會對加密貨幣推廣者提起最後訴訟。

In a document filed on Wednesday, the SEC is urging the Second Circuit to overrule a lower court’s decision that Ripple’s XRP sales were not securities offerings.

在周三提交的一份文件中，美國證券交易委員會敦促第二巡迴法院推翻下級法院關於 Ripple 的 XRP 銷售不屬於證券發行的裁決。

The SEC maintains that the court erred in concluding that investors’ knowledge of the seller’s identity is relevant in determining whether an investment is a security.

美國證券交易委員會認為，法院認為投資者對賣方身分的了解與確定一項投資是否為證券有關，這一結論是錯誤的。

The SEC filed a document on Wednesday that will probably be its last lawsuit against a crypto promoter as part of a broader effort to counter the narrative that cryptocurrencies are largely exempt from federal securities law.

美國證券交易委員會週三提交了一份文件，這可能是其針對加密貨幣推廣者的最後一次訴訟，作為反駁加密貨幣基本上不受聯邦證券法約束的說法的更廣泛努力的一部分。

The document outlines why a crypto industry-redefining ruling about XRP was supposedly a tragic error.

該文件概述了為什麼加密貨幣行業重新定義 XRP 的裁決被認為是一個悲劇性錯誤。

In the SEC’s new appeal to the Second Circuit, commissioners revisit the landmark ruling by the US District Court for the Southern District of New York — concluding that it was a huge mistake.

在美國證券交易委員會向第二巡迴法院提出的新上訴中，委員們重新審視了美國紐約南區地方法院做出的具有里程碑意義的裁決，認為這是一個巨大的錯誤。

In that widely misinterpreted ruling, judge Analisa Torres decided that Ripple didn’t illegally offer $757 million worth of unregistered securities via programmatic sales of XRP to retail buyers.

在這項被廣泛誤解的裁決中，法官 Analisa Torres 裁定 Ripple 並未透過向散戶買家程序化銷售 XRP 的方式非法提供價值 7.57 億美元的未註冊證券。

Within hours, that determination sparked a 60% rally of the XRP token and spread misconceptions like the belief that “no blockchain token is ever a security” or that somehow the SEC never has jurisdiction over crypto exchanges.

幾個小時內，這一決定引發了XRP 代幣上漲60%，並傳播了一些誤解，例如“沒有任何區塊鏈代幣永遠是證券”，或者不知何故SEC 從未對加密貨幣交易所擁有管轄權。

Fans of the decision preferred to ignore US courts’ long history of agreeing with most of the SEC’s enforcement complaints against crypto miscreants. Indeed, sober statistics prove that the SEC prevails in the overwhelming majority of its crypto lawsuits.

支持該決定的人寧願忽視美國法院長期以來一直同意美國證券交易委員會針對加密貨幣犯罪分子的大部分執法投訴。事實上，冷靜的統計數據證明，美國證券交易委員會在絕大多數加密貨幣訴訟中獲勝。

In spite of this evidence, Torres’ XRP decision sparked mobbish derision of Gary Gensler’s career.

儘管有這些證據，托雷斯的 XRP 決定還是引發了對加里詹斯勒 (Gary Gensler) 職業生涯的嘲笑。

Hashtags like #FireGaryGensler trended on social media and well-funded crypto investors cranked up their media machine to whip up animosity against Gensler even more than the laws he enforced.

像 #FireGaryGensler 這樣的標籤在社群媒體上流行，資金雄厚的加密貨幣投資者則發動媒體機器煽動對 Gensler 的敵意，甚至超過了他所執行的法律。

Media pressure mounted and eventually, Gensler decided to announce his resignation. As of Donald Trump’s January 20 inauguration, Gensler will resign as SEC chairman.

媒體壓力越來越大，最終，詹斯勒決定宣布辭職。自唐納德·川普 1 月 20 日就職典禮起，Gensler 將辭去 SEC 主席職務。

His departure two business days from today makes his latest filing against Ripple all the more significant.

今天兩個工作天後他的離職使得他最新針對 Ripple 的文件變得更加重要。

In essence, it’s the Gensler-led team’s final explanation of how altcoin lawyers have twisted legal words to get around Congress’s intent in establishing safeguards for common investors in an industry where over 99% of the millions of coin offerings have declined to near-$0.

從本質上講，這是Gensler 領導的團隊對山寨幣律師如何扭曲法律措辭以規避國會為普通投資者建立保障措施的意圖的最終解釋，而在這個行業，超過99% 的數百萬代幣發行已跌至接近0 美元。

If you look at the blockchains, there are already millions.

如果你看看區塊鏈，你會發現已經有數百萬個。

In the Gensler-led appeal, SEC commissioners argue that Torres mistakenly concluded that Ripple’s programmatic sales of XRP to retail investors did not constitute securities offerings. Commissioners contend that Ripple misled retail investors into expecting XRP to rally based on Ripple’s efforts, regardless of whether they knew they were purchasing XRP programmatically or from Ripple directly.

在 Gensler 主導的上訴中，SEC 委員辯稱，Torres 錯誤地得出結論，認為 Ripple 向散戶投資者進行的 XRP 程序化銷售並不構成證券發行。委員認為，Ripple 誤導散戶投資者預期 XRP 會因 Ripple 的努力而上漲，無論他們是否知道自己是透過程式購買 XRP 還是直接從 Ripple 購買。

The SEC revisits Ripple’s extensive public marketing campaign, which promoted Ripple’s efforts to increase XRP’s value.

美國證券交易委員會重新審視 Ripple 廣泛的公共行銷活動，該活動促進了 Ripple 為提高 XRP 價值所做的努力。

Commissioners also argue regarding the irrelevance of seller identity, asserting that the Supreme Court’s Howey Test requirement that investors expect profits does not depend on investors knowing the identity of the seller.

委員們也就賣方身分的無關性提出爭論，聲稱最高法院關於投資者預期利潤的豪伊測試要求並不取決於投資者是否了解賣方的身份。

They also dive into legal standards for an objective investment decision and intermediary-assisted securities offerings.

他們也深入研究客觀投資決策和中介協助證券發行的法律標準。

Finally, the SEC reiterates its view that all XRP units are fungible, making their price irrelevant to the seller’s identity. This further supports the argument that programmatic retail sales should be treated similarly to institutional, contractual sales.

最後，SEC 重申其觀點，即所有 XRP 單位都是可互換的，因此其價格與賣方的身份無關。這進一步支持了這樣的論點：程序化零售銷售應與機構合約銷售類似地對待。

At over 100 pages, the Gensler-led appeal is probably the final document that crypto investors will have as his counterargument against the ongoing views of pro-altcoin lawyers.

Gensler 領導的上訴書長達 100 多頁，可能是加密貨幣投資者將擁有的最終文件，作為他對支持山寨幣律師持續觀點的反駁。

Trump’s transition team will be recommending a new SEC chairman starting next week, and Gensler’s views will fade in relevance from the five-seat commission.

川普的過渡團隊將從下週開始推薦新的 SEC 主席，而詹斯勒的觀點將從五個席位的委員會中消失。

Regarding Ripple’s offerings of XRP and its implications for the securities status of millions of altcoins — that decision is now in the hands of the US Court of Appeals for the Second Circuit.

關於 Ripple 的 XRP 發行及其對數百萬山寨幣證券地位的影響，該決定目前由美國第二巡迴上訴法院審理。