Ripple Labs 與美國 SEC 之間的 XRP 訴訟仍然是熱門話題

Ripple Labs 和美國證券交易委員會 (SEC) 之間的 XRP 訴訟仍然是一個熱門話題，福克斯商業新聞記者 Charles Gasparino 認為，由川普領導的 SEC 的持續推動可能意味著該機構的勝利。

FOX Business journalist Charles Gasparino and pro-XRP lawyer Bill Morgan engaged in a heated exchange on Twitter over Judge Analisa Torres’s ruling in the XRP lawsuit.

福克斯商業新聞記者 Charles Gasparino 和支持 XRP 的律師 Bill Morgan 在 Twitter 上就法官 Analisa Torres 在 XRP 訴訟中的裁決進行了激烈的交流。

While Gasparino asserted that the judge’s decision could be overturned and that the SEC has a strong case if it continues to challenge, Morgan countered that the judge’s rulings are based on strong legal principles and that the SEC failed to provide sufficient evidence.

雖然加斯帕里諾聲稱法官的決定可能會被推翻，如果SEC 繼續提出質疑，那麼它就有充分的理由，但摩根反駁說，法官的裁決是基於強有力的法律原則，並且SEC 未能提供足夠的證據。

The XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) remains a hot topic as FOX Business journalist Charles Gasparino posits that a continued push under a Trump-led SEC could spell victory for the agency. However, Bill Morgan, a prominent attorney within the XRP community, argues that the judge’s rulings are based on strong legal principles, countering the narrative by Gasparino.

Ripple Labs 和美國證券交易委員會 (SEC) 之間的 XRP 訴訟仍然是一個熱門話題，福克斯商業新聞記者 Charles Gasparino 認為，由川普領導的 SEC 的持續推動可能意味著該機構的勝利。然而，XRP 社群的知名律師 Bill Morgan 認為法官的裁決是基於強有力的法律原則，反駁了 Gasparino 的說法。

On X, Gasparino defended his earlier reports and reiterated his view that Judge Torres’s decision in favor of Ripple’s programmatic sales could ultimately be overturned. According to Gasparino: “I will never change my mind that Judge Torres’s ruling that allows for lower disclosure standards for retail is something that markets should embrace. I also believe that if the SEC does continue to challenge, there’s a good chance of it being overturned. If you don’t like that, too bad.”

X 日，加斯帕里諾為他先前的報告進行了辯護，並重申了他的觀點，即托雷斯法官支持 Ripple 程序化銷售的決定最終可能會被推翻。加斯帕里諾表示：「我永遠不會改變主意，托雷斯法官允許降低零售業揭露標準的裁決是市場應該接受的。我還相信，如果 SEC 繼續提出質疑，很有可能被推翻。如果你不喜歡這樣，那就太糟糕了。

He went on to note that he has covered both sides of the legal spat, citing his interview with former CFTC Chairman Chris Giancarlo—who predicted the SEC would drop the Ripple litigation when President-elect Donald Trump reassumes office—as an example of balanced reporting.

他接著指出，他涵蓋了法律糾紛的雙方，並引用了他對前CFTC 主席Chris Giancarlo 的採訪——他預測當選總統唐納德·特朗普重新就職時，SEC 將放棄Ripple 訴訟——作為平衡報道的一個例子。

Pro-XRP Lawyer Morgan Counters Gasparino

Pro-XRP 律師摩根反擊 Gasparino

Bill Morgan, a renowned pro-XRP lawyer who often voices his opinions on the high-profile lawsuit, sharply contested Gasparino’s claims. Responding directly to Gasparino, Morgan argued that Judge Torres’s ruling neither lowers disclosure standards for retail traders nor addresses secondary market sales in a way that would curtail the usual securities disclosures:

比爾摩根 (Bill Morgan) 是一位著名的支持 XRP 的律師，他經常就這起備受矚目的訴訟發表自己的觀點，他對加斯帕里諾的主張提出了尖銳的質疑。摩根直接回應加斯帕里諾，認為托雷斯法官的裁決既沒有降低零售交易者的披露標準，也沒有以減少通常證券披露的方式解決二級市場銷售問題：

“Respectfully, Judge Torres’s ruling does not ‘allow’ for lower disclosure standards for retail. It did not even extend to other secondary market sales. The need for securities level disclosure only arises if programmatic sales are investment contracts.”

