美国SEC在Ripple Labs案中的上诉，结束了四年的法律斗争

美国SEC在与Ripple的持续法律案件中正式撤销了上诉，结束了为期四年的法律斗争。但是，SEC尚未确认最新发展。

The U.S. Securities and Exchange Commission (SEC) has dropped its appeal in the ongoing legal case with Ripple, bringing an end to a four-year legal battle. However, the SEC has yet to confirm the latest developments.

美国证券交易委员会（SEC）在与Ripple的持续法律案件中放弃了上诉，结束了为期四年的法律斗争。但是，SEC尚未确认最新发展。

There’s been a lot of talk about what will happen to XRP once the SEC clears the legal issues. Some experts think that when the SEC removes the injunction, Ripple will be able to sell XRP to institutional investors without any problems.

一旦SEC清除法律问题，XRP将会发生什么事情。一些专家认为，当SEC删除禁令时，Ripple将能够在没有任何问题的情况下向机构投资者出售XRP。

However, Marc Fagel, a former SEC lawyer, explained why that’s not exactly true.

但是，前SEC律师马克·法格尔（Marc Fagel）解释了为什么这不是完全正确的。

Fagel: Even If SEC Clears Injunction, Issues Remain

FAGEL：即使SEC清除了禁令，问题仍然存在

Fagel pointed out that even if the SEC clears the injunction, the court’s original ruling still stands. The court had previously ruled that Ripple’s sales of XRP to institutional investors were against the law.

法格尔指出，即使SEC清除了禁令，法院的原始裁决仍然存在。法院此前曾裁定，Ripple向机构投资者的XRP销售违反了法律。

This means that selling XRP in the same way as before would still be illegal, even if the SEC removes the injunction.

这意味着即使SEC删除了禁令，以与以前相同的方式出售XRP仍然是非法的。

He explained that the issue is not just about specific contracts or agreements, but about how Ripple sold XRP to institutional investors. The court found that the way these sales were made made XRP an unregistered security.

他解释说，这个问题不仅涉及特定的合同或协议，还涉及波纹如何将XRP出售给机构投资者。法院发现，使XRP成为未注册的安全性。

Room For Legal Flexibility

法律灵活性的空间

However, Fagel mentioned that not all sales to institutional investors would require registration. Some sales might be allowed under special exemptions. It all depends on the details of the transactions and whether they are similar to the ones that were previously found illegal.

但是，Fagel提到，并非所有向机构投资者的销售都需要注册。在特殊豁免下可能允许一些销售。这完全取决于交易的细节以及它们是否与以前发现非法的交易相似。

But Fagel also pointed out that the SEC has been less focused on regulating the crypto market recently. This means that Ripple might not face strict consequences for its future sales of XRP, even if they are similar to previous ones.

但是Fagel还指出，SEC最近不在专注于监管加密货币市场。这意味着，即使与以前的XRP相似，波纹可能不会面临其未来XRP销售的严格后果。

What’s Next For Ripple And XRP?

Ripple和XRP的下一步是什么？

As for Ripple, Fagel said the company’s legal team will need to carefully consider any future sales. If they follow the same pattern as the past sales, they could face legal issues.

至于Ripple，Fagel表示，该公司的法律团队将需要仔细考虑将来的任何销售。如果他们遵循与过去销售相同的模式，他们可能会面临法律问题。

But since the SEC is less involved in crypto regulation now, Ripple may be able to move forward with fewer legal concerns.

但是，由于SEC现在不少参与加密法规，因此Ripple可能能够以更少的法律问题前进。

Will Judge Torres Clarify The Ruling?

托雷斯法官会澄清裁决吗？

Some people asked if Judge Torres would provide more clarity on the past XRP sales to institutional investors.

有人问托雷斯法官是否会更明确地向机构投资者销售XRP。

Fagel believes she probably won’t. The judge has already made her decision, and Ripple is likely to request that she remove the injunction entirely.

法格尔认为她可能不会。法官已经做出了决定，Ripple可能要求她完全删除禁令。

The attorney thinks there’s little chance that the judge will change her ruling, as she was previously reluctant to make it more specific.

律师认为法官几乎没有机会改变她的裁决，因为她以前不愿意使其更具体。