美国证券交易委员会（SEC）已决定在涉及Ripple的正在进行的法律案件中放弃上诉。

美国证券交易委员会（SEC）的决定不挑战美国地方法院法官Analisa Torres的2023年裁决，这使人们对是否应归类为安全的问题非常清楚。

The U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal in the ongoing legal case involving Ripple. This decision, announced on Friday, brings an end to the SEC’s attempt to overturn a 2023 ruling by U.S. District Judge Analisa Torres, who had largely ruled in favor of Ripple.

美国证券交易委员会（SEC）已决定在涉及Ripple的正在进行的法律案件中放弃上诉。周五宣布的这一决定结束了SEC试图推翻美国地方法院法官Analisa Torres裁决的企图，后者在很大程度上统治了支持Ripple的裁决。

Judge’s Ruling on XRP Sales

法官对XRP销售的裁决

Judge Torres had ruled that Ripple’s “programmatic sales” of XRP on secondary exchanges did not violate securities laws. However, the direct sale of XRP to institutional investors was found to be in violation of securities regulations.

托雷斯法官裁定，Ripple在二次交易所对XRP的“程序化销售”并未违反证券法。但是，发现将XRP直接出售给机构投资者违反了证券法规。

With the SEC’s decision not to challenge this ruling, Judge Torres’s analysis of whether XRP should be classified as a security will stand, providing much-needed clarity on a subject that has been a point of contention since the SEC first sued Ripple in 2020.

SEC的决定不挑战这项裁决，托雷斯法官对XRP是否应归类为安全性的分析将是一定的，这对一个主题提供了急需的清晰度，这是自SEC于2020年首次起诉Ripple以来一直是争议的一点。

Settlement Details: SEC Returns $75 Million

和解详细信息：SEC退还7500万美元

As part of the settlement, the SEC has agreed to return $75 million of the $125 million fine imposed on Ripple by a New York judge in 2022, leaving $50 million to settle the case. This settlement will also see the SEC’s injunction against Ripple lifted.

作为和解的一部分，SEC已同意将纽约法官在2022年对Ripple罚款的1.25亿美元罚款中的7500万美元，剩下5000万美元来解决此案。该解决方案还将看到SEC对Ripple的禁令。

Ripple’s Future Sales to Institutional Investors

Ripple对机构投资者的未来销售

Amid the excitement over the ruling and settlement, one user on X (formerly Twitter) commented that the lifting of the SEC’s injunction would now allow Ripple to sell directly to institutional investors.

在对裁决和和解的兴奋中，X（以前是Twitter）上的一位用户评论说，解除SEC的禁令现在将使Ripple可以直接出售给机构投资者。

The user said that while Ripple would still need to adhere to securities laws, it would no longer be required to go through over-the-counter (OTC) desks and could sell directly to entities like hedge funds or private equity firms.

用户表示，尽管Ripple仍然需要遵守证券法，但不再需要经过非处方（OTC）办公桌，并且可以直接出售给对冲基金或私募股权公司等实体。

Clarification from Former SEC Attorney

前SEC律师的澄清

However, former SEC attorney Marc Fagel clarified that while the injunction is lifted, the original ruling that Ripple’s sales to institutional investors violated the law still stands.

但是，前SEC律师马克·法格尔（Marc Fagel）澄清说，尽管禁令取消了禁令，但最初的裁决是，波纹对机构投资者的销售违反了法律。

Fagel explained that while the SEC will no longer pursue enforcement of the case, Ripple’s sales to institutional investors may still face legal challenges under Section 5 of the Securities Act if they are conducted in a similar manner as before.

Fagel解释说，尽管SEC将不再采取案件执行，但如果以与以前的方式进行类似的方式，Ripple向机构投资者的销售额仍可能会面临第5条规定的法律挑战。

Impact on Ripple’s On-Demand Liquidity Product

对Ripple的按需流动性产品的影响

When asked about the impact on Ripple’s On-Demand Liquidity (ODL) product, Fagel responded that the ruling would likely alleviate some of the restrictions Ripple faced, particularly regarding how it could sell XRP.

当被问及对Ripple的按需流动性（ODL）产品的影响时，Fagel回答说，该裁决可能会减轻Ripple所面临的一些限制，特别是关于如何出售XRP。

However, he warned that if Ripple were to resume sales in the same manner as those deemed illegal, it could still face legal issues, although the SEC would not be actively pursuing enforcement.

但是，他警告说，如果Ripple要以与被认为是非法的人相同的方式恢复销售，尽管SEC不会积极追求执法，但它仍然可能面临法律问题。