美國證券交易委員會（SEC）已決定在涉及Ripple的正在進行的法律案件中放棄上訴。

美國證券交易委員會（SEC）的決定不挑戰美國地方法院法官Analisa Torres的2023年裁決，這使人們對是否應歸類為安全的問題非常清楚。

The U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal in the ongoing legal case involving Ripple. This decision, announced on Friday, brings an end to the SEC’s attempt to overturn a 2023 ruling by U.S. District Judge Analisa Torres, who had largely ruled in favor of Ripple.

美國證券交易委員會（SEC）已決定在涉及Ripple的正在進行的法律案件中放棄上訴。週五宣布的這一決定結束了SEC試圖推翻美國地方法院法官Analisa Torres裁決的企圖，後者在很大程度上統治了支持Ripple的裁決。

Judge’s Ruling on XRP Sales

法官對XRP銷售的裁決

Judge Torres had ruled that Ripple’s “programmatic sales” of XRP on secondary exchanges did not violate securities laws. However, the direct sale of XRP to institutional investors was found to be in violation of securities regulations.

托雷斯法官裁定，Ripple在二次交易所對XRP的“程序化銷售”並未違反證券法。但是，發現將XRP直接出售給機構投資者違反了證券法規。

With the SEC’s decision not to challenge this ruling, Judge Torres’s analysis of whether XRP should be classified as a security will stand, providing much-needed clarity on a subject that has been a point of contention since the SEC first sued Ripple in 2020.

SEC的決定不挑戰這項裁決，托雷斯法官對XRP是否應歸類為安全性的分析將是一定的，這對一個主題提供了急需的清晰度，這是自SEC於2020年首次起訴Ripple以來一直是爭議的一點。

Settlement Details: SEC Returns $75 Million

和解詳細信息：SEC退還7500萬美元

As part of the settlement, the SEC has agreed to return $75 million of the $125 million fine imposed on Ripple by a New York judge in 2022, leaving $50 million to settle the case. This settlement will also see the SEC’s injunction against Ripple lifted.

作為和解的一部分，SEC已同意將紐約法官在2022年對Ripple罰款的1.25億美元罰款中的7500萬美元，剩下5000萬美元來解決此案。該解決方案還將看到SEC對Ripple的禁令。

Ripple’s Future Sales to Institutional Investors

Ripple對機構投資者的未來銷售

Amid the excitement over the ruling and settlement, one user on X (formerly Twitter) commented that the lifting of the SEC’s injunction would now allow Ripple to sell directly to institutional investors.

在對裁決和和解的興奮中，X（以前是Twitter）上的一位用戶評論說，解除SEC的禁令現在將使Ripple可以直接出售給機構投資者。

The user said that while Ripple would still need to adhere to securities laws, it would no longer be required to go through over-the-counter (OTC) desks and could sell directly to entities like hedge funds or private equity firms.

用戶表示，儘管Ripple仍然需要遵守證券法，但不再需要經過非處方（OTC）辦公桌，並且可以直接出售給對沖基金或私募股權公司等實體。

Clarification from Former SEC Attorney

前SEC律師的澄清

However, former SEC attorney Marc Fagel clarified that while the injunction is lifted, the original ruling that Ripple’s sales to institutional investors violated the law still stands.

但是，前SEC律師馬克·法格爾（Marc Fagel）澄清說，儘管禁令取消了禁令，但最初的裁決是，波紋對機構投資者的銷售違反了法律。

Fagel explained that while the SEC will no longer pursue enforcement of the case, Ripple’s sales to institutional investors may still face legal challenges under Section 5 of the Securities Act if they are conducted in a similar manner as before.

Fagel解釋說，儘管SEC將不再採取案件執行，但如果以與以前的方式進行類似的方式，Ripple向機構投資者的銷售額仍可能會面臨第5條規定的法律挑戰。

Impact on Ripple’s On-Demand Liquidity Product

對Ripple的按需流動性產品的影響

When asked about the impact on Ripple’s On-Demand Liquidity (ODL) product, Fagel responded that the ruling would likely alleviate some of the restrictions Ripple faced, particularly regarding how it could sell XRP.

當被問及對Ripple的按需流動性（ODL）產品的影響時，Fagel回答說，該裁決可能會減輕Ripple所面臨的一些限制，特別是關於如何出售XRP。

However, he warned that if Ripple were to resume sales in the same manner as those deemed illegal, it could still face legal issues, although the SEC would not be actively pursuing enforcement.

但是，他警告說，如果Ripple要以與被認為是非法的人相同的方式恢復銷售，儘管SEC不會積極追求執法，但它仍然可能面臨法律問題。