即将离任的 SEC 主席加里·詹斯勒 (Gary Gensler) 提起了他可能是最后一次反加密诉讼，驳斥了托雷斯法官对 Ripple XRP 的裁决，认为这是一个悲剧性错误

在美国证券交易委员会向第二巡回法院提出的新上诉中，委员们重新审视了美国纽约南区地方法院做出的具有里程碑意义的裁决，认为这是一个巨大的错误。

Securities and Exchange Commission (SEC) Chairman Gary Gensler is set to leave his post on Friday, and his organization will likely file its final lawsuit against a crypto promoter.

美国证券交易委员会 (SEC) 主席加里·詹斯勒 (Gary Gensler) 将于周五离职，他的组织可能会对加密货币推广者提起最后诉讼。

In a document filed on Wednesday, the SEC is urging the Second Circuit to overrule a lower court’s decision that Ripple’s XRP sales were not securities offerings.

在周三提交的一份文件中，美国证券交易委员会敦促第二巡回法院推翻下级法院关于 Ripple 的 XRP 销售不属于证券发行的裁决。

The SEC maintains that the court erred in concluding that investors’ knowledge of the seller’s identity is relevant in determining whether an investment is a security.

美国证券交易委员会认为，法院认为投资者对卖方身份的了解与确定一项投资是否为证券有关，这一结论是错误的。

The SEC filed a document on Wednesday that will probably be its last lawsuit against a crypto promoter as part of a broader effort to counter the narrative that cryptocurrencies are largely exempt from federal securities law.

美国证券交易委员会周三提交了一份文件，这可能是其针对加密货币推广者的最后一次诉讼，作为反驳加密货币基本上不受联邦证券法约束的说法的更广泛努力的一部分。

The document outlines why a crypto industry-redefining ruling about XRP was supposedly a tragic error.

该文件概述了为什么加密货币行业重新定义 XRP 的裁决被认为是一个悲剧性错误。

In the SEC’s new appeal to the Second Circuit, commissioners revisit the landmark ruling by the US District Court for the Southern District of New York — concluding that it was a huge mistake.

在美国证券交易委员会向第二巡回法院提出的新上诉中，委员们重新审视了美国纽约南区地方法院做出的具有里程碑意义的裁决，认为这是一个巨大的错误。

In that widely misinterpreted ruling, judge Analisa Torres decided that Ripple didn’t illegally offer $757 million worth of unregistered securities via programmatic sales of XRP to retail buyers.

在这项被广泛误解的裁决中，法官 Analisa Torres 裁定 Ripple 并未通过向散户买家程序化销售 XRP 的方式非法提供价值 7.57 亿美元的未注册证券。

Within hours, that determination sparked a 60% rally of the XRP token and spread misconceptions like the belief that “no blockchain token is ever a security” or that somehow the SEC never has jurisdiction over crypto exchanges.

几个小时内，这一决定引发了 XRP 代币上涨 60%，并传播了一些误解，例如“没有任何区块链代币永远是证券”，或者不知何故 SEC 从未对加密货币交易所拥有管辖权。

Fans of the decision preferred to ignore US courts’ long history of agreeing with most of the SEC’s enforcement complaints against crypto miscreants. Indeed, sober statistics prove that the SEC prevails in the overwhelming majority of its crypto lawsuits.

支持该决定的人宁愿忽视美国法院长期以来一直同意美国证券交易委员会针对加密货币犯罪分子的大部分执法投诉。事实上，冷静的统计数据证明，美国证券交易委员会在绝大多数加密货币诉讼中获胜。

In spite of this evidence, Torres’ XRP decision sparked mobbish derision of Gary Gensler’s career.

尽管有这些证据，托雷斯的 XRP 决定还是引发了对加里·詹斯勒 (Gary Gensler) 职业生涯的嘲笑。

Hashtags like #FireGaryGensler trended on social media and well-funded crypto investors cranked up their media machine to whip up animosity against Gensler even more than the laws he enforced.

