Ripple 法律負責人在 Coinbase 訴訟中猛烈抨擊 SEC 對加密貨幣的定義“令人困惑”

Ripple 的 CLO Stuart Alderoty 分析了最近 SEC v. Coinbase 案中的法院判決，批評了 SEC 在訴訟中提供的證據。 Alderoty 強調了法院對加密生態系統的相互矛盾的定義，這表明 SEC 可能需要在審判期間提供實質證據來支持其指控。

Ripple's Chief Legal Officer Criticizes SEC's "Confusing Definitions" in Coinbase Lawsuit

Ripple首席法務官批評SEC在Coinbase訴訟中“定義混亂”

Legal Expert Raises Concerns Over SEC's Classification of Ripple's XRP Sales

法律專家對 SEC 對 Ripple 的 XRP 銷售分類表示擔憂

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and Coinbase, Ripple's Chief Legal Officer, Stuart Alderoty, has expressed concerns over the court's characterization of the crypto ecosystem. Following a recent ruling in the SEC's favor, Alderoty has scrutinized the court's decision, highlighting inconsistencies in the definition of the crypto ecosystem and questioning the SEC's evidence in its case against Ripple.

在美國證券交易委員會 (SEC) 和 Coinbase 之間正在進行的法律鬥爭中，Ripple 的首席法律官 Stuart Alderoty 對法院對加密生態系統的描述表示擔憂。在美國證券交易委員會(SEC) 最近做出一項有利於Ripple 的裁決後，Alderoty 仔細審查了法院的裁決，強調了加密貨幣生態系統定義中的不一致之處，並對SEC 在針對Ripple 的案件中所提供的證據提出了質疑。

Court's "Confusing Definitions" Draw Criticism

法院「定義混亂」招致批評

On March 27, U.S. District Judge Katherine Polk Failla ruled that the SEC's lawsuit against Coinbase could proceed to the discovery phase. In her ruling, Judge Failla provided four different definitions of the crypto ecosystem, which Alderoty has described as "confusing."

3 月 27 日，美國地區法官 Katherine Polk Failla 裁定 SEC 針對 Coinbase 的訴訟可進入證據開示階段。 Failla 法官在裁決中提供了加密生態系統的四種不同定義，Alderoty 稱其「令人困惑」。

According to the ruling, the SEC narrowly defined the ecosystem as the coordinated enterprise contemplated by the issuers and promoters of the 13 crypto assets that the SEC labeled as securities in the lawsuit. However, the court also provided a broader definition, encompassing the issuer of the token, crypto asset providers, underlying technology, and regulated financial institutions with exposure to the token.

根據裁決，SEC 將生態系統狹義地定義為 SEC 在訴訟中被 SEC 標記為證券的 13 種加密資產的發行人和發起人設想的協調企業。然而，法院也提供了更廣泛的定義，包括代幣發行人、加密資產提供者、底層技術以及接觸代幣的受監管金融機構。

Alderoty has criticized the court's definitions, characterizing them as "legal gibberish." He argues that the SEC's position implies that acquiring a token inherently entails investing in an ecosystem, regardless of the circumstances of the acquisition.

阿爾德羅蒂批評了法院的定義，稱其為“法律上的胡言亂語”。他認為，美國證券交易委員會的立場意味著，無論收購的情況如何，收購代幣本質上都需要對生態系統進行投資。

Ripple Ruling Highlights SEC's Disregard for Howey Test

Ripple 裁決凸顯 SEC 對 Howey 測試的無視

In a parallel case, Judge Analisa Torres, who is presiding over the SEC's lawsuit against Ripple, has previously acknowledged the SEC's departure from the Howey test in its analysis of Ripple's programmatic sales of XRP. The Howey test is a legal framework for determining whether a transaction constitutes an investment contract, and thus a security under federal law.

在一個平行案件中，主持 SEC 對 Ripple 訴訟的法官 Analisa Torres 此前承認 SEC 在分析 Ripple 的 XRP 程序化銷售時偏離了 Howey 測試。豪伊測試是一個法律框架，用於確定交易是否構成投資合同，從而確定聯邦法律下的證券。

Judge Torres held that programmatic investors did not expect to profit from Ripple's efforts because the sales were executed in blind bid/ask transactions. The ruling stated that "programmatic buyers could not have known if their payments of money went to Ripple or any other sellers of XRP."

托雷斯法官認為，程序化投資者預計不會從 Ripple 的努力中獲利，因為銷售是在盲目買/賣交易中執行的。該裁決指出，“程序化買家無法知道他們的付款是否流向了 Ripple 或 XRP 的任何其他賣家。”

Pro-XRP Lawyer Questions SEC's Evidence

支持 XRP 的律師質疑 SEC 的證據

Prominent legal expert Bill Morgan has weighed in on the Ripple case, echoing Alderoty's concerns. Morgan has criticized the SEC for categorizing Ripple's XRP sales into three categories but failing to provide sufficient evidence to support claims regarding the third category: other distributions.

著名法律專家比爾摩根（Bill Morgan）對 Ripple 案發表了看法，呼應了阿爾德羅蒂的擔憂。摩根批評 SEC 將 Ripple 的 XRP 銷售分為三類，但未能提供足夠的證據來支持有關第三類：其他發行版的主張。

Judge Torres found no evidence that Ripple funded its project by transferring XRP to third parties and having them sell the coins to raise funds. Morgan suggests that the SEC may have considered other distributions of XRP to be part of an ecosystem but not a common enterprise. He notes that these distributions did not constitute investment contracts.

托雷斯法官沒有發現任何證據表明 Ripple 透過將 XRP 轉移給第三方並讓他們出售代幣來籌集資金來資助其項目。摩根表示，SEC 可能已將 XRP 的其他發行版視為生態系統的一部分，而不是一個普通企業。他指出，這些分配並不構成投資合約。

Implications for the Crypto Industry

對加密產業的影響

The ongoing legal battles between the SEC and Coinbase and Ripple have significant implications for the crypto industry. The SEC's aggressive approach to regulating the crypto market has raised concerns over its overreach and the potential stifling of innovation.

SEC 與 Coinbase 和 Ripple 之間正在進行的法律鬥爭對加密產業產生了重大影響。美國證券交易委員會在監管加密貨幣市場方面採取的激進做法引發了人們對其越權行為和可能扼殺創新的擔憂。

The inconsistencies in the court's definition of the crypto ecosystem and the SEC's lack of clear evidence in the Ripple case highlight the ongoing challenges in navigating the legal landscape of digital assets. These issues will likely continue to shape the relationship between regulators and the crypto industry in the coming years.

法院對加密生態系統的定義不一致，以及 SEC 在 Ripple 案件中缺乏明確證據，凸顯了數位資產法律環境中持續存在的挑戰。這些問題可能在未來幾年繼續影響監管機構與加密貨幣產業之間的關係。