SEC 尋求推翻法院對 XRP 的裁決

在這份文件提交之際，本案的核心加密貨幣 XRP 自 2018 年以來首次突破 3 美元，激發了其支持者的樂觀情緒。

The Securities and Exchange Commission (SEC) has filed an opening brief in its appeal of a New York District Court’s 2023 ruling on XRP, a cryptocurrency at the center of a legal battle between the regulator and Ripple Labs Inc.

美國證券交易委員會 (SEC) 在紐約地方法院 2023 年對 XRP 的裁決的上訴中提交了開庭簡報，XRP 是一種加密貨幣，處於監管機構與 Ripple Labs Inc. 之間法律糾紛的中心。

The SEC is appealing a judge’s decision that XRP, when sold to retail investors, does not qualify as an unregistered security. The regulator argues that the judge misinterpreted the law and that XRP’s sales to retail investors should be considered an unregistered securities offering.

美國證券交易委員會正在對法官的一項裁決提出上訴，該裁決認為 XRP 在出售給散戶投資者時不符合未註冊證券的資格。監管機構認為，法官誤解了法律，向散戶投資者出售 XRP 應被視為未經註冊的證券發行。

In her ruling, the judge concluded that XRP transactions involving retail investors were not securities, while institutional sales of XRP were classified as securities. The SEC, however, argues that this distinction is flawed and should be reconsidered.

在裁決中，法官得出的結論是，涉及散戶投資者的 XRP 交易不屬於證券，而機構銷售的 XRP 則被歸類為證券。然而，美國證券交易委員會認為這種差異是有缺陷的，應該重新考慮。

The regulator also contends that XRP tokens distributed as employee compensation and through business deals should be classified as securities.

監管機構還認為，作為員工薪酬和透過商業交易分配的 XRP 代幣應歸類為證券。

Lawyers for Ripple have lashed out at the SEC for pursuing an appeal – what they’ve called an exercise in repeating previously rejected arguments.

Ripple 的律師猛烈抨擊 SEC 提出上訴，他們稱這是重複先前被駁回的論點。

Stuart Alderoty, Chief Legal Officer at Ripple, emphasized on his social media that the commission’s filing was merely a rehash of prior claims, which he had said had already been lost previously.

Ripple 首席法務官 Stuart Alderoty 在他的社交媒體上強調，該委員會的備案只是對先前索賠的重複，他曾表示這些索賠之前已經丟失。

Brad Garlinghouse, chief executive at the company, also waded in to suggest the appeal would be dropped by the next administration.

該公司執行長布拉德·加林豪斯(Brad Garlinghouse)也介入表示，下一屆政府將撤銷上訴。

This sentiment is rooted in Ripple’s belief that the appeal is unlikely to change the trajectory of the case, especially with the incoming political shift.

這種情緒植根於 Ripple 的信念，即上訴不太可能改變案件的發展軌跡，尤其是在即將到來的政治轉變的情況下。

Reports suggest that the new administration under President Donald Trump may take a more lenient approach to crypto regulation, possibly freezing ongoing cases like Ripple’s.

有報導稱，唐納德·川普總統領導的新政府可能會對加密貨幣監管採取更加寬鬆的態度，可能會凍結像瑞波幣這樣正在進行的案件。

In the filing, the SEC reiterated that Ripple’s promotional activities of XRP were an investment contract as defined by the Howey test—the legal standard to determine if an asset is a security.

在文件中，SEC 重申，Ripple 的 XRP 促銷活動是豪伊測試（確定資產是否為證券的法律標準）定義的投資合約。

According to the SEC, retail investors who bought XRP on exchanges would expect to anticipate profit from such purchases due to such actions by Ripple.

根據 SEC 的說法，由於 Ripple 的此類行為，在交易所購買 XRP 的散戶投資者預計將從此類購買中獲利。

However, Ripple has argued that the SEC failed to show sufficient evidence of the actual participation of retail investors in the promotion efforts of Ripple and any promises of such promotion.

然而，Ripple 辯稱，SEC 未能提供足夠的證據證明散戶投資者實際參與了 Ripple 的促銷活動以及任何此類促銷的承諾。

Despite an appeal from the SEC, for the first time since 2018, the market value of XRP has crossed the $3 mark.

儘管受到 SEC 的上訴，XRP 的市值自 2018 年以來首次突破 3 美元大關。

This is reflected in growing investors’ confidence in the futility of these efforts by the SEC, with many speculating on a possible reversal of the current agency stance into a more amicable one by the new administration, hence an increase in the price of XRP.

這反映在投資者對 SEC 的這些努力徒勞無益的信心不斷增強，許多人猜測新政府可能會改變當前機構的立場，轉而採取更加友好的態度，從而導致 XRP 價格上漲。

Other factors driving the price upwards include positive sentiments in the wide operations of Ripple, which encompasses new deals and adoption of its blockchain technology in financial markets.

推動價格上漲的其他因素包括 Ripple 廣泛業務的積極情緒，其中包括新交易和在金融市場採用其區塊鏈技術。

Most recently, it has been the expansion into DeFi and cross-border payment solutions that have given a fillip to the utility and therefore the appeal of the token.

最近，向 DeFi 和跨境支付解決方案的擴張刺激了該實用程序，從而增強了代幣的吸引力。

The case has continued to stir wide-ranging debate over how digital assets ought to be regulated in the U.S. as more cryptocurrencies and blockchain technology begin to gain broad traction.

隨著更多加密貨幣和區塊鏈技術開始獲得廣泛關注，此案繼續引發關於美國應如何監管數位資產的廣泛爭論。

Lawyers closely watch the case because a positive outcome for Ripple might establish binding case law that will go against the more general cryptocurrency regulation at the SEC.

律師們密切關注此案，因為瑞波幣的正面結果可能會建立具有約束力的判例法，這將違反美國證券交易委員會更普遍的加密貨幣監管。

With appeals still in the works, both the cryptocurrency industry and regulators are gearing up for a moment that could prove to be the turning point in how U.S. laws regulate cryptocurrencies.

由於上訴仍在進行中，加密貨幣行業和監管機構都在做準備，這可能會成為美國法律監管加密貨幣的轉捩點。