「恕我直言，托雷斯法官的裁決並沒有『允許』降低零售業的揭露標準。它甚至沒有擴展到其他二級市場銷售。只有當程序化銷售是投資合約時，才需要進行證券層面的揭露。

Morgan further contended that, if Ripple ultimately prevails on appeal regarding the judge’s finding that institutional sales constituted securities transactions, any concerns about varying disclosure requirements would vanish: “If Ripple wins its appeal your concerns about different disclosure standards disappear. No securities disclosure will be required for any Ripple XRP sales in that event because no sales will be securities.”

摩根進一步辯稱，如果 Ripple 最終在法官裁定機構銷售構成證券交易的上訴中獲勝，那麼對不同披露要求的任何擔憂都將消失：「如果 Ripple 贏得上訴，你對不同披露標準的擔憂就會消失。在這種情況下，任何 Ripple XRP 銷售都不需要進行證券披露，因為任何銷售都不會是證券。

The core of Morgan’s criticism focuses on the SEC’s inability to supply convincing evidence that retail buyers of XRP relied on Ripple’s efforts for profit. According to Morgan, the SEC’s expert did not interview a single retail holder: “The SEC lost on the category of programmatic sales because its evidence on the expectation of profits for programmatic buyers was not sufficient. It was crap evidence. It was poor lawyering quite frankly.”

摩根批評的核心集中在 SEC 無法提供令人信服的證據來證明 XRP 的散戶買家依賴 Ripple 的努力來獲取利潤。摩根表示，美國證券交易委員會的專家沒有採訪任何零售持有人：「美國證券交易委員會在程序化銷售類別上失敗了，因為其關於程序化買家利潤預期的證據不充分。這是垃圾證據。坦白說，這是糟糕的律師工作。

He highlighted attorney John Deaton’s submission of extensive evidence demonstrating that many XRP holders neither knew nor cared about Ripple’s business operations when purchasing the token.

他強調律師 John Deaton 提交的大量證據表明，許多 XRP 持有者在購買該代幣時既不知道也不關心 Ripple 的業務運作。

Morgan further criticized Gasparino for questioning Judge Torres’s competence: “You might not like the consequence of the ruling but that does not mean there was an error by the judge. It certainly doesn’t warrant calling her stupid. […] What do you actually say is the legal or factual error in her reasoning anyway? You don’t. You just bad mouth the Judge because of a perceived adverse consequence.”

摩根進一步批評加斯帕里諾質疑托雷斯法官的能力：「你可能不喜歡裁決的結果，但這並不意味著法官有錯。這當然不值得說她愚蠢。 […]你實際上說的是她的推理中的法律或事實錯誤是什麼？你不知道。你只是因為感覺到不利的後果而說法官的壞話。

In a subsequent post, Gasparino defended his stance and explained why many in the securities bar allegedly view Judge Torres’s ruling with skepticism: “According to the ‘33 act, you need to provide full disclosures if you are going to raise cap from the general public, and limited disclosures for private offerings. […] The private offering to institutions (only basic requirements) was found deficient while the public sales (full financial statements) were ruled not to have been securities transactions because the people buying XRP in the secondary market, she claims, thus they had no idea what Ripple does in relation to their XRP purchase. […] It’s insane because if Ripple went out of biz tomorrow, what would XRP be used for?”

在隨後的貼文中，加斯帕里諾捍衛了自己的立場，並解釋了為什麼證券界的許多人據稱對托雷斯法官的裁決持懷疑態度：「根據33 法案，如果你要提高公眾的上限，你需要提供完整的披露信息，以及私募發行的有限披露。 [...] 向機構的私募（僅基本要求）被認為有缺陷，而公開銷售（完整的財務報表）被裁定不屬於證券交易，因為她聲稱，人們在二級市場上購買XRP，因此他們沒有了解 Ripple 在購買 XRP 方面做了什麼。 […] 這太瘋狂了，因為如果 Ripple 明天倒閉，XRP 會用來做什​​麼？

Gasparino also maintained his belief that if Trump once again heads the SEC and “continues to challenge, he will win because according to the basics of securities laws the public is always entitled to more than private, not equal and certainly not less.”

加斯帕里諾還堅信，如果川普再次擔任美國證券交易委員會主席並「繼續挑戰，他將會獲勝，因為根據證券法的基礎知識，公眾永遠有權比私人獲得更多的權利，而不是平等的，當然也不會更少。

At press time, XRP traded at $2.02.

截至發稿時，XRP 交易價格為 2.02 美元。