Ripple CLO Stuart Alderoty 强调 SEC 从 2025 年起必须遵守的 6 项重要证券原则

这位拥有近四十年法律专业知识的法律名人指出了 SEC 不需要拖延诉讼的六个核心领域。

Ripple’s Chief Legal Officer has outlined some key securities principles that the US Securities and Exchange Commission must follow from 2025 onwards.

Ripple 的首席法务官概述了美国证券交易委员会从 2025 年起必须遵循的一些关键证券原则。

Highlighting six core areas where the SEC will have no need to drag litigation going forward, Stuart Alderoty’s statement comes on the heels of several crypto exchange tokens being cleared of the securities tag by courts despite the SEC’s insistence on the contrary.

Stuart Alderoty 的声明强调了 SEC 未来无需拖延诉讼的六个核心领域，紧接着几个加密货币交易所代币被法院清除了证券标签，尽管 SEC 坚持相反。

In a recent statement, Alderoty outlined some key principles that the SEC must follow from 2025 onwards. The principles aim to clarify the SEC’s jurisdiction over digital assets and highlight the limits of the regulator’s authority.

在最近的一份声明中，Alderoty 概述了 SEC 从 2025 年起必须遵循的一些关键原则。这些原则旨在澄清 SEC 对数字资产的管辖权，并强调监管机构的权力限制。

“SEC oversight extends only to securities transactions.”

“美国证券交易委员会的监管范围仅限于证券交易。”

This principle underscores the SEC’s limited jurisdiction over transactions involving digital assets. The agency’s mandate is confined to regulating securities transactions, excluding non-securities transactions from its purview.

这一原则强调了 SEC 对涉及数字资产的交易的有限管辖权。该机构的职责仅限于监管证券交易，不包括非证券交易。

However, a key point of contention has been the lack of clear guidelines on which tokens are securities and which transactions constitute securities transactions. This ambiguity has led to the SEC overstepping its boundaries and attempting to regulate non-securities transactions.

然而，争论的一个关键点是，对于哪些代币是证券以及哪些交易构成证券交易缺乏明确的指导方针。这种模糊性导致美国证券交易委员会超越其界限并试图监管非证券交易。

One notable example is the SEC’s case against Ripple, in which the Commission alleged that both Ripple’s institutional sales of XRP tokens and their retail sales through exchanges constituted securities sales. Judge Analisa Torres of the US District Court for the Southern District of New York eventually ruled that XRP sales to retail investors via crypto exchanges did not constitute a securities violation.

一个值得注意的例子是美国证券交易委员会针对 Ripple 的案件，其中委员会声称 Ripple 对 XRP 代币的机构销售及其通过交易所的零售销售均构成证券销售。美国纽约南区地方法院法官 Analisa Torres 最终裁定，通过加密货币交易所向散户投资者出售 XRP 并不构成证券违规行为。

In his statement, Alderoty used an analogy with a gold bar to illustrate one of the Howey Test criteria for determining securities. He explained that selling a gold bar with a contractual right, title, or interest in his gold mine would likely be considered a security transaction.

阿尔德罗蒂在声明中用金条进行类比来说明确定证券的豪伊测试标准之一。他解释说，出售具有金矿合同权利、所有权或权益的金条可能会被视为证券交易。

However, he went on to say that the SEC would not be able to regulate the sale of that same gold bar if there were no post-sale rights or obligations, as this would simply be an asset sale and not a transaction within the regulator’s jurisdiction.

然而，他接着表示，如果没有售后权利或义务，美国证券交易委员会将无法监管同一金条的销售，因为这只是资产出售，而不是监管机构管辖范围内的交易。

Highlighting another important distinction, Alderoty stated that a token is never inherently a security, even though it can be used in a securities transaction. This point is further illustrated by Ripple’s partial win over the SEC, which saw Judge Torres clear XRP of the Howey Test’s securities status despite its institutional sales being securities offerings.

Alderoty 强调了另一个重要区别，指出代币本质上并不是证券，尽管它可以用于证券交易。 Ripple 部分战胜 SEC 进一步说明了这一点，托雷斯法官明确了 XRP 的 Howey Test 的证券地位，尽管其机构销售是证券发行。

Moreover, Alderoty refuted the idea that a token can “evolve” from a security to a non-security, calling it a “made-up fallacy with no footing in the law.”

此外，阿尔德罗蒂驳斥了代币可以从证券“进化”为非证券的观点，称其为“捏造的谬论，没有法律依据”。

In a separate development, a US District of Columbia judge ruled that a token that was once part of an investment contract can outgrow the “security” label as it circulates through commerce, gets sold by private investors in exchanges, and increases in utility. This ruling favored Binance in a case brought by the SEC against Binance for operating an unapproved securities exchange by offering 12 assets on the platform, including its native BNB token.

在另一项进展中，美国哥伦比亚特区的一名法官裁定，曾经作为投资合同一部分的代币随着其通过商业流通、在交易所被私人投资者出售以及实用性的增加，可以超越“安全”标签。在美国证券交易委员会针对币安提起的案件中，该裁决对币安有利，因为币安通过在平台上提供 12 种资产（包括其原生 BNB 代币）来运营未经批准的证券交易所。

In her decision, the judge excluded BNB from the securities mold, stating that assets that were once part of an investment contract must not indefinitely retain the “security” tag.

在判决中，法官将 BNB 排除在证券模式之外，并指出曾经属于投资合同一部分的资产不得无限期保留“证券”标签。

Finally, Alderoty criticized the SEC for its voluntary and unlawful expansion of its jurisdiction “based on a self-serving view of who it thinks is more ‘deserving’ of disclosures.”

最后，阿尔德罗蒂批评美国证券交易委员会“基于自私自利的观点，认为谁更‘值得’披露信息”，自愿且非法地扩大其管辖范围。

This arbitrary exercise of authority was evident in the recent Gensler regime, which saw the SEC Chair carry out a high-profile campaign against crypto and digital assets. In contrast to his predecessor Jay Clayton, who largely steered clear of the crypto industry, Gensler's approach has seen him attempt to shoehorn digital assets into existing securities law frameworks.

这种任意行使权力在最近的 Gensler 政权中很明显，SEC 主席对加密货币和数字资产开展了一场高调的运动。与他的前任杰伊·克莱顿（Jay Clayton）基本上避开了加密行业相比，Gensler 的做法是他试图将数字资产硬塞到现有的证券法框架中。

Fortunately for the crypto industry, Gensler will step down as SEC Chair in less than 18 days, making way for a potentially more favorable policy atmosphere for digital assets.

对于加密行业来说幸运的是，Gensler 将在不到 18 天的时间内辞去 SEC 主席一职，为数字资产创造一个可能更加有利的政策氛围。