Secv。Ripple：法律鬥爭的完整時間表

Ripple Labs與美國證券交易委員會（SEC）之間的法律鬥爭開始於2020年12月22日，SEC被指控Ripple的首席執行官

Ripple Labs, founded in 2012 and initially named OpenCoin, aimed to create a decentralized system for faster and cheaper transactions. The company's goal was to bridge digital assets with mainstream finance using XRP.

Ripple Labs成立於2012年，最初命名為Opencoin，旨在創建一個分散的系統，以用於更快，更便宜的交易。該公司的目標是使用XRP以主流融資橋接數字資產。

Unlike decentralized cryptocurrencies like Bitcoin, which rely on a network of independent miners to validate transactions, Ripple operates a unique consensus algorithm. This algorithm relies on a network of bank-controlled validators to achieve consensus rapidly.

與分散的加密貨幣（如比特幣）不同，比特幣（依賴一個獨立礦工網絡）來驗證交易，而波紋則操作獨特的共識算法。該算法依賴於銀行控制的驗證者網絡來迅速達成共識。

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering by selling XRP.

2020年12月，美國證券交易委員會（SEC）對Ripple Labs提起訴訟，指控該公司通過出售XRP進行了未註冊的證券。

The SEC's complaint centered on the argument that Ripple raised $1.3 billion through XRP sales and that the company's control over XRP's supply and promotion met the criteria for a security under the Howey test.

SEC的投訴以這一論點為中心，即Ripple通過XRP銷售籌集了13億美元，並且該公司對XRP供應和促銷的控制符合Howey測試下的安全標準。

Ripple, on the other hand, maintained that XRP is a digital currency and not a security. A key factor in the case was the unique structure of Ripple's network.

另一方面，Ripple堅持認為XRP是一種數字貨幣，而不是安全性。這種情況的關鍵因素是Ripple網絡的獨特結構。

A mixed ruling was delivered on July 13, 2023, by Judge Analisa Torres, providing some regulatory clarity. The court determined that XRP itself is not inherently a security, which offered relief to retail investors.

Analisa Torres法官於2023年7月13日作出了一項混合裁決，提供了一些監管清晰度。法院認為XRP本身並不是本質上的安全，它為散戶投資者提供了救濟。

However, the judge ruled that Ripple's institutional sales of XRP did constitute securities transactions, highlighting the importance of how digital assets are marketed and sold.

但是，法官裁定，Ripple的XRP機構銷售確實構成了證券交易，強調了數字資產的銷售和出售方式的重要性。

Following this ruling, on Aug. 7, 2024, the court imposed a $125 million civil penalty on Ripple for its institutional sales violations.

在該裁決（2024年8月7日）之後，法院因其機構銷售違規行為對Ripple判處1.25億美元的民事罰款。

The SEC's requests for disgorgement of profits and additional prejudgment interest were denied. Additionally, Ripple was barred from violating securities laws in connection with future institutional sales.

SEC剝奪利潤的請求和其他審判興趣的要求被拒絕。此外，Ripple被禁止違反與未來機構銷售有關的證券法。

This case marked a turning point in cryptocurrency regulation, setting a precedent for how digital assets are classified under U.S. securities law.

此案標誌著加密貨幣法規的轉折點，為根據美國證券法分類的數字資產如何分類樹立了先例。

Both Ripple and the SEC filed appeals on Oct. 3, 2024, moving the case to the Second Circuit Court of Appeals.

Ripple和SEC在2024年10月3日提起上訴，將案件移交給第二巡迴上訴法院。

In January 2025, the SEC submitted its opening brief, arguing that the district court erred in ruling that Ripple's XRP sales failed to meet the Howey Test's expectation-of-profits and investment-of-money requirements.

2025年1月，美國證券交易委員會（SEC）提交了開幕式摘要，認為地方法院裁定Ripple的XRP銷售未能滿足Howey Test的期望和票房投資要求。

The agency seeks to overturn the ruling that XRP's secondary market sales were not securities transactions.

該機構試圖推翻XRP的二級市場銷售不是證券交易的裁決。

Ripple's Chief Legal Officer Stuart Alderoty dismissed the SEC's arguments as repetitive and increasingly irrelevant amid shifting regulatory conditions. The company remains optimistic that the case could be dropped under the pro-crypto SEC leadership of acting Chair Mark Uyeda.

Ripple的首席法律官Stuart Alderoty在不斷變化的監管條件下，將SEC的論點視為重複性且越來越無關緊要的論點。該公司對案件可以在代理主席馬克·烏耶達（Mark Uyeda）的支持下撤銷此案保持樂觀。

In response, Ripple filed a cross-appeal in October 2024, with an April 16, 2025, due date. The lawsuit, initiated by former SEC Chair Jay Clayton, has seen multiple setbacks for the agency. While the SEC continues its appeal, its commitment to pursuing the case remains uncertain.

作為回應，Ripple於2024年10月提交了交叉上訴，並於2025年4月16日到期日。由前美國證券交易委員會主席傑伊·克萊頓（Jay Clayton）發起的訴訟已經為該機構遭受了多次挫折。儘管美國證券交易委員會繼續上訴，但對案件的承諾仍然不確定。

At the core of the SEC's appeal is its challenge to the district court's decision, which classified Ripple's institutional XRP sales as securities transactions but ruled that secondary market sales and XRP itself were not securities.

SEC上訴的核心是對地方法院裁決的挑戰，該決定將Ripple的機構XRP銷售歸類為證券交易，但裁定二級市場銷售和XRP本身不是證券。

Republican SEC Commissioner Mark Uyeda has been appointed as the agency's acting chairman. A strong critic of the SEC's previous “regulation through enforcement” approach, Uyeda previously called it a “disaster” for the crypto industry. In December, he forecast a shift toward eased enforcement and greater regulatory clarity.

共和黨SEC專員馬克·烏耶達（Mark Uyeda）被任命為該機構代理主席。烏耶達（Uyeda）對SEC先前的“通過執法法規”進行了強烈的批評，此前曾稱其為加密行業是“災難”。他預測，他預測向緩解執法和更大的監管清晰度的轉變。

Ripple and the broader crypto industry are hopeful for a regulatory reset — one that prioritizes innovation over litigation. Ripple's Chief Legal Officer Stuart Alderoty expects the new administration to drop the ongoing SEC appeal against the company and potentially halt enforcement actions against other major crypto firms.

Ripple和更廣泛的加密貨幣行業對監管重置充滿希望，這將創新優先於訴訟。 Ripple的首席法律官Stuart Alderoty預計，新政府將放棄對該公司的SEC上訴，並有可能停止針對其他主要加密公司的執法行動。

Meanwhile, the SEC has launched a new crypto task force, led by Commissioner Hester Peirce, to develop a comprehensive regulatory framework for digital assets. This initiative has been widely welcomed by industry participants, who have long sought clear and consistent rules.

同時，SEC由專員Hester Peirce領導的新加密工作組成立了一個新的加密工作組，以為數字資產開發全面的監管框架。這項倡議已受到行業參與者的廣泛歡迎，這些行業參與者長期以來一直尋求明確，一致的規則。

Alderoty emphasizes that non-fraud cases should be set aside in favor of constructive engagement. He urges swift resolution of lingering disputes to provide the industry with the clarity needed for sustainable growth.

Alderoty強調，應擱置非欺詐案件以支持建設性參與。他敦促迅速解決持續爭端，以為行業提供可持續增長所需的清晰度。