SEC針對Ripple的案件達到了決定性的轉折點

經過四年多的法律對抗，美國證券交易委員會（SEC）似乎準備結束這一象徵性案件。

The case that the SEC brought against Ripple is reaching a decisive turning point. After more than four years of legal confrontation, the U.S. Securities and Exchange Commission (SEC) appears ready to close this emblematic case.

SEC對Ripple提出的案件達到了決定性的轉折點。經過四年多的法律對抗，美國證券交易委員會（SEC）似乎準備結束這一象徵性案件。

This trial, which began in December 2020 with the accusations of the SEC against Ripple Labs for illegally raising funds by selling XRP as an unregistered security, has taken on significant proportions due to the regulatory uncertainty surrounding the crypto industry. After several years of proceedings and twists of fate, a ruling in August 2024 marked a decisive turning point. A court ruled that programmatic sales of XRP on exchanges did not constitute an offer of financial securities, and also fined Ripple $125 million.

這項審判始於2020年12月，當時SEC針對Ripple Labs的指控通過將XRP作為未註冊的安全性出售而非法籌集資金，由於圍繞加密貨幣行業的監管不確定性而佔據了很大的比例。經過幾年的訴訟和命運的扭曲，2024年8月的一項裁決標誌著決定性的轉折點。法院裁定，XRP在交易所上的程序化銷售並不構成金融證券的要約，還罰款了Ripple 1.25億美元。

However, both parties, having been granted the right to appeal, decided to do so. But on March 12, journalist Eleanor Terrett from Fox Business reports on X (formerly Twitter) that the case between the SEC and Ripple is “being dropped” after both parties filed an appeal and a counter-appeal regarding the $125 million judgment rendered in August 2024.

但是，雙方都被授予上訴權，決定這樣做。但是在3月12日，FOX Business的記者埃莉諾·特雷特（Eleanor Terrett）在X（以前是Twitter）上報導說，在雙方雙方對2024年8月作出的1.25億美元判決提出上訴和反對意見後，SEC和Ripple之間的案件被“撤銷”。

Both Ripple and the SEC have contested this verdict, leading to a series of appeals and counter-appeals. Pointing out that the case is now “much further along than other actions abandoned by the SEC,” Stuart Alderoty, Chief Legal Officer at Ripple, adds that Ripple is “optimistic about a quick resolution.” If both parties drop their appeals, the initial ruling will stand. But in case of disagreement over the fine, Ripple and the SEC will have to return to a judge for potential renegotiation.

Ripple和SEC都提出了這一判決，導致了一系列上訴和反訴訟。 Ripple首席法律官Stuart Alderoty指出，該案現在“現在比SEC拋棄的其他行動要遠得多”，他補充說，Ripple“對快速解決方案感到樂觀”。如果雙方都放棄了他們的上訴，那麼最初的裁決將會得以實施。但是，如果對罰款分歧，Ripple和SEC將不得不返回法官進行潛在的重新談判。

A decision at the cost of several donations

以幾項捐款為代價的決定

If the end of this trial will bring relief to Ripple and its investors, it also raises questions about the timing and the true motivations of the SEC. For several months now, the U.S. regulator has been dropping several lawsuits against major players in the crypto space. After Coinbase, Kraken, and Consensys, this time it's the turn of the SEC to close the case it brought against Ripple in 2020.

如果該審判的結束將使Ripple及其投資者感到寬慰，那麼它還提出了有關SEC的時機和真正動機的疑問。幾個月來，美國監管機構一直在對加密貨幣領域的主要參與者提起訴訟。在Coinbase，Kraken和Consensys之後，這次是SEC在2020年關閉對Ripple的案件的輪到。

This surprising turn of events comes amid fierce political debate in the U.S. about the regulation of digital assets. After years of relative inertia, the SEC, under the Trump administration, appears to be shifting gears.

這一令人驚訝的事件發生在美國關於數字資產的監管的激烈政治辯論中。經過多年的相對慣性，在特朗普政府領導下的SEC似乎正在轉移齒輪。

One element fueling this controversy: the financial ties between Ripple and some Republican political groups. Indeed, Ripple contributed $45 million to Fairshake, an influential political action committee in the last U.S. elections, and donated $5 million for Trump’s presidential inauguration. Some observers see this as a potential conflict of interest, especially given that other crypto companies that backed Trump, like Coinbase, have also seen their matters stall.

引起這一爭議的一個因素是：波紋與一些共和黨政治團體之間的財務關係。的確，Ripple為上次美國大選的有影響力的政治行動委員會Fairshake貢獻了4500萬美元，並為特朗普的總統就職典禮捐贈了500萬美元。一些觀察家將其視為潛在的利益衝突，特別是考慮到其他支持特朗普（例如Coinbase）的加密公司也已經看到了他們的問題。

However, Stuart Alderoty maintains that the SEC’s decision is independent of any political pressure and reflects a change in perspective on the crypto industry. He stated, “We are grateful to Magistrate Judge Robert Smith for his careful consideration of the issues in this case. We are also appreciative of the SEC’s willingness to work towards a resolution of this matter. We believe that this case is a positive development for the cryptocurrency industry as a whole.”

但是，斯圖爾特·奧爾德羅蒂（Stuart Alderoty）堅持認為，美國證券交易委員會（SEC）的決定獨立於任何政治壓力，反映了加密貨幣行業的觀點變化。他說：“我們感謝地方法官羅伯特·史密斯（Robert Smith）對這種情況的仔細考慮。我們還感謝SEC願意為解決此問題而努力的意願。我們認為，這個案件是整個加密貨幣行業的積極發展。”

Crucial months for the crypto industry

加密行業的關鍵月份

The coming months will be crucial for the crypto industry. If the SEC reduces its regulatory aggressiveness, it could encourage more businesses to establish in the United States, rather than operate in a legal gray area. Conversely, if the agreement between Ripple and the SEC includes major concessions, it could set a precedent for other upcoming trials. In any case, this case represents a change in the relationship between U.S. regulators and the crypto ecosystem, and could reshape the contours of regulation in the years to come.

未來幾個月對於加密行業至關重要。如果SEC降低了其監管侵略性，則可以鼓勵更多的企業在美國建立，而不是在合法的灰色地區開展業務。相反，如果Ripple和SEC之間的協議包括主要優惠，則可以為其他即將進行的審判樹立先例。無論如何，這種情況代表了美國監管機構與加密生態系統之間關係的變化，並且可以重塑未來幾年的監管輪廓。