波紋訴訟：案件搬到上訴法院，未被駁回

加密觀察家認為這是長期進行的法律鬥爭可能正在結束的標誌。但是，更深入的分析表明，此案還遠遠沒有結束。

A recent development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple has sparked speculation about the case being dropped. However, a deeper analysis reveals that the case is still active and has been relocated on the SEC's website due to procedural changes.

美國證券交易委員會（SEC）針對波紋的訴訟的最新發展引發了人們對案件撤銷的猜測。但是，更深入的分析表明，由於程序更改，該案仍然活躍，並已在SEC網站上搬遷。

After a post by crypto analyst Ash on X showed that a search for Ripple on the SEC's 'Litigation Release' page yielded no results, many assumed the case had been dropped. This section usually lists all civil actions filed by the SEC in federal courts.

加密分析師Ash在X上發表的帖子表明，在SEC的“訴訟發布”頁面上搜索波紋的搜索沒有結果，許多人認為該案已被刪除。本節通常列出美國證券交易委員會在聯邦法院提起的所有民事訴訟。

However, a closer look at the SEC's website tells a different story. The lawsuit, which was originally announced on December 22, 2020, has been moved from the 'Litigation Release' section because the case has now progressed to the Court of Appeals for the Second Circuit.

但是，仔細查看SEC網站講述了一個不同的故事。該訴訟最初於2020年12月22日宣布，已從“訴訟釋放”部分移動，因為該案現已上訴法院第二巡迴上訴法院。

Legal expert Jeremy Hogan clarified that while the Ripple case has been removed from the SEC's litigation section, it has simply been shifted to the “cases on appeal” section. According to Hogan, the lawsuit remains active on the appellate court's website, and no new filings have been made beyond the appeal process.

法律專家傑里米·霍根（Jeremy Hogan）澄清說，雖然波紋案已從SEC的訴訟部分刪除，但它只是被轉移到了“上訴案件”部分。據霍根說，該訴訟仍在上訴法院的網站上活躍，並且在上訴程序之外沒有提出任何新文件。

This isn't the first time such a move has occurred. The SEC took similar action in previous cases that advanced to appellate courts, such as the enforcement action against Aaron Govil. These legal transitions do not indicate settlement or case dismissal; they reflect procedural changes as cases move through the judicial system.

這不是第一次發生這樣的舉動。 SEC在以前的案件中採取了類似的訴訟，這些案件提出了上訴法院，例如針對亞倫·戈維爾（Aaron Govil）的執法行動。這些法律過渡並不表示解決或駁回案件；它們反映了程序的變化，因為案件通過司法系統移動。

As of now, the lawsuit remains unresolved. The SEC is still actively appealing a district court ruling that favored Ripple in parts of the case. The battle continues, with major deadlines approaching in the coming months.

截至目前，訴訟仍未解決。美國證券交易委員會仍在積極上訴一項地區法院的裁決，該裁決在案件的部分地區有利於波紋。這場戰鬥仍在繼續，在未來幾個月中，重大期限臨近。

The SEC officially filed its opening appeal brief on January 15, 2025. The commission seeks to overturn the lower court's decision, which granted Ripple a partial victory by ruling that its programmatic sales and other distributions of XRP were not securities transactions. The SEC, however, is pushing back against this ruling, particularly on XRP sales to retail investors.

SEC在2025年1月15日正式提交了開幕式上訴摘要。委員會試圖推翻下級法院的裁決，該裁決通過裁定其程序化銷售和XRP的其他分配不是證券交易，從而授予了Ripple的部分勝利。但是，SEC正在反對這一裁決，尤其是XRP銷售散戶投資者。

Conversely, Ripple has set April 16, 2025, as its deadline to file a response. If approved, this brief will address the SEC's arguments and aim to solidify Ripple's prior court win. Additionally, Ripple is using this opportunity to challenge the part of the ruling that classified its sales of XRP to institutional investors as securities transactions. This aspect of the case previously led to a $125 million fine against the company.

