Ripple 与 SEC 之间的法律冲突在加密货币监管迷宫中升级

Ripple 与 SEC 之间持续的法律斗争愈演愈烈，围绕 XRP 销售期间向机构投资者提供选择性折扣的指控展开。 Ripple 据称未能披露这些折扣已成为焦点，美国证券交易委员会 (SEC) 认为，由于对其他投资者可能造成损害，因此应追回其非法所得。最近法院对类似案件的裁决可能会对 Ripple 的辩护产生影响，从而可能削弱 SEC 的案件，并为未来的数字资产监管树立先例。

Intensifying Legal Battle Between Ripple and SEC Encapsulates Regulatory Challenges in the Cryptocurrency Realm

Ripple 与 SEC 之间日益激烈的法律斗争体现了加密货币领域的监管挑战

The ongoing legal dispute between Ripple Labs, Inc. (Ripple) and the United States Securities and Exchange Commission (SEC) has escalated, illuminating the intricate complexities of regulating the burgeoning cryptocurrency industry. The crux of the contention revolves around allegations that Ripple violated securities laws by offering unregistered securities through its proprietary digital asset, XRP, via its On-Demand Liquidity platform.

Ripple Labs, Inc.（Ripple）与美国证券交易委员会（SEC）之间持续的法律纠纷不断升级，凸显了监管新兴加密货币行业的复杂性。争论的焦点围绕着 Ripple 违反证券法的指控，该指控称 Ripple 通过其按需流动性平台通过其专有数字资产 XRP 提供未经注册的证券，从而违反了证券法。

Prelude to the Controversy

争议的前奏

The genesis of the dispute dates back to December 2020, when the SEC filed a lawsuit against Ripple, alleging that the company had conducted an unlawful securities offering to raise over $1.3 billion from investors worldwide. The SEC asserted that XRP constituted an investment contract and, as such, should have been registered with the regulatory body in compliance with federal securities laws.

这场纠纷的起源可以追溯到 2020 年 12 月，当时 SEC 对 Ripple 提起诉讼，指控该公司进行非法证券发行，从全球投资者那里筹集了超过 13 亿美元的资金。 SEC 声称 XRP 构成投资合同，因此应根据联邦证券法在监管机构进行注册。

Discount Disclosure Dispute

折扣披露争议

A key point of contention in the lawsuit centers around Ripple's alleged failure to fully disclose discounts that were offered to certain institutional investors during the sale of XRP through its On-Demand Liquidity platform. The SEC contends that this lack of transparency disadvantaged other investors by depriving them of the opportunity to obtain more favorable terms.

该诉讼的一个关键争论点集中在 Ripple 涉嫌未能完全披露在通过其按需流动性平台销售 XRP 期间向某些机构投资者提供的折扣。美国证券交易委员会认为，缺乏透明度使其他投资者处于不利地位，剥夺了他们获得更优惠条款的机会。

Aron Govil Ruling: A Glimmer of Hope for Ripple

Aron Govil 裁决：Ripple 的一线希望

A recent ruling by the Second Circuit Court of Appeals in the Aron Govil case has injected fresh impetus into Ripple's defense strategy. The court held that the SEC cannot compel a defendant to disgorge profits from an alleged securities violation if there is no evidence of financial losses suffered by investors.

近期第二巡回上诉法院对 Aron Govil 案的一项裁决，为 Ripple 的辩护策略注入了新的动力。法院认为，如果没有证据表明投资者遭受了经济损失，美国证券交易委员会不能强迫被告交出因涉嫌证券违规而获得的利润。

Ripple's Chief Legal Officer, Stuart Alderoty, has hailed the decision as a positive development, indicating that "similar logic could help Ripple in our ongoing battle against the SEC." Legal analyst Bill Morgan concurs, asserting that if Ripple can establish that no institutional investors suffered financial losses as a result of the undisclosed discounts, it could "significantly undermine the SEC's case."

Ripple 的首席法务官斯图尔特·阿尔德罗蒂 (Stuart Alderoty) 称赞这一决定是一个积极的进展，并表示“类似的逻辑可以帮助 Ripple 与 SEC 进行持续的斗争。”法律分析师 Bill Morgan 对此表示同意，并断言，如果 Ripple 能够证明没有机构投资者因未公开的折扣而遭受财务损失，那么它可能“极大地损害 SEC 的案件”。

SEC's Case for Disgorgement

SEC 的没收案件

The SEC maintains that Ripple's undisclosed discounts resulted in revenues of approximately $991 million, with costs of less than $115 million. The regulatory body argues that this disparity warrants disgorgement of the profits, which would deprive Ripple of the benefits derived from its alleged wrongdoing.

SEC 坚称，Ripple 未公开的折扣带来了约 9.91 亿美元的收入，而成本不到 1.15 亿美元。监管机构认为，这种差异需要上缴利润，这将剥夺 Ripple 因涉嫌不当行为而获得的利益。

However, Morgan highlights that the SEC's case does not hinge on whether non-institutional investors experienced losses but rather on whether the lack of disclosure of discounts prevented other institutional investors from securing more advantageous terms.

然而，摩根强调，美国证券交易委员会的案件并不取决于非机构投资者是否遭受损失，而是取决于缺乏折扣披露是否妨碍其他机构投资者获得更有利的条款。

Regulatory Implications

监管影响

The Ripple-SEC legal battle serves as a microcosm of the broader regulatory challenges facing the cryptocurrency industry. It underscores the need for clearer regulations that balance technological innovation with investor protection. The outcome of this case will set precedents that will shape the regulatory landscape for digital assets in the years to come.

Ripple 与 SEC 的法律之争是加密货币行业面临的更广泛监管挑战的缩影。它强调需要更明确的监管来平衡技术创新与投资者保护。此案的结果将开创先例，从而塑造未来几年数字资产的监管格局。

Market Response

市场反应

At the time of writing, the price of XRP was hovering around US$0.5191, reflecting a modest 6% increase over the previous 24 hours. The fluctuating price dynamics of XRP are closely tied to the developments and uncertainties surrounding the ongoing legal battle.

截至撰写本文时，XRP 的价格徘徊在 0.5191 美元左右，较前 24 小时小幅上涨 6%。 XRP 价格动态的波动与正在进行的法律斗争的进展和不确定性密切相关。

Conclusion

结论

The SEC's lawsuit against Ripple has ignited a multifaceted legal battle that raises complex questions about the regulation of digital assets. The outcome of this high-stakes litigation will have far-reaching implications for the cryptocurrency industry and will continue to be closely monitored by market participants, regulators, and legal experts alike.

美国证券交易委员会对 Ripple 的诉讼引发了一场多方面的法律斗争，引发了有关数字资产监管的复杂问题。这场高风险诉讼的结果将对加密货币行业产生深远影响，并将继续受到市场参与者、监管机构和法律专家等的密切关注。