美国证券交易委员会 (SEC) 和 Ripple 就 XRP 分类展开的法律斗争愈演愈烈，可能会在最高法院展开对决

随着行业专家预计 Coinbase 案件裁决的影响，美国证券交易委员会 (SEC) 对 Ripple Labs 对 XRP 安全分类的追查力度加大。 Ripple 无视 SEC 的主张，并发誓要对其提出挑战，直到最高法院介入。法律斗争不断升级，使得加密行业面临着不明确的监管和不确定的未来。

Securities and Exchange Commission (SEC) and Ripple Labs Inc.'s Ongoing Legal Battle Over XRP Classification

美国证券交易委员会 (SEC) 和 Ripple Labs Inc. 就 XRP 分类正在进行的法律斗争

The Securities and Exchange Commission (SEC) and Ripple Labs Inc. are engaged in a protracted legal dispute regarding the classification of XRP, Ripple's digital token, as a security. This contentious battle has reverberated throughout the cryptocurrency industry, prompting speculation about its potential implications for the future of digital asset regulation.

美国证券交易委员会 (SEC) 和 Ripple Labs Inc. 就 Ripple 数字代币 XRP 作为证券的分类问题展开了旷日持久的法律纠纷。这场有争议的战斗在整个加密货币行业引起了反响，引发了人们对其对数字资产监管未来潜在影响的猜测。

The SEC's pursuit of regulatory enforcement actions in the cryptocurrency space has drawn significant attention, particularly in light of the recent Coinbase case ruling in its favor. Industry insiders believe that the SEC is unlikely to retreat from its regulatory stance, setting the stage for a possible Supreme Court showdown.

美国证券交易委员会 (SEC) 在加密货币领域采取的监管执法行动引起了广泛关注，特别是考虑到最近 Coinbase 案件对其有利的裁决。业内人士认为，SEC 不太可能放弃其监管立场，这为可能的最高法院摊牌奠定了基础。

Former SEC official Ladan Stewart, who led the agency's crypto enforcement unit, has opined that a landmark case could reach the Supreme Court, providing definitive clarity on the classification of digital assets under U.S. law. The crux of the debate revolves around determining whether digital tokens inherently constitute securities or if their sale triggers securities laws.

领导该机构加密执法部门的前 SEC 官员拉丹·斯图尔特 (Ladan Stewart) 认为，最高法院可能会审理一个具有里程碑意义的案件，从而明确美国法律下的数字资产分类。争论的关键在于确定数字代币是否本质上构成证券，或者其销售是否触发证券法。

Stewart has emphasized that the underlying digital asset is not considered a security, but its offering and sale can be deemed as such. This distinction, however, presents practical challenges for cryptocurrency companies, raising questions about how offerings can be registered while considering the "stuff around the token" that may influence its security status.

斯图尔特强调，基础数字资产不被视为证券，但其发行和销售可以被视为证券。然而，这种区别给加密货币公司带来了实际挑战，引发了如何在考虑可能影响其安全状态的“代币周围的东西”的同时注册产品的问题。

Industry representatives have expressed concerns over the potential for "regulation by enforcement," where regulatory actions are pursued despite unclear or impractical regulations. This approach, as exemplified in the Coinbase ruling, may hinder the fast-paced digital asset market.

行业代表对“执法监管”的可能性表示担忧，即在监管不明确或不切实际的情况下仍采取监管行动。正如 Coinbase 裁决所体现的那样，这种做法可能会阻碍快节奏的数字资产市场。

Ripple Labs Inc. has steadfastly maintained its position that XRP is a utility token used for facilitating transactions on its network, not an investment contract. The company has vowed to challenge the SEC's claims all the way to the Supreme Court, citing past Supreme Court decisions favoring challengers to the SEC.

Ripple Labs Inc. 坚定地维持其立场，即 XRP 是一种用于促进其网络交易的实用代币，而不是投资合约。该公司誓言将一直向最高法院挑战 SEC 的主张，并援引最高法院过去对 SEC 挑战者有利的裁决。

The SEC bears the burden of proving that XRP sales were specifically designed to raise capital through an investment scheme. The upcoming pre-trial conference in this case may provide insights into the strength of the SEC's case.

SEC 有责任证明 XRP 销售是专门为了通过投资计划筹集资金而设计的。即将召开的本案预审会议可能会让人们深入了解 SEC 案件的实力。

The outcome of this legal battle has significant implications for the cryptocurrency industry. A Supreme Court ruling could establish a precedent for classifying digital assets under U.S. law, impacting how companies operate, how tokens are offered, and the future trajectory of crypto regulation in the United States.

这场法律战的结果对加密货币行业具有重大影响。最高法院的裁决可能会开创美国法律对数字资产进行分类的先例，影响公司的运营方式、代币的提供方式以及美国加密货币监管的未来轨迹。

To stay abreast of the latest developments in this ongoing legal saga, consider exploring additional resources:

为了了解这一正在进行的法律传奇的最新进展，请考虑探索其他资源：

• Ripple CLO: “No Pre-Trial Conference” – Is the Case Affected?
• SEC's Recent Loss Rocks Ripple Lawsuit: Is It Game Over?

Ripple CLO：“没有预审会议”——案件是否受到影响？SEC近期败诉引发Ripple诉讼：游戏结束了吗？