美国证券交易委员会（SEC）决定在Ripple案中放弃上诉

经过多年的法律斗争，美国证券交易委员会（SEC）决定不对美国地方法院法官Analisa Torres裁决的裁决提出上诉，这使得XRP（Ripple发行的加密货币）是否是安全的问题。

The U.S. Securities and Exchange Commission (SEC) has decided to drop its appeal in the Ripple case, a move that brings to a close a major legal battle that had implications for the cryptocurrency industry.

美国证券交易委员会（SEC）决定在Ripple案中放弃上诉，这一举动使一场对加密货币行业产生影响的重大法律斗争。

After years of legal disputes, the SEC will not be proceeding with an appeal against a 2023 ruling by U.S. District Judge Analisa Torres, which partially favored the SEC in its lawsuit against Ripple. The case revolved around the question of whether XRP, the cryptocurrency issued by Ripple, is a security.

经过多年的法律纠纷，美国证券交易委员会（SEC）将不会对美国地方法院法官Analisa Torres的2023年裁决提出上诉，该裁决部分利于SEC在针对Ripple的诉讼中。案件围绕着XRP（Ripple发出的加密货币）是否是安全性的问题。

Judge Torres's ruling stated that Ripple's "programmatic sales" of XRP via secondary exchanges, such as Coinbase and Kraken, did not violate securities laws. However, she found that Ripple's direct sales of XRP to institutional investors did constitute violations of securities regulations, leading to a $125 million fine imposed on Ripple.

托雷斯法官的裁决指出，Coinbase和Kraken等二级交易所的Ripple对XRP的“程序化销售”并未违反证券法。但是，她发现Ripple将XRP直接销售给机构投资者确实构成了违反证券法规的行为，从而导致了对Ripple的1.25亿美元罚款。

Samson Enzer, a partner at Cahill Gordon & Reindel LLP, highlighted the significance of the Ripple case.

Cahill Gordon＆Reindel LLP的合伙人Samson Enzer强调了Ripple Case的重要性。

"This case is interesting because it stands in contrast to other cases that were dropped early on, such as the ones against Coinbase and Kraken, or the cases that were settled quickly, like the ones against blockchain companies in 2021," Enzer explained.

Enzer解释说：“此案很有趣，因为它与其他案件相反，例如对Coinbase和Kraken的其他案件，或者像2021年针对区块链公司的案件相比。”

He noted that the cases against Coinbase and Kraken were dropped in the early stages, and the cases against blockchain companies were settled quickly. However, the Ripple case had progressed further, covering larger legal issues.

他指出，针对Coinbase和Kraken的案件在早期阶段被撤销，针对区块链公司的案件很快就解决了。但是，连锁反应进一步发展，涵盖了更大的法律问题。

"This dismissal could have more impact since it sets a broader legal precedent," Enzer added.

Enzer补充说：“这种解雇可能会产生更大的影响，因为它设定了更广泛的法律先例。”

With the legal battle now over, attention is turning to the possibility of an XRP exchange-traded fund (ETF). Multiple firms, including Grayscale, WisdomTree, and Bitwise, have applied for XRP ETFs, and there is growing optimism within the industry that the SEC will approve one soon.

随着法律斗争的结束，人们的注意力正在转向XRP交易所交易基金（ETF）的可能性。包括Grayscale，WisdomTree和Bitwise在内的多家公司已申请XRP ETF，并且在行业内越来越乐观，SEC很快就会批准。

Prediction platform Polymarket gives an 80% chance of an XRP ETF being approved this year, while Ripple CEO Brad Garlinghouse expressed confidence, stating that he believes the SEC will approve an XRP ETF in the second half of 2025.

预测平台Polmoarket今年有80％的机会获得XRP ETF的批准，而Ripple首席执行官Brad Garlinghouse表示有信心，他认为SEC将在2025年下半年批准SEC批准XRP ETF。

Enzer believes that the shift in the SEC's approach to crypto could open the door for more crypto-related products, including ETFs. He explained that secondary market sales of cryptocurrencies like XRP are now considered commodities or property, meaning exchanges will not need to register to trade these assets.

恩泽（Enzer）认为，SEC对加密货币的转变可能会为包括加密相关的产品（包括ETF）打开大门。他解释说，XRP等加密货币的二级市场销售现在被视为商品或财产，这意味着交易所无需注册即可交易这些资产。

"The fact that the SEC decided not to appeal Judge Torres's ruling is a huge development for the crypto industry," Enzer remarked. This brings to a close several years of litigation on the subject.

Enzer说：“ SEC决定不上诉托雷斯法官的裁决这一事实是加密行业的巨大发展。”这使该主题进行了几年的诉讼。

However, it's important to note that the SEC's stance on Ripple's direct sales of XRP to institutional investors still stands, and Ripple will retain $50 million of the $125 million fine imposed for these violations.

但是，重要的是要注意，SEC对Ripple对机构投资者的直接销售的立场仍然存在，Ripple将保留5,000万美元因这些违规行为而罚款的1.25亿美元。

Moreover, there is still potential for state-level enforcement of crypto regulations, especially in cases that involve fraud or market manipulation.

此外，仍然有可能执行加密法规的州级执行，尤其是在涉及欺诈或市场操纵的情况下。

The actions of the SEC under its new leadership suggest a shift toward more cooperation with the crypto industry, and some anticipate that the regulatory environment for digital assets will become more flexible. While there might still be instances of enforcement at the state level, Enzer noted that the federal government appears to be moving in a more positive direction for the crypto market.

SEC在其新领导下的行动表明，转向与加密货币行业的更多合作，有些人预计数字资产的监管环境将变得更加灵活。尽管在州一级仍可能有执法的实例，但恩泽指出，联邦政府似乎在加密市场朝着更积极的方向发展。