为什么没有解决SEC与Ripple Case？

尽管SEC驳回了涉及Coinbase和Kraken等主要实体的案件，但Ripple的法律纠纷仍在继续，引发了有关为什么尚未解决此案的问题。

Despite the U.S. Securities and Exchange Commission’s (SEC) recent move to drop cases against major entities like Coinbase and Kraken, and the pending approval of the first spot Bitcoin ETF, the legal dispute with Ripple continues to linger.

尽管美国证券交易委员会（SEC）最近采取了针对Coinbase和Kraken等主要实体的案件，以及对第一名比特币ETF的批准，但与Ripple的法律纠纷继续持续下去。

A Shifting Regulatory Landscape

不断变化的监管景观

In early 2025, the SEC took a decidedly different approach to enforcing cryptocurrency regulation. After a few years of heavy-handed moves that many in the crypto space interpreted as a “regulation by enforcement” strategy, the commission began to back off.

在2025年初，SEC采取了一种绝对不同的方法来执行加密货币法规。经过几年的重型行动，加密货币空间中的许多人都将其解释为“执法法规”策略，委员会开始退缩。

High-profile enforcement actions against companies like Consensys, Gemini, and OpenSea have all been withdrawn. As Commissioner Hester Peirce explained, this move towards ending over-regulation is supposed to enable the SEC to work on leveraging its skillset and expertise instead of using its massive resources to embark on wholesale enforcement proceedings that she maintains “negatively impacted the industry.”

针对Consensys，Gemini和Opensea等公司的备受瞩目的执法已被撤回。正如赫斯特·皮尔斯（Hester Peirce）专员所解释的那样，朝着结束过度监管的这一举动应该使SEC能够利用其技能和专业知识，而不是利用其庞大的资源来启动批发执法程序，以维持“对该行业产生负面影响”。

Yet, Ripple’s case stands in stark contrast to these recent dismissals. While many assumed the case would quickly resolve, it remains ongoing.

然而，Ripple的案子与最近的解雇形成了鲜明的对比。尽管许多人认为此案将很快解决，但仍在进行中。

The Origins of the Ripple Case

涟漪盒的起源

The SEC vs. Ripple case began in 2020 when the SEC accused Ripple of selling XRP in an unregistered offering of securities. It was one of the first big regulatory moves within the crypto space and provided the groundwork for subsequent actions. XRP suffered a harsh blow from the lawsuit, and a majority of the U.S. exchanges de-listed the token. The case had several implications for the broader crypto community, in that it stretched the boundaries of U.S. securities law to cover digital assets.

SEC vs. Ripple案始于2020年，当时SEC指控Ripple在未注册的证券发行中出售XRP。这是加密货币空间内的第一个大监管动作之一，为后续行动提供了基础。 XRP遭受了诉讼的严厉打击，美国大多数交换都将令牌列入令牌。该案对更广泛的加密货币社区产生了几种影响，因为它扩大了美国证券法的界限以涵盖数字资产。

Ripple never held an ICO like Ethereum, yet they’ve been unfairly targeted by the SEC, spending $200 million on their defense.

Ripple从来没有像以太坊这样的ICO持有ICO，但他们被SEC不公平地瞄准了他们的辩护，他们的辩护花在了2亿美元上。

In 2023, the court ruled in part for Ripple when it ruled that the sale of XRP on public exchanges was not a sale of securities. However, the court agreed with the SEC that straight sales of XRP to institutional investors were a violation of securities laws. This double verdict left the legal situation complicated for Ripple, which continues to appeal the ruling.

2023年，法院裁定在公共交流上出售XRP并不是证券出售时，该法院部分裁定了Ripple。但是，法院同意美国证券交易委员会的观点，即XRP向机构投资者直接销售是违反证券法的。这一双重判决使Ripple的法律局势变得复杂，这继续对该裁决提出上诉。

Why Hasn’t the Case Been Resolved?

为什么没有解决这种情况？

The ongoing status of the Ripple case is a result of multiple factors. Among them is the 2024 injunction that Judge Analisa Torres issued suspending a ban against Ripple's selling XRP to institutional buyers in the absence of exemption by the SEC. Despite such a judgment appearing positive for XRP investors, it added more complexities to Ripple’s operations. The company would rather see the injunction lifted, but overturning such a ruling is not a straightforward process.

