Secv。Ripple：法律斗争的完整时间表

Ripple Labs与美国证券交易委员会（SEC）之间的法律斗争开始于2020年12月22日，SEC被指控Ripple的首席执行官

Ripple Labs, founded in 2012 and initially named OpenCoin, aimed to create a decentralized system for faster and cheaper transactions. The company's goal was to bridge digital assets with mainstream finance using XRP.

Ripple Labs成立于2012年，最初命名为Opencoin，旨在创建一个分散的系统，以用于更快，更便宜的交易。该公司的目标是使用XRP以主流融资桥接数字资产。

Unlike decentralized cryptocurrencies like Bitcoin, which rely on a network of independent miners to validate transactions, Ripple operates a unique consensus algorithm. This algorithm relies on a network of bank-controlled validators to achieve consensus rapidly.

与分散的加密货币（如比特币）不同，比特币（依赖一个独立矿工网络）来验证交易，而波纹则操作独特的共识算法。该算法依赖于银行控制的验证者网络来迅速达成共识。

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering by selling XRP.

2020年12月，美国证券交易委员会（SEC）对Ripple Labs提起诉讼，指控该公司通过出售XRP进行了未注册的证券。

The SEC's complaint centered on the argument that Ripple raised $1.3 billion through XRP sales and that the company's control over XRP's supply and promotion met the criteria for a security under the Howey test.

SEC的投诉以这一论点为中心，即Ripple通过XRP销售筹集了13亿美元，并且该公司对XRP供应和促销的控制符合Howey测试下的安全标准。

Ripple, on the other hand, maintained that XRP is a digital currency and not a security. A key factor in the case was the unique structure of Ripple's network.

另一方面，Ripple坚持认为XRP是一种数字货币，而不是安全性。这种情况的关键因素是Ripple网络的独特结构。

A mixed ruling was delivered on July 13, 2023, by Judge Analisa Torres, providing some regulatory clarity. The court determined that XRP itself is not inherently a security, which offered relief to retail investors.

Analisa Torres法官于2023年7月13日作出了一项混合裁决，提供了一些监管清晰度。法院认为XRP本身并不是本质上的安全，它为散户投资者提供了救济。

However, the judge ruled that Ripple's institutional sales of XRP did constitute securities transactions, highlighting the importance of how digital assets are marketed and sold.

但是，法官裁定，Ripple的XRP机构销售确实构成了证券交易，强调了数字资产的销售和出售方式的重要性。

Following this ruling, on Aug. 7, 2024, the court imposed a $125 million civil penalty on Ripple for its institutional sales violations.

在该裁决（2024年8月7日）之后，法院因其机构销售违规行为对Ripple判处1.25亿美元的民事罚款。

The SEC's requests for disgorgement of profits and additional prejudgment interest were denied. Additionally, Ripple was barred from violating securities laws in connection with future institutional sales.

SEC剥夺利润的请求和其他审判兴趣的要求被拒绝。此外，Ripple被禁止违反与未来机构销售有关的证券法。

This case marked a turning point in cryptocurrency regulation, setting a precedent for how digital assets are classified under U.S. securities law.

此案标志着加密货币法规的转折点，为根据美国证券法分类的数字资产如何分类树立了先例。

Both Ripple and the SEC filed appeals on Oct. 3, 2024, moving the case to the Second Circuit Court of Appeals.

Ripple和SEC在2024年10月3日提起上诉，将案件移交给第二巡回上诉法院。

In January 2025, the SEC submitted its opening brief, arguing that the district court erred in ruling that Ripple's XRP sales failed to meet the Howey Test's expectation-of-profits and investment-of-money requirements.

2025年1月，美国证券交易委员会（SEC）提交了开幕式摘要，认为地方法院裁定Ripple的XRP销售未能满足Howey Test的期望和票房投资要求。

The agency seeks to overturn the ruling that XRP's secondary market sales were not securities transactions.

该机构试图推翻XRP的二级市场销售不是证券交易的裁决。

Ripple's Chief Legal Officer Stuart Alderoty dismissed the SEC's arguments as repetitive and increasingly irrelevant amid shifting regulatory conditions. The company remains optimistic that the case could be dropped under the pro-crypto SEC leadership of acting Chair Mark Uyeda.

Ripple的首席法律官Stuart Alderoty在不断变化的监管条件下，将SEC的论点视为重复性且越来越无关紧要的论点。该公司对案件可以在代理主席马克·乌耶达（Mark Uyeda）的支持下撤销此案保持乐观。

In response, Ripple filed a cross-appeal in October 2024, with an April 16, 2025, due date. The lawsuit, initiated by former SEC Chair Jay Clayton, has seen multiple setbacks for the agency. While the SEC continues its appeal, its commitment to pursuing the case remains uncertain.

作为回应，Ripple于2024年10月提交了交叉上诉，并于2025年4月16日到期日。由前美国证券交易委员会主席杰伊·克莱顿（Jay Clayton）发起的诉讼已经为该机构遭受了多次挫折。尽管美国证券交易委员会继续上诉，但对案件的承诺仍然不确定。

At the core of the SEC's appeal is its challenge to the district court's decision, which classified Ripple's institutional XRP sales as securities transactions but ruled that secondary market sales and XRP itself were not securities.

SEC上诉的核心是对地方法院裁决的挑战，该决定将Ripple的机构XRP销售归类为证券交易，但裁定二级市场销售和XRP本身不是证券。

Republican SEC Commissioner Mark Uyeda has been appointed as the agency's acting chairman. A strong critic of the SEC's previous “regulation through enforcement” approach, Uyeda previously called it a “disaster” for the crypto industry. In December, he forecast a shift toward eased enforcement and greater regulatory clarity.

共和党SEC专员马克·乌耶达（Mark Uyeda）被任命为该机构代理主席。乌耶达（Uyeda）对SEC先前的“通过执法法规”进行了强烈的批评，此前曾称其为加密行业是“灾难”。他预测，他预测向缓解执法和更大的监管清晰度的转变。

Ripple and the broader crypto industry are hopeful for a regulatory reset — one that prioritizes innovation over litigation. Ripple's Chief Legal Officer Stuart Alderoty expects the new administration to drop the ongoing SEC appeal against the company and potentially halt enforcement actions against other major crypto firms.

Ripple和更广泛的加密货币行业对监管重置充满希望，这将创新优先于诉讼。 Ripple的首席法律官Stuart Alderoty预计，新政府将放弃对该公司的SEC上诉，并有可能停止针对其他主要加密公司的执法行动。

Meanwhile, the SEC has launched a new crypto task force, led by Commissioner Hester Peirce, to develop a comprehensive regulatory framework for digital assets. This initiative has been widely welcomed by industry participants, who have long sought clear and consistent rules.

同时，SEC由专员Hester Peirce领导的新加密工作组成立了一个新的加密工作组，以为数字资产开发全面的监管框架。这项倡议已受到行业参与者的广泛欢迎，这些行业参与者长期以来一直寻求明确，一致的规则。

Alderoty emphasizes that non-fraud cases should be set aside in favor of constructive engagement. He urges swift resolution of lingering disputes to provide the industry with the clarity needed for sustainable growth.

Alderoty强调，应搁置非欺诈案件以支持建设性参与。他敦促迅速解决持续争端，以为行业提供可持续增长所需的清晰度。