美国证券交易委员会正式对 Ripple Labs XRP 销售裁决提出上诉，为漫长的法律斗争奠定了基础

美国证券交易委员会 (SEC) 已正式提起上诉，对地方法院对 Ripple Labs 的 XRP 销售的裁决提出异议。

The U.S. Securities and Exchange Commission (SEC) has officially filed an appeal against a district court ruling on Ripple Labs' XRP sales. The case, which began with the SEC's lawsuit in December 2020, centers on whether Ripple's sale of XRP to retail investors constitutes unregistered securities transactions under U.S. federal law.

美国证券交易委员会 (SEC) 已针对地区法院对 Ripple Labs 的 XRP 销售的裁决正式提起上诉。该案始于 2020 年 12 月 SEC 的诉讼，重点是 Ripple 向散户投资者出售 XRP 是否构成美国联邦法律规定的未注册证券交易。

The SEC Contests Lower Court Ruling in XRP Case

美国证券交易委员会 (SEC) 对下级法院对 XRP 案件的裁决提出异议

The SEC filed its appeal on Wednesday evening, expressing its disagreement with the ruling issued in July 2023 by the U.S. District Court for the Southern District of New York. The district court had ruled that Ripple's programmatic sales of XRP to retail investors through cryptocurrency exchanges did not violate federal securities laws.

美国证券交易委员会于周三晚间提起上诉，表示不同意美国纽约南区地方法院 2023 年 7 月做出的​​裁决。地区法院裁定，Ripple 通过加密货币交易所向散户投资者程序化销售 XRP 的行为并不违反联邦证券法。

The SEC's position is that all XRP sales, regardless of how or through whom they occur, should be considered as “investment contracts” under the Howey Test, which determines whether an asset is a security. The SEC argues that Ripple's promotional activities and public statements about XRP created the expectation that investors, including retail buyers, would profit from the asset, thus qualifying XRP sales as securities transactions.

SEC 的立场是，所有 XRP 销售，无论如何或通过谁进行，都应被视为 Howey 测试下的“投资合同”，该测试确定资产是否为证券。美国证券交易委员会认为，Ripple 的促销活动和有关 XRP 的公开声明创造了投资者（包括散户买家）将从该资产中获利的预期，从而使 XRP 销售符合证券交易的资格。

Key Arguments in SEC's Appeal Against Lower Court Ruling XRP Sales Deemed Securities: SEC maintains that all XRP sales, including those to retail investors, constitute investment contracts and are thus subject to federal securities law.

SEC 针对下级法院将 XRP 销售视为证券的裁决提出上诉的主要论点：SEC 认为，所有 XRP 销售（包括面向散户投资者的销售）均构成投资合同，因此须遵守联邦证券法。

Promotional Activities Highlighted: The SEC emphasizes Ripple's promotional activities and public statements, which allegedly led investors to believe that XRP's value would increase.

重点宣传活动：SEC 强调了 Ripple 的宣传活动和公开声明，据称这些活动和公开声明导致投资者相信 XRP 的价值将会增加。

Broad Definition of Securities: The SEC argues for a broad definition of securities, encompassing assets sold with the expectation of profit, even without traditional certificates.

证券的广义定义：美国证券交易委员会主张对证券进行广义定义，包括以盈利为目的出售的资产，即使没有传统的证书。

Potential Impact on Ripple, Crypto Industry The outcome of this appeal is highly anticipated, with potential implications for both Ripple Labs and the broader cryptocurrency industry.

对 Ripple 和加密货币行业的潜在影响 此次上诉的结果备受期待，对 Ripple 实验室和更广泛的加密货币行业都有潜在影响。

If the SEC's appeal succeeds, the ruling could significantly impact how cryptocurrency assets are treated under U.S. securities laws. This may set a precedent for other crypto projects, potentially subjecting them to greater regulatory oversight and compliance requirements.

如果美国证券交易委员会的上诉成功，该裁决可能会对美国证券法处理加密货币资产的方式产生重大影响。这可能为其他加密项目开创先例，可能使它们受到更严格的监管和合规要求。

For Ripple Labs, an unfavorable outcome could lead to severe consequences, including the possibility of fines, penalties, and the need to register XRP as a security. The company has consistently maintained that XRP is a currency, not a security, and has defended this position throughout the legal battle.

对于 Ripple Labs 来说，不利的结果可能会导致严重的后果，包括可能面临罚款、处罚以及需要将 XRP 注册为证券。该公司始终坚称 XRP 是一种货币，而不是证券，并在整个法律诉讼中捍卫了这一立场。

Next Steps for Ripple, XRP in SEC Appeal The appeal is expected to take months to resolve, with both sides preparing for a lengthy legal process. The ultimate decision could redefine the regulatory landscape for cryptocurrencies in the U.S. and set important precedents for how other digital assets are classified in the future.

Ripple、XRP 在 SEC 上诉中的后续步骤上诉预计需要数月时间才能解决，双方都在为漫长的法律程序做准备。最终决定可能会重新定义美国加密货币的监管格局，并为未来其他数字资产的分类方式树立重要先例。

As the case unfolds, Ripple and its supporters continue to maintain that XRP is a utility token, arguing against its classification as a security. Meanwhile, the SEC is expected to maintain its stance that all sales of the token represent investment contracts subject to regulation under U.S. securities law.

随着案件的展开，Ripple 及其支持者继续坚称 XRP 是一种实用型代币，反对将其归类为证券。与此同时，预计美国证券交易委员会将维持其立场，即所有代币销售均代表受美国证券法监管的投资合同。

The SEC's appeal adds another layer of uncertainty to Ripple's legal battle and the broader cryptocurrency market. Depending on the appeal's outcome, the ruling could reshape the regulatory environment for cryptocurrencies and have a profound impact on how similar cases are handled in the future. For now, all eyes are on the ongoing litigation as Ripple fights to defend its position and its flagship asset, XRP.

美国证券交易委员会的上诉给 Ripple 的法律斗争和更广泛的加密货币市场增添了另一层不确定性。根据上诉结果，该裁决可能会重塑加密货币的监管环境，并对未来类似案件的处理方式产生深远影响。目前，所有人的目光都集中在正在进行的诉讼上，Ripple 正在努力捍卫其地位及其旗舰资产 XRP。