法律专家：解开围绕 XRP 销售的混乱

著名律师和加密货币支持者 Bil​​l Morgan 最近澄清了围绕 XRP 作为证券地位的争论的误解。摩根声称，尽管前 SEC 主任约翰·里德·斯塔克 (John Reed Stark) 声称，托雷斯法官关于二级 XRP 销售属于非投资合同的裁决仍然有效。摩根强调了托雷斯法官的决定的具体事实性质和 SEC 的有限指控，认为她关于程序化销售的调查结果不应扩展到所有二级市场加密货币销售。

Dispelling Confusion over XRP Sales: Insights from Legal Experts

消除 XRP 销售的混乱：法律专家的见解

The ongoing debate surrounding the classification of XRP sales as securities has witnessed a significant development, thanks to the incisive analysis of renowned lawyer and crypto advocate Bill Morgan. In a recent Twitter thread, Morgan sought to clarify the complexities surrounding the issue, acknowledging the prevalent confusion and offering his expert insights.

由于著名律师和加密货币倡导者 Bil​​l Morgan 的深入分析，围绕 XRP 销售分类为证券的持续争论已经取得了重大进展。在最近的 Twitter 帖子中，摩根试图澄清围绕该问题的复杂性，承认普遍存在的困惑并提供他的专家见解。

Morgan's analysis stemmed from a statement attributed to former SEC Director John Reed Stark, who purportedly asserted that the judge overseeing the Coinbase-SEC case, Judge Torres, had unequivocally rejected the notion that secondary sales of XRP could constitute investment contracts or unregistered securities.

摩根的分析源于前 SEC 主任 John Reed Stark 的一份声明，据称他声称负责 Coinbase-SEC 案件的法官 Torres 法官明确拒绝了 XRP 的二次销售可能构成投资合同或未注册证券的观点。

Challenging this assertion, Morgan categorically refuted the accuracy of Stark's statement. He maintained that Judge Torres had made no such finding, emphasizing that secondary market sales of XRP were not expressly considered within the scope of the court's purview.

摩根对这一说法提出质疑，断然驳斥了斯塔克声明的准确性。他坚称托雷斯法官没有做出这样的裁决，并强调 XRP 的二级市场销售并未明确考虑在法院的职权范围内。

Morgan's critique was met with a counterargument from fellow legal expert Marc Fagel, who expressed skepticism regarding the potential for exchange-mediated token sales to meet the criteria outlined in the Howey test, the benchmark for determining whether an investment qualifies as a security.

摩根的批评遭到了法律专家马克·法格尔 (Marc Fagel) 的反驳，他对交易所介导的代币销售能否满足 Howey 测试中概述的标准表示怀疑，Howey 测试是确定投资是否符合证券资格的基准。

Undeterred, Morgan respectfully disagreed with Fagel's assessment. He elaborated that Judge Torres's analysis was confined to Ripple's programmatic sales, one of three specific categories presented for her consideration by the SEC.

摩根没有被吓倒，他恭敬地不同意费格尔的评估。他解释说，托雷斯法官的分析仅限于 Ripple 的程序化销售，这是 SEC 提出供她考虑的三个具体类别之一。

Morgan expounded that Judge Torres's evaluation of the specific circumstances surrounding Ripple's programmatic sales had led her to conclude that they did not constitute investment contracts. Crucial to this finding was Ripple's active promotion of XRP to secondary market investors.

摩根解释说，托雷斯法官对 Ripple 程序化销售具体情况的评估使她得出结论，这些销售不构成投资合同。这一发现的关键是 Ripple 向二级市场投资者积极推广 XRP。

While acknowledging Judge Torres's recognition of Ripple's promotional efforts targeting institutional investors, Morgan emphasized the absence of evidence suggesting widespread promotion beyond this limited circle. Such findings, he argued, cannot be indiscriminately applied to other cryptocurrencies like Solana.

摩根承认托雷斯法官对瑞波币针对机构投资者的促销活动的认可，但强调没有证据表明瑞波币在这个有限的圈子之外进行了广泛的促销活动。他认为，这样的发现不能不加区别地应用于 Solana 等其他加密货币。

Morgan stressed the fact-specific nature of the Howey test, asserting that Judge Torres's conclusions regarding Ripple's programmatic XRP sales should not be construed as a blanket determination that all secondary market sales of cryptocurrencies on exchanges automatically qualify as investment contracts.

摩根强调了 Howey 测试的具体事实性质，并声称托雷斯法官关于 Ripple 程序化 XRP 销售的结论不应被解释为一揽子决定，即交易所上所有加密货币的二级市场销售自动符合投资合同的资格。

He further elaborated that Judge Torres's findings regarding Ripple's promotional activities were based on uncontested evidence, leaving little room for appeal. Morgan expressed his belief that the SEC's prospects for successfully overturning the court's decision are limited.

他进一步阐述说，托雷斯法官关于 Ripple 促销活动的调查结果是基于无可争议的证据，几乎没有上诉的空间。摩根表示，他相信美国证券交易委员会成功推翻法院判决的前景有限。

Morgan's expert analysis provides valuable clarity amidst the ongoing debate surrounding XRP sales and their potential classification as securities. His insights underscore the complexities of the issue and the need for careful consideration of the specific facts and circumstances surrounding each case.

在围绕 XRP 销售及其潜在证券分类的持续争论中，摩根的专家分析提供了有价值的清晰度。他的见解强调了问题的复杂性以及仔细考虑每个案件的具体事实和情况的必要性。