美國證券交易委員會（SEC）決定在Ripple案中放棄上訴

經過多年的法律鬥爭，美國證券交易委員會（SEC）決定不對美國地方法院法官Analisa Torres裁決的裁決提出上訴，這使得XRP（Ripple發行的加密貨幣）是否是安全的問題。

The U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal in the Ripple case, a move that brings to a close a major legal battle that had implications for the cryptocurrency industry.

美國證券交易委員會（SEC）決定在Ripple案中放棄上訴，這一舉動使一場對加密貨幣行業產生影響的重大法律鬥爭。

After years of legal disputes, the SEC will not be proceeding with an appeal against a 2023 ruling by U.S. District Judge Analisa Torres, which partially favored the SEC in its lawsuit against Ripple. The case revolved around the question of whether XRP, the cryptocurrency issued by Ripple, is a security.

經過多年的法律糾紛，美國證券交易委員會（SEC）將不會對美國地方法院法官Analisa Torres的2023年裁決提出上訴，該裁決部分利於SEC在針對Ripple的訴訟中。案件圍繞著XRP（Ripple發出的加密貨幣）是否是安全性的問題。

Judge Torres's ruling stated that Ripple's "programmatic sales" of XRP via secondary exchanges, such as Coinbase and Kraken, did not violate securities laws. However, she found that Ripple's direct sales of XRP to institutional investors did constitute violations of securities regulations, leading to a $125 million fine imposed on Ripple.

托雷斯法官的裁決指出，Coinbase和Kraken等二級交易所的Ripple對XRP的“程序化銷售”並未違反證券法。但是，她發現Ripple將XRP直接銷售給機構投資者確實構成了違反證券法規的行為，從而導致了對Ripple的1.25億美元罰款。

Samson Enzer, a partner at Cahill Gordon & Reindel LLP, highlighted the significance of the Ripple case.

Cahill Gordon＆Reindel LLP的合夥人Samson Enzer強調了Ripple Case的重要性。

"This case is interesting because it stands in contrast to other cases that were dropped early on, such as the ones against Coinbase and Kraken, or the cases that were settled quickly, like the ones against blockchain companies in 2021," Enzer explained.

Enzer解釋說：“此案很有趣，因為它與其他案件相反，例如對Coinbase和Kraken的其他案件，或者像2021年針對區塊鏈公司的案件相比。”

He noted that the cases against Coinbase and Kraken were dropped in the early stages, and the cases against blockchain companies were settled quickly. However, the Ripple case had progressed further, covering larger legal issues.

他指出，針對Coinbase和Kraken的案件在早期階段被撤銷，針對區塊鏈公司的案件很快就解決了。但是，連鎖反應進一步發展，涵蓋了更大的法律問題。

"This dismissal could have more impact since it sets a broader legal precedent," Enzer added.

Enzer補充說：“這種解僱可能會產生更大的影響，因為它設定了更廣泛的法律先例。”

With the legal battle now over, attention is turning to the possibility of an XRP exchange-traded fund (ETF). Multiple firms, including Grayscale, WisdomTree, and Bitwise, have applied for XRP ETFs, and there is growing optimism within the industry that the SEC will approve one soon.

隨著法律鬥爭的結束，人們的注意力正在轉向XRP交易所交易基金（ETF）的可能性。包括Grayscale，WisdomTree和Bitwise在內的多家公司已申請XRP ETF，並且在行業內越來越樂觀，SEC很快就會批准。

Prediction platform Polymarket gives an 80% chance of an XRP ETF being approved this year, while Ripple CEO Brad Garlinghouse expressed confidence, stating that he believes the SEC will approve an XRP ETF in the second half of 2025.

預測平台Polmoarket今年有80％的機會獲得XRP ETF的批准，而Ripple首席執行官Brad Garlinghouse表示有信心，他認為SEC將在2025年下半年批准SEC批准XRP ETF。

Enzer believes that the shift in the SEC's approach to crypto could open the door for more crypto-related products, including ETFs. He explained that secondary market sales of cryptocurrencies like XRP are now considered commodities or property, meaning exchanges will not need to register to trade these assets.

恩澤（Enzer）認為，SEC對加密貨幣的轉變可能會為包括加密相關的產品（包括ETF）打開大門。他解釋說，XRP等加密貨幣的二級市場銷售現在被視為商品或財產，這意味著交易所無需註冊即可交易這些資產。

"The fact that the SEC decided not to appeal Judge Torres's ruling is a huge development for the crypto industry," Enzer remarked. This brings to a close several years of litigation on the subject.

Enzer說：“ SEC決定不上訴托雷斯法官的裁決這一事實是加密行業的巨大發展。”這使該主題進行了幾年的訴訟。

However, it's important to note that the SEC's stance on Ripple's direct sales of XRP to institutional investors still stands, and Ripple will retain $50 million of the $125 million fine imposed for these violations.

但是，重要的是要注意，SEC對Ripple對機構投資者的直接銷售的立場仍然存在，Ripple將保留5,000萬美元因這些違規行為而罰款的1.25億美元。

Moreover, there is still potential for state-level enforcement of crypto regulations, especially in cases that involve fraud or market manipulation.

此外，仍然有可能執行加密法規的州級執行，尤其是在涉及欺詐或市場操縱的情況下。

The actions of the SEC under its new leadership suggest a shift toward more cooperation with the crypto industry, and some anticipate that the regulatory environment for digital assets will become more flexible. While there might still be instances of enforcement at the state level, Enzer noted that the federal government appears to be moving in a more positive direction for the crypto market.

SEC在其新領導下的行動表明，轉向與加密貨幣行業的更多合作，有些人預計數字資產的監管環境將變得更加靈活。儘管在州一級仍可能有執法的實例，但恩澤指出，聯邦政府似乎在加密市場朝著更積極的方向發展。