SEC针对Ripple的案件达到了决定性的转折点

经过四年多的法律对抗，美国证券交易委员会（SEC）似乎准备结束这一象征性案件。

The case that the SEC brought against Ripple is reaching a decisive turning point. After more than four years of legal confrontation, the U.S. Securities and Exchange Commission (SEC) appears ready to close this emblematic case.

SEC对Ripple提出的案件达到了决定性的转折点。经过四年多的法律对抗，美国证券交易委员会（SEC）似乎准备结束这一象征性案件。

This trial, which began in December 2020 with the accusations of the SEC against Ripple Labs for illegally raising funds by selling XRP as an unregistered security, has taken on significant proportions due to the regulatory uncertainty surrounding the crypto industry. After several years of proceedings and twists of fate, a ruling in August 2024 marked a decisive turning point. A court ruled that programmatic sales of XRP on exchanges did not constitute an offer of financial securities, and also fined Ripple $125 million.

这项审判始于2020年12月，当时SEC针对Ripple Labs的指控通过将XRP作为未注册的安全性出售而非法筹集资金，由于围绕加密货币行业的监管不确定性而占据了很大的比例。经过几年的诉讼和命运的扭曲，2024年8月的一项裁决标志着决定性的转折点。法院裁定，XRP在交易所上的程序化销售并不构成金融证券的要约，还罚款了Ripple 1.25亿美元。

However, both parties, having been granted the right to appeal, decided to do so. But on March 12, journalist Eleanor Terrett from Fox Business reports on X (formerly Twitter) that the case between the SEC and Ripple is “being dropped” after both parties filed an appeal and a counter-appeal regarding the $125 million judgment rendered in August 2024.

但是，双方都被授予上诉权，决定这样做。但是在3月12日，FOX Business的记者埃莉诺·特雷特（Eleanor Terrett）在X（以前是Twitter）上报道说，在双方双方对2024年8月作出的1.25亿美元判决提出上诉和反对意见后，SEC和Ripple之间的案件被“撤销”。

Both Ripple and the SEC have contested this verdict, leading to a series of appeals and counter-appeals. Pointing out that the case is now “much further along than other actions abandoned by the SEC,” Stuart Alderoty, Chief Legal Officer at Ripple, adds that Ripple is “optimistic about a quick resolution.” If both parties drop their appeals, the initial ruling will stand. But in case of disagreement over the fine, Ripple and the SEC will have to return to a judge for potential renegotiation.

Ripple和SEC都提出了这一判决，导致了一系列上诉和反诉讼。 Ripple首席法律官Stuart Alderoty指出，该案现在“现在比SEC抛弃的其他行动要远得多”，他补充说，Ripple“对快速解决方案感到乐观”。如果双方都放弃了他们的上诉，那么最初的裁决将会得以实施。但是，如果对罚款分歧，Ripple和SEC将不得不返回法官进行潜在的重新谈判。

A decision at the cost of several donations

以几项捐款为代价的决定

If the end of this trial will bring relief to Ripple and its investors, it also raises questions about the timing and the true motivations of the SEC. For several months now, the U.S. regulator has been dropping several lawsuits against major players in the crypto space. After Coinbase, Kraken, and Consensys, this time it's the turn of the SEC to close the case it brought against Ripple in 2020.

如果该审判的结束将使Ripple及其投资者感到宽慰，那么它还提出了有关SEC的时机和真正动机的疑问。几个月来，美国监管机构一直在对加密货币领域的主要参与者提起诉讼。在Coinbase，Kraken和Consensys之后，这次是SEC在2020年关闭对Ripple的案件的轮到。

This surprising turn of events comes amid fierce political debate in the U.S. about the regulation of digital assets. After years of relative inertia, the SEC, under the Trump administration, appears to be shifting gears.

这一令人惊讶的事件发生在美国关于数字资产的监管的激烈政治辩论中。经过多年的相对惯性，在特朗普政府领导下的SEC似乎正在转移齿轮。

One element fueling this controversy: the financial ties between Ripple and some Republican political groups. Indeed, Ripple contributed $45 million to Fairshake, an influential political action committee in the last U.S. elections, and donated $5 million for Trump’s presidential inauguration. Some observers see this as a potential conflict of interest, especially given that other crypto companies that backed Trump, like Coinbase, have also seen their matters stall.

引起这一争议的一个因素是：波纹与一些共和党政治团体之间的财务关系。的确，Ripple为上次美国大选的有影响力的政治行动委员会Fairshake贡献了4500万美元，并为特朗普的总统就职典礼捐赠了500万美元。一些观察家将其视为潜在的利益冲突，特别是考虑到其他支持特朗普（例如Coinbase）的加密公司也已经看到了他们的问题。

However, Stuart Alderoty maintains that the SEC’s decision is independent of any political pressure and reflects a change in perspective on the crypto industry. He stated, “We are grateful to Magistrate Judge Robert Smith for his careful consideration of the issues in this case. We are also appreciative of the SEC’s willingness to work towards a resolution of this matter. We believe that this case is a positive development for the cryptocurrency industry as a whole.”

但是，斯图尔特·奥尔德罗蒂（Stuart Alderoty）坚持认为，美国证券交易委员会（SEC）的决定独立于任何政治压力，反映了加密货币行业的观点变化。他说：“我们感谢地方法官罗伯特·史密斯（Robert Smith）对这种情况的仔细考虑。我们还感谢SEC愿意为解决此问题而努力的意愿。我们认为，这个案件是整个加密货币行业的积极发展。”

Crucial months for the crypto industry

加密行业的关键月份

The coming months will be crucial for the crypto industry. If the SEC reduces its regulatory aggressiveness, it could encourage more businesses to establish in the United States, rather than operate in a legal gray area. Conversely, if the agreement between Ripple and the SEC includes major concessions, it could set a precedent for other upcoming trials. In any case, this case represents a change in the relationship between U.S. regulators and the crypto ecosystem, and could reshape the contours of regulation in the years to come.

未来几个月对于加密行业至关重要。如果SEC降低了其监管侵略性，则可以鼓励更多的企业在美国建立，而不是在合法的灰色地区开展业务。相反，如果Ripple和SEC之间的协议包括主要优惠，则可以为其他即将进行的审判树立先例。无论如何，这种情况代表了美国监管机构与加密生态系统之间关系的变化，并且可以重塑未来几年的监管轮廓。