相反，Ripple已將2025年4月16日設定為提交回應的截止日期。如果獲得批准，此摘要將解決SEC的論點，並旨在鞏固Ripple先前的法庭勝利。此外，Ripple正在利用這一機會來挑戰將其XRP銷售給機構投資者作為證券交易的一部分。此案的這一方面先前導致對該公司罰款1.25億美元。

Meanwhile, a lawyer commenting on the case dismissed the significance of the SEC website’s removal of the lawsuit, stating:

同時，一位評論此案的律師駁回了SEC網站撤銷訴訟的重要性，並指出：

“The SEC website does not matter. The appeal is still open in the Court's nationwide PACER system. I am an attorney. I just logged in. The last entry is Ripple's request for a time extension to file its Brief. The case status is still shown as Active. That may change soon.”

“ SEC網站無關緊要。該上訴仍在法院的全國起搏系統中開放。我是律師。我剛剛登錄。最後一個條目是Ripple要求提交簡報的時間延長的請求。案例狀態仍然顯示為活動。那可能很快就會改變。”

As Ripple's legal battle continues, CEO Brad Garlinghouse has been making headlines with his statements on the broader crypto market. Recently, Garlinghouse urged the industry to move beyond maximalism and embrace multiple digital assets for long-term growth.

隨著Ripple的法律鬥爭的繼續，首席執行官Brad Garlinghouse一直在更廣泛的加密市場上發表聲明成為頭條新聞。最近，加林豪斯（Garlinghouse）敦促該行業超越最大化，並擁有多個數字資產以促進長期增長。

In an interview with Fortune, Garlinghouse, who says he owns XRP, Bitcoin, and Ethereum, highlighted the need for unity in the crypto sector.

在接受《財富》（Fortune）的採訪時，加林豪斯（Garlinghouse）說，他擁有XRP，比特幣和以太坊，強調了加密貨幣領域的團結的必要性。

“I think the crypto industry has to get behind an asset to really drive it to mainstream adoption. We saw this early on with Bitcoin maximalists, who I think did a great job in the early days of getting Bitcoin to where it is today. But now, if you maximalize on one asset, you're inherently limiting the industry.”

“我認為加密貨幣行業必須落後於資產，才能真正將其推向主流採用。我們很早就看到了比特幣的最大主義者，我認為他在將比特幣到今天的早期時做得很好。但是現在，如果您最大程度地利用一種資產，那麼您就可以固有地限制該行業。”

However, Bitcoin maximalists are generally opposed to the idea of XRP being included in a national digital asset reserve. They maintain that Bitcoin is a neutral, apolitical, and decentralized monetary network that exists outside government control.

但是，比特幣的最大主義者通常反對XRP包含在國家數字資產儲備中的想法。他們堅持認為，比特幣是政府控制之外的中立，非政治和分散的貨幣網絡。

Unlike Bitcoin, which was fairly mined and has no central issuer, XRP was pre-mined, with Ripple Labs controlling a massive share of the supply. This pre-mine has led to accusations of centralization and unfair distribution, which maximalists argue disqualifies XRP from being a sound digital asset for the nation.

與比特幣相當開採並且沒有中央發行人不同，XRP是預先開采的，波紋實驗室控制著大量供應份額。這種預礦導致了集中化和不公平分配的指控，這使最大化主義者認為XRP不可能成為該國的合理數字資產。

This is setting up a key crypto political battle in 2025. It may well be that there will end up being a Bitcoin Strategic Reserve and a Digital Asset Stockpile of American based crypto assets like XRP and Solana.

這是在2025年建立了一場關鍵的加密政治鬥爭。很可能最終將有一個比特幣戰略儲備，並且數字資產庫存了XRP和Solana等美國加密貨幣資產。

On the other hand, the confirmation of former Treasury Secretary nominee Scott Bessent, a pro-Bitcoin advocate, marks a significant development in the U.S. political arena.

另一方面，前財政部長提名人斯科特·貝森特（Scott Bessent）的證實是親幣倡導者，標誌著美國政治舞台上的重大發展。

Bessent's appointment reflects the increasing number of crypto-friendly figures entering U.S. politics, a shift that could have long-term implications for regulatory clarity in the industry.

Bessent的任命反映了進入美國政治的越來越多的加密友好數字，這一轉變可能會對該行業的監管清晰度產生長期影響。