SEC的举动对XRP意味着什么？

SEC通过在“上诉”部分列出波纹诉讼来更新其网站的决定不一定是该案解决的信号

The U.S. Securities and Exchange Commission (SEC) has updated its website to include the ongoing lawsuit against Ripple Labs in the “cases on appeal” section, sparking fresh speculation about the future of XRP.

美国证券交易委员会（SEC）已更新其网站，以在“上诉案件”部分中包括针对Ripple Labs的诉讼，引发了有关XRP未来的新猜测。

The SEC filed a lawsuit against Ripple in December 2020, alleging that the company raised over $1.3 billion through an unregistered digital asset securities offering. Ripple has maintained that XRP is a digital asset and not a security.

SEC于2020年12月对Ripple提起诉讼，指控该公司通过未注册的数字资产证券筹集了超过13亿美元。 Ripple坚持认为XRP是数字资产，而不是安全性。

Now, with the case still in appellate court, what does this change on the SEC website mean for XRP and the broader landscape of cryptocurrency regulation in the U.S.? Let’s dive into the latest updates and explore the potential implications.

现在，由于该案仍在上诉法院中，SEC网站上的这种变化对XRP意味着什么以及美国加密货币法规的更广泛的景观是什么？让我们研究最新的更新并探索潜在的影响。

SEC Updates Website, Moving Ripple Lawsuit to ‘Cases on Appeal’

SEC更新网站，将波纹诉讼移至“上诉案件”

On February 1, 2025, a subtle yet significant change occurred on the U.S. Securities and Exchange Commission (SEC) website. The page, which provides an overview of the SEC’s ongoing legal cases, has now listed the case against Ripple Labs Inc. in the “cases on appeal” section.

2025年2月1日，美国证券交易委员会（SEC）网站发生了微妙而重大的变化。该页面提供了SEC正在进行的法律案件的概述，现已在“上诉案件”部分中列出了针对Ripple Labs Inc.的案件。

This update signals that the SEC’s case against Ripple, which began in December 2020, has now progressed to the appellate court level. Following the District Court’s summary judgment decision in December 2022, both parties filed their respective appeals in early January 2023.

此更新表明，SEC针对Ripple的案件始于2020年12月，现已升至上诉法院级别。根据地方法院在2022年12月的简易判决决定之后，双方于2023年1月上旬提出了各自上诉。

As the case continues to unfold in the Second Circuit Court of Appeals, both the SEC and Ripple are presenting their arguments and awaiting the court’s decision. The appellate court will review the lower court's decision and determine whether any legal errors were made during the proceedings.

随着案件在第二巡回上诉法院继续展开，SEC和Ripple都提出了他们的论点并等待法院的裁决。上诉法院将审查下级法院的裁决，并确定在诉讼过程中是否犯了任何法律错误。

After hearing oral arguments in September 2023, the Second Circuit is expected to issue its ruling in the first half of 2025. This decision will either fully resolve the case or remand it back to the District Court for further proceedings.

在2023年9月听到口头辩论之后，预计第二巡回法院将在2025年上半年发表裁决。该决定将完全解决此案，或者将其还给地方法院进行进一步诉讼。

Breaking Down the Legal Battle: XRP Use Case at the Forefront

打破法律战斗：XRP用例

The SEC alleges that Ripple raised over $1.3 billion through an unregistered digital asset securities offering from 2013 to 2019. According to the complaint, about 14.6 billion XRP tokens were sold directly by Ripple, while another 52 billion XRP were sold through third parties, mainly cryptocurrency exchanges.

SEC声称，Ripple通过2013年至2019年的未注册数字资产证券筹集了超过13亿美元。根据投诉，Ripple直接出售了约146亿XRP代币，而另外520亿XRP则通过第三方出售，主要是通过第三方出售交流。

However, Ripple has maintained throughout the case that XRP is a digital asset and not a security. The company argues that the SEC’s case is based on an overreach of federal securities laws and that its use case—particularly in Ripple’s On-Demand Liquidity (ODL) service—renders XRP fundamentally different from traditional investment contracts.

但是，Ripple在XRP是数字资产而不是安全性的情况下保持了Ripple。该公司认为，SEC的案件是基于对联邦证券法的过度研究，其用例（尤其是在Ripple的按需流动性（ODL）服务）与传统投资合同基本上不同。

Moreover, Ripple has highlighted the critical role of XRP in facilitating faster and lower-cost cross-border payments through ODL. This service, which leverages XRP as a bridge currency, has already processed billions of dollars in transactions daily, according to Ripple.

此外，Ripple强调了XRP在通过ODL促进更快和较低成本的跨境支付方面的关键作用。据Ripple称，这项利用XRP作为桥梁货币的服务已经每天处理数十亿美元的交易。

If Ripple emerges victorious in this legal saga, it could set a pivotal precedent for the future of crypto regulation in the United States. A favorable ruling might limit the SEC’s ability to pursue similar actions against other digital assets, especially those with clear use cases in the real world.

如果Ripple在这个合法的传奇中取得了胜利，它可能会为美国加密监管的未来树立关键的先例。有利的裁决可能会限制SEC对其他数字资产采取类似行动的能力，尤其是那些在现实世界中有清晰用例的资产。

On the other hand, a ruling against Ripple would strengthen the SEC’s authority in regulating cryptocurrencies and digital asset markets. The Commission could ramp up its efforts to classify and regulate various digital assets based on their specific characteristics and use cases.

另一方面，针对波纹的裁决将加强SEC在规范加密货币和数字资产市场方面的权威。委员会可以根据其特定特征和用例来加强其对各种数字资产进行分类和规范的努力。

Either way, the outcome of this case is bound to have a far-reaching impact on the cryptocurrency industry and the broader financial landscape in the U.S. As we continue to follow the legal proceedings and await the appellate court’s decision, stay tuned for further updates on this critical development.

无论哪种方式，随着我们继续遵循法律诉讼并等待上诉法院的裁决，这一案件的结果必定会对加密货币行业和美国更广泛的金融景观产生深远的影响这一批判性发展。