Ripple CLO Stuart Alderoty 強調 SEC 從 2025 年起必須遵守的 6 項重要證券原則

這位擁有近四十年法律專業知識的法律名人指出了 SEC 不需要拖延訴訟的六個核心領域。

Ripple’s Chief Legal Officer has outlined some key securities principles that the US Securities and Exchange Commission must follow from 2025 onwards.

Ripple 的首席法務官概述了美國證券交易委員會從 2025 年起必須遵循的一些關鍵證券原則。

Highlighting six core areas where the SEC will have no need to drag litigation going forward, Stuart Alderoty’s statement comes on the heels of several crypto exchange tokens being cleared of the securities tag by courts despite the SEC’s insistence on the contrary.

Stuart Alderoty 的聲明強調了 SEC 未來無需拖延訴訟的六個核心領域，緊接著幾個加密貨幣交易所代幣被法院清除了證券標籤，儘管 SEC 堅持相反。

In a recent statement, Alderoty outlined some key principles that the SEC must follow from 2025 onwards. The principles aim to clarify the SEC’s jurisdiction over digital assets and highlight the limits of the regulator’s authority.

在最近的聲明中，Alderoty 概述了 SEC 從 2025 年起必須遵循的一些關鍵原則。這些原則旨在澄清 SEC 對數位資產的管轄權，並強調監管機構的權力限制。

“SEC oversight extends only to securities transactions.”

“美國證券交易委員會的監管範圍僅限於證券交易。”

This principle underscores the SEC’s limited jurisdiction over transactions involving digital assets. The agency’s mandate is confined to regulating securities transactions, excluding non-securities transactions from its purview.

這項原則強調了 SEC 對涉及數位資產的交易的有限管轄權。該機構的職責僅限於監管證券交易，不包括非證券交易。

However, a key point of contention has been the lack of clear guidelines on which tokens are securities and which transactions constitute securities transactions. This ambiguity has led to the SEC overstepping its boundaries and attempting to regulate non-securities transactions.

然而，爭論的一個關鍵點是，對於哪些代幣是證券以及哪些交易構成證券交易缺乏明確的指導方針。這種模糊性導緻美國證券交易委員會超越其界限並試圖監管非證券交易。

One notable example is the SEC’s case against Ripple, in which the Commission alleged that both Ripple’s institutional sales of XRP tokens and their retail sales through exchanges constituted securities sales. Judge Analisa Torres of the US District Court for the Southern District of New York eventually ruled that XRP sales to retail investors via crypto exchanges did not constitute a securities violation.

一個值得注意的例子是美國證券交易委員會針對 Ripple 的案件，其中委員會聲稱 Ripple 對 XRP 代幣的機構銷售及其透過交易所的零售銷售均構成證券銷售。美國紐約南區地方法院法官 Analisa Torres 最終裁定，透過加密貨幣交易所向散戶投資者出售 XRP 並不構成證券違規行為。

In his statement, Alderoty used an analogy with a gold bar to illustrate one of the Howey Test criteria for determining securities. He explained that selling a gold bar with a contractual right, title, or interest in his gold mine would likely be considered a security transaction.

阿德羅蒂在聲明中以金條進行類比來說明確定證券的豪伊測試標準之一。他解釋說，出售具有金礦合約權利、所有權或權益的金條可能被視為證券交易。

However, he went on to say that the SEC would not be able to regulate the sale of that same gold bar if there were no post-sale rights or obligations, as this would simply be an asset sale and not a transaction within the regulator’s jurisdiction.

然而，他接著表示，如果沒有售後權利或義務，美國證券交易委員會將無法監管同一金條的銷售，因為這只是資產出售，而不是監管機構管轄範圍內的交易。

Highlighting another important distinction, Alderoty stated that a token is never inherently a security, even though it can be used in a securities transaction. This point is further illustrated by Ripple’s partial win over the SEC, which saw Judge Torres clear XRP of the Howey Test’s securities status despite its institutional sales being securities offerings.

Alderoty 強調了另一個重要區別，指出代幣本質上並不是證券，儘管它可以用於證券交易。 Ripple 部分戰勝 SEC 進一步說明了這一點，托雷斯法官明確了 XRP 的 Howey Test 的證券地位，儘管其機構銷售是證券發行。

Moreover, Alderoty refuted the idea that a token can “evolve” from a security to a non-security, calling it a “made-up fallacy with no footing in the law.”

此外，阿爾德羅蒂駁斥了代幣可以從證券「進化」為非證券的觀點，稱其為「捏造的謬論，沒有法律依據」。

In a separate development, a US District of Columbia judge ruled that a token that was once part of an investment contract can outgrow the “security” label as it circulates through commerce, gets sold by private investors in exchanges, and increases in utility. This ruling favored Binance in a case brought by the SEC against Binance for operating an unapproved securities exchange by offering 12 assets on the platform, including its native BNB token.

在另一項進展中，美國哥倫比亞特區的一名法官裁定，曾經作為投資合約一部分的代幣隨著其通過商業流通、在交易所被私人投資者出售以及實用性的增加，可以超越“安全”標籤。在美國證券交易委員會針對幣安提起的案件中，該裁決對幣安有利，因為幣安透過在平台上提供 12 種資產（包括其原生 BNB 代幣）來運作未經批准的證券交易所。

In her decision, the judge excluded BNB from the securities mold, stating that assets that were once part of an investment contract must not indefinitely retain the “security” tag.

在判決中，法官將 BNB 排除在證券模式之外，並指出曾經屬於投資合約一部分的資產不得無限期保留「證券」標籤。

Finally, Alderoty criticized the SEC for its voluntary and unlawful expansion of its jurisdiction “based on a self-serving view of who it thinks is more ‘deserving’ of disclosures.”

最後，阿爾德羅蒂批評美國證券交易委員會“基於自私自利的觀點，認為誰更‘值得’披露信息”，自願且非法地擴大其管轄範圍。

This arbitrary exercise of authority was evident in the recent Gensler regime, which saw the SEC Chair carry out a high-profile campaign against crypto and digital assets. In contrast to his predecessor Jay Clayton, who largely steered clear of the crypto industry, Gensler's approach has seen him attempt to shoehorn digital assets into existing securities law frameworks.

這種任意行使權力在最近的 Gensler 政權中很明顯，SEC 主席對加密貨幣和數位資產開展了一場高調的運動。與他的前任傑伊·克萊頓（Jay Clayton）基本上避開了加密行業相比，Gensler 的做法是他試圖將數位資產硬塞到現有的證券法框架中。

Fortunately for the crypto industry, Gensler will step down as SEC Chair in less than 18 days, making way for a potentially more favorable policy atmosphere for digital assets.

對於加密產業來說幸運的是，Gensler 將在不到 18 天的時間內辭去 SEC 主席一職，為數位資產創造一個可能更加有利的政策氛圍。