Ripple 法律负责人在 Coinbase 诉讼中猛烈抨击 SEC 对加密货币的定义“令人困惑”

Ripple 的 CLO Stuart Alderoty 分析了最近 SEC 诉 Coinbase 案中的法院判决，批评了 SEC 在诉讼中提供的证据。 Alderoty 强调了法院对加密生态系统的相互矛盾的定义，这表明 SEC 可能需要在审判期间提供实质性证据来支持其指控。

Ripple's Chief Legal Officer Criticizes SEC's "Confusing Definitions" in Coinbase Lawsuit

Ripple首席法务官批评SEC在Coinbase诉讼中“定义混乱”

Legal Expert Raises Concerns Over SEC's Classification of Ripple's XRP Sales

法律专家对 SEC 对 Ripple 的 XRP 销售分类表示担忧

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and Coinbase, Ripple's Chief Legal Officer, Stuart Alderoty, has expressed concerns over the court's characterization of the crypto ecosystem. Following a recent ruling in the SEC's favor, Alderoty has scrutinized the court's decision, highlighting inconsistencies in the definition of the crypto ecosystem and questioning the SEC's evidence in its case against Ripple.

在美国证券交易委员会 (SEC) 和 Coinbase 之间正在进行的法律斗争中，Ripple 的首席法律官 Stuart Alderoty 对法院对加密生态系统的描述表示担忧。在美国证券交易委员会 (SEC) 最近做出一项有利于 Ripple 的裁决后，Alderoty 仔细审查了法院的裁决，强调了加密货币生态系统定义中的不一致之处，并对 SEC 在针对 Ripple 的案件中提供的证据提出了质疑。

Court's "Confusing Definitions" Draw Criticism

法院“定义混乱”招致批评

On March 27, U.S. District Judge Katherine Polk Failla ruled that the SEC's lawsuit against Coinbase could proceed to the discovery phase. In her ruling, Judge Failla provided four different definitions of the crypto ecosystem, which Alderoty has described as "confusing."

3 月 27 日，美国地区法官 Katherine Polk Failla 裁定 SEC 针对 Coinbase 的诉讼可以进入证据开示阶段。 Failla 法官在裁决中提供了加密生态系统的四种不同定义，Alderoty 称其“令人困惑”。

According to the ruling, the SEC narrowly defined the ecosystem as the coordinated enterprise contemplated by the issuers and promoters of the 13 crypto assets that the SEC labeled as securities in the lawsuit. However, the court also provided a broader definition, encompassing the issuer of the token, crypto asset providers, underlying technology, and regulated financial institutions with exposure to the token.

根据裁决，SEC 将生态系统狭义地定义为 SEC 在诉讼中被 SEC 标记为证券的 13 种加密资产的发行人和发起人设想的协调企业。然而，法院还提供了更广泛的定义，包括代币发行人、加密资产提供商、底层技术以及接触代币的受监管金融机构。

Alderoty has criticized the court's definitions, characterizing them as "legal gibberish." He argues that the SEC's position implies that acquiring a token inherently entails investing in an ecosystem, regardless of the circumstances of the acquisition.

阿尔德罗蒂批评了法院的定义，称其为“法律上的胡言乱语”。他认为，美国证券交易委员会的立场意味着，无论收购的情况如何，收购代币本质上都需要对生态系统进行投资。

Ripple Ruling Highlights SEC's Disregard for Howey Test

Ripple 裁决凸显 SEC 对 Howey 测试的无视

In a parallel case, Judge Analisa Torres, who is presiding over the SEC's lawsuit against Ripple, has previously acknowledged the SEC's departure from the Howey test in its analysis of Ripple's programmatic sales of XRP. The Howey test is a legal framework for determining whether a transaction constitutes an investment contract, and thus a security under federal law.

在一个平行案件中，主持 SEC 对 Ripple 诉讼的法官 Analisa Torres 此前承认 SEC 在分析 Ripple 的 XRP 程序化销售时偏离了 Howey 测试。豪伊测试是一个法律框架，用于确定交易是否构成投资合同，从而确定联邦法律下的证券。

Judge Torres held that programmatic investors did not expect to profit from Ripple's efforts because the sales were executed in blind bid/ask transactions. The ruling stated that "programmatic buyers could not have known if their payments of money went to Ripple or any other sellers of XRP."

托雷斯法官认为，程序化投资者预计不会从 Ripple 的努力中获利，因为销售是在盲目买/卖交易中执行的。该裁决指出，“程序化买家无法知道他们的付款是否流向了 Ripple 或 XRP 的任何其他卖家。”

Pro-XRP Lawyer Questions SEC's Evidence

支持 XRP 的律师质疑 SEC 的证据

Prominent legal expert Bill Morgan has weighed in on the Ripple case, echoing Alderoty's concerns. Morgan has criticized the SEC for categorizing Ripple's XRP sales into three categories but failing to provide sufficient evidence to support claims regarding the third category: other distributions.

著名法律专家比尔·摩根（Bill Morgan）对 Ripple 案发表了看法，呼应了阿尔德罗蒂的担忧。摩根批评 SEC 将 Ripple 的 XRP 销售分为三类，但未能提供足够的证据来支持有关第三类：其他发行版的主张。

Judge Torres found no evidence that Ripple funded its project by transferring XRP to third parties and having them sell the coins to raise funds. Morgan suggests that the SEC may have considered other distributions of XRP to be part of an ecosystem but not a common enterprise. He notes that these distributions did not constitute investment contracts.

托雷斯法官没有发现任何证据表明 Ripple 通过将 XRP 转移给第三方并让他们出售代币来筹集资金来资助其项目。摩根表示，SEC 可能已将 XRP 的其他发行版视为生态系统的一部分，而不是一个普通企业。他指出，这些分配并不构成投资合同。

Implications for the Crypto Industry

对加密行业的影响

The ongoing legal battles between the SEC and Coinbase and Ripple have significant implications for the crypto industry. The SEC's aggressive approach to regulating the crypto market has raised concerns over its overreach and the potential stifling of innovation.

SEC 与 Coinbase 和 Ripple 之间正在进行的法律斗争对加密行业产生了重大影响。美国证券交易委员会在监管加密货币市场方面采取的激进做法引发了人们对其越权行为和可能扼杀创新的担忧。

The inconsistencies in the court's definition of the crypto ecosystem and the SEC's lack of clear evidence in the Ripple case highlight the ongoing challenges in navigating the legal landscape of digital assets. These issues will likely continue to shape the relationship between regulators and the crypto industry in the coming years.

法院对加密生态系统的定义不一致，以及 SEC 在 Ripple 案件中缺乏明确证据，凸显了数字资产法律环境中持续存在的挑战。这些问题可能会在未来几年继续影响监管机构与加密货币行业之间的关系。