美國證券交易委員會 (SEC) 和 Ripple 就 XRP 分類展開的法律鬥爭愈演愈烈，可能會在最高法院展開對決

隨著行業專家預計 Coinbase 案件裁決的影響，美國證券交易委員會 (SEC) 對 Ripple Labs 對 XRP 安全分類的追查力度加大。 Ripple 無視 SEC 的主張，並發誓要對其提出挑戰，直到最高法院介入。法律鬥爭不斷升級，使得加密產業面臨不明確的監管和不確定的未來。

Securities and Exchange Commission (SEC) and Ripple Labs Inc.'s Ongoing Legal Battle Over XRP Classification

美國證券交易委員會 (SEC) 和 Ripple Labs Inc. 就 XRP 分類正在進行的法律鬥爭

The Securities and Exchange Commission (SEC) and Ripple Labs Inc. are engaged in a protracted legal dispute regarding the classification of XRP, Ripple's digital token, as a security. This contentious battle has reverberated throughout the cryptocurrency industry, prompting speculation about its potential implications for the future of digital asset regulation.

美國證券交易委員會 (SEC) 和 Ripple Labs Inc. 就 Ripple 數位代幣 XRP 作為證券的分類問題展開了曠日持久的法律糾紛。這場有爭議的戰鬥在整個加密貨幣行業引起了反響，引發了人們對其對數位資產監管未來潛在影響的猜測。

The SEC's pursuit of regulatory enforcement actions in the cryptocurrency space has drawn significant attention, particularly in light of the recent Coinbase case ruling in its favor. Industry insiders believe that the SEC is unlikely to retreat from its regulatory stance, setting the stage for a possible Supreme Court showdown.

美國證券交易委員會 (SEC) 在加密貨幣領域採取的監管執法行動引起了廣泛關注，特別是考慮到最近 Coinbase 案件對其有利的裁決。業內人士認為，SEC 不太可能放棄其監管立場，這為可能的最高法院攤牌奠定了基礎。

Former SEC official Ladan Stewart, who led the agency's crypto enforcement unit, has opined that a landmark case could reach the Supreme Court, providing definitive clarity on the classification of digital assets under U.S. law. The crux of the debate revolves around determining whether digital tokens inherently constitute securities or if their sale triggers securities laws.

領導該機構加密執法部門的前 SEC 官員 Ladan Stewart 認為，最高法院可能會審理一個具有里程碑意義的案件，從而明確美國法律下的數位資產分類。爭論的關鍵在於確定數位代幣是否本質上構成證券，或者其銷售是否觸發證券法。

Stewart has emphasized that the underlying digital asset is not considered a security, but its offering and sale can be deemed as such. This distinction, however, presents practical challenges for cryptocurrency companies, raising questions about how offerings can be registered while considering the "stuff around the token" that may influence its security status.

史都華強調，基礎數位資產不被視為證券，但其發行和銷售可被視為證券。然而，這種區別給加密貨幣公司帶來了實際挑戰，引發瞭如何在考慮可能影響其安全狀態的「代幣周圍的東西」的同時註冊產品的問題。

Industry representatives have expressed concerns over the potential for "regulation by enforcement," where regulatory actions are pursued despite unclear or impractical regulations. This approach, as exemplified in the Coinbase ruling, may hinder the fast-paced digital asset market.

產業代表對「執法監管」的可能性表示擔憂，即在監管不明確或不切實際的情況下仍採取監管行動。正如 Coinbase 裁決所反映的那樣，這種做法可能會阻礙快節奏的數位資產市場。

Ripple Labs Inc. has steadfastly maintained its position that XRP is a utility token used for facilitating transactions on its network, not an investment contract. The company has vowed to challenge the SEC's claims all the way to the Supreme Court, citing past Supreme Court decisions favoring challengers to the SEC.

Ripple Labs Inc. 堅定地維持其立場，即 XRP 是一種用於促進其網路交易的實用代幣，而不是投資合約。該公司誓言將一直向最高法院挑戰 SEC 的主張，並援引最高法院過去對 SEC 挑戰者有利的裁決。

The SEC bears the burden of proving that XRP sales were specifically designed to raise capital through an investment scheme. The upcoming pre-trial conference in this case may provide insights into the strength of the SEC's case.

SEC 有責任證明 XRP 銷售是專門為了透過投資計畫籌集資金而設計的。即將召開的本案預審會議可能會讓人們深入了解 SEC 案件的實力。

The outcome of this legal battle has significant implications for the cryptocurrency industry. A Supreme Court ruling could establish a precedent for classifying digital assets under U.S. law, impacting how companies operate, how tokens are offered, and the future trajectory of crypto regulation in the United States.

這場法律戰的結果對加密貨幣產業有重大影響。最高法院的裁決可能會開創美國法律對數位資產進行分類的先例，影響公司的運作方式、代幣的提供方式以及美國加密貨幣監管的未來軌跡。

To stay abreast of the latest developments in this ongoing legal saga, consider exploring additional resources:

為了了解這一正在進行的法律傳奇的最新進展，請考慮探索其他資源：

• Ripple CLO: “No Pre-Trial Conference” – Is the Case Affected?
• SEC's Recent Loss Rocks Ripple Lawsuit: Is It Game Over?

Ripple CLO：「沒有預審會議」－案件是否受到影響？