像 #FireGaryGensler 这样的标签在社交媒体上流行，资金雄厚的加密货币投资者则发动媒体机器煽动对 Gensler 的敌意，甚至超过了他所执行的法律。

Media pressure mounted and eventually, Gensler decided to announce his resignation. As of Donald Trump’s January 20 inauguration, Gensler will resign as SEC chairman.

媒体压力越来越大，最终，詹斯勒决定宣布辞职。自唐纳德·特朗普 1 月 20 日就职典礼起，Gensler 将辞去 SEC 主席职务。

His departure two business days from today makes his latest filing against Ripple all the more significant.

他在今天两个工作日后离职，使得他最新针对 Ripple 的诉讼变得更加重要。

In essence, it’s the Gensler-led team’s final explanation of how altcoin lawyers have twisted legal words to get around Congress’s intent in establishing safeguards for common investors in an industry where over 99% of the millions of coin offerings have declined to near-$0.

从本质上讲，这是 Gensler 领导的团队对山寨币律师如何歪曲法律措辞以规避国会为普通投资者建立保障措施的意图的最终解释，而在这个行业，超过 99% 的数百万代币发行已跌至接近 0 美元。

If you look at the blockchains, there are already millions.

如果你看看区块链，就会发现已经有数百万个。

In the Gensler-led appeal, SEC commissioners argue that Torres mistakenly concluded that Ripple’s programmatic sales of XRP to retail investors did not constitute securities offerings. Commissioners contend that Ripple misled retail investors into expecting XRP to rally based on Ripple’s efforts, regardless of whether they knew they were purchasing XRP programmatically or from Ripple directly.

在 Gensler 主导的上诉中，SEC 委员辩称，Torres 错误地得出结论，认为 Ripple 向散户投资者进行的 XRP 程序化销售并不构成证券发行。委员们认为，Ripple 误导散户投资者预期 XRP 会因 Ripple 的努力而上涨，无论他们是否知道自己是通过程序购买 XRP 还是直接从 Ripple 购买。

The SEC revisits Ripple’s extensive public marketing campaign, which promoted Ripple’s efforts to increase XRP’s value.

美国证券交易委员会重新审视 Ripple 广泛的公共营销活动，该活动促进了 Ripple 为提高 XRP 价值所做的努力。

Commissioners also argue regarding the irrelevance of seller identity, asserting that the Supreme Court’s Howey Test requirement that investors expect profits does not depend on investors knowing the identity of the seller.

委员们还就卖方身份的无关性提出争论，声称最高法院关于投资者预期利润的豪伊测试要求并不取决于投资者是否了解卖方的身份。

They also dive into legal standards for an objective investment decision and intermediary-assisted securities offerings.

他们还深入研究客观投资决策和中介协助证券发行的法律标准。

Finally, the SEC reiterates its view that all XRP units are fungible, making their price irrelevant to the seller’s identity. This further supports the argument that programmatic retail sales should be treated similarly to institutional, contractual sales.

最后，SEC 重申其观点，即所有 XRP 单位都是可替代的，因此其价格与卖方的身份无关。这进一步支持了这样的论点：程序化零售销售应与机构合同销售类似地对待。

At over 100 pages, the Gensler-led appeal is probably the final document that crypto investors will have as his counterargument against the ongoing views of pro-altcoin lawyers.

Gensler 领导的上诉书长达 100 多页，可能是加密货币投资者将拥有的最终文件，作为他对支持山寨币律师持续观点的反驳。

Trump’s transition team will be recommending a new SEC chairman starting next week, and Gensler’s views will fade in relevance from the five-seat commission.

特朗普的过渡团队将从下周开始推荐一位新的 SEC 主席，而詹斯勒的观点将从五个席位的委员会中消失。

Regarding Ripple’s offerings of XRP and its implications for the securities status of millions of altcoins — that decision is now in the hands of the US Court of Appeals for the Second Circuit.

关于 Ripple 的 XRP 发行及其对数百万山寨币证券地位的影响，该决定目前由美国第二巡回上诉法院审理。