连锁反应的持续状态是多种因素的结果。其中包括2024年的禁令，Analisa Torres法官在SEC没有豁免的情况下暂停了对Ripple向机构买家出售XRP的禁令。尽管XRP投​​资者的判断似乎是积极的，但它为Ripple的运营增加了更多的复杂性。该公司宁愿看到禁令解除，但是推翻这样的裁决并不是一个简单的过程。

Pro-XRP attorney Jeremy Hogan believes the Ripple case will be settled before the approval of spot XRP ETFs.

Pro-XRP律师杰里米·霍根（Jeremy Hogan）认为，波纹案将在Spot XRP ETF批准之前解决。

According to pro-XRP attorney Jeremy Hogan, Ripple is likely attempting to negotiate the dissolution of this injunction with the SEC. “This is one last shot at getting the injunction dissolved, I believe,” Hogan stated, adding that it would require a carefully worded motion to be approved by both parties and then decided upon by the court. This process, according to Hogan, could stretch into April or May 2025.

根据Pro-XRP律师杰里米·霍根（Jeremy Hogan）的说法，Ripple可能试图协商该禁令与SEC的解散。霍根说：“这是使禁令解散的最后一杆。”他补充说，这将需要一项精心措辞的动议才能得到双方的批准，然后由法院决定。据霍根（Hogan）称，这一过程可能延伸到2025年4月或5月。

This thinking aligns with the speculations of financial services lawyer James Murphy, who believes that the SEC might have been willing to settle by accepting the $125 million penalty and dropping the appeals. However, according to Murphy, considering the legal complications that the judgment poses for the company's future operations, especially with regard to an IPO or any plans to expand into new markets, Ripple is likely seeking a better deal—one that would void some of the more draconian provisions of the judgment.

这种思想与金融服务律师詹姆斯·墨菲（James Murphy）的猜测保持一致，后者认为SEC可能愿意通过接受1.25亿美元的罚款并放弃上诉来解决。但是，根据墨菲的说法，考虑到该判决对公司未来运营所构成的法律并发症，尤其是关于IPO或任何扩展到新市场的计划，Ripple可能会寻求更好的交易，这将使一些更严厉的判决条款无效。

The company's strong hand in the case can also be credited to its persistent efforts to align itself with influential political figures, particularly those in Trump's administration. CEO Brad Garlinghouse recently met with Donald Trump, and the company's contributions to Trump's inauguration fund and its move to align itself with a multi-token crypto reserve have been clocked by the National Archives and Records Administration. These political ties have led some to speculate that Ripple might be using its connections to gain leverage in its legal battle, though no formal comments have been made on the matter.

该公司在案件中的强大之手也可以归功于其持续的努力，以使自己与有影响力的政治人物（尤其是特朗普政府中的人物）保持一致。首席执行官布拉德·加林豪斯（Brad Garlinghouse）最近会见了唐纳德·特朗普（Donald Trump），该公司对特朗普就职基金的贡献以及其与多型加密储备​​一致的举动，已经由国家档案馆和唱片管理局（National Archives and Records Administrconment）进行了计算。这些政治联系使一些人推测，尽管没有对此事提出正式评论，但Ripple可能会在法律斗争中使用其联系来获得杠杆作用。

The Bigger Picture

更大的图片

This delay in the Ripple case also reminds us of the manner in which the regulatory landscape for cryptocurrencies continues to be disclosed. While earlier rulings, such as the Torres ruling, set useful legal precedents, the general regulatory landscape remains to be disclosed. As the SEC works to conform to this new Trump political and legal landscape, so too will it be less aggressively enforcement-focused in its actions, especially with regard to the uncertainty of the application of securities laws to digital currencies.

连锁反应的延误也使我们想起了加密货币的监管格局的方式。尽管诸如托雷斯裁决之类的较早裁决设定了有用的法律先例，但一般的监管格局仍有待披露。由于SEC努力遵守这一新的特朗普政治和法律格局，因此它在其行动中的积极性不太积极，尤其是关于将证券法应用于数字货币的不确定性。

Ripple (XRP) was trading at around $2.48, up 5.64% in the last 24 hours at press time.

Ripple（XRP）的交易价格约为2.48美元，发稿时24小时内增长了5.64％。

Within the context of new leadership within the SEC and regulatory policy, Ripple’s case is unusual. When other well-publici

在SEC和监管政策内新领导的背景下，Ripple的案件是不寻常的。当其他良好的公共场合