Ripple Labs 与美国 SEC 之间的 XRP 诉讼仍然是热门话题

Ripple Labs 和美国证券交易委员会 (SEC) 之间的 XRP 诉讼仍然是一个热门话题，福克斯商业新闻记者 Charles Gasparino 认为，特朗普领导的 SEC 的持续推动可能意味着该机构的胜利。

FOX Business journalist Charles Gasparino and pro-XRP lawyer Bill Morgan engaged in a heated exchange on Twitter over Judge Analisa Torres’s ruling in the XRP lawsuit.

福克斯商业新闻记者 Charles Gasparino 和支持 XRP 的律师 Bill Morgan 在 Twitter 上就法官 Analisa Torres 在 XRP 诉讼中的裁决进行了激烈的交流。

While Gasparino asserted that the judge’s decision could be overturned and that the SEC has a strong case if it continues to challenge, Morgan countered that the judge’s rulings are based on strong legal principles and that the SEC failed to provide sufficient evidence.

虽然加斯帕里诺声称法官的决定可能会被推翻，并且如果 SEC 继续提出质疑，那么它就有充分的理由，但摩根反驳说，法官的裁决是基于强有力的法律原则，并且 SEC 未能提供足够的证据。

The XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) remains a hot topic as FOX Business journalist Charles Gasparino posits that a continued push under a Trump-led SEC could spell victory for the agency. However, Bill Morgan, a prominent attorney within the XRP community, argues that the judge’s rulings are based on strong legal principles, countering the narrative by Gasparino.

Ripple Labs 和美国证券交易委员会 (SEC) 之间的 XRP 诉讼仍然是一个热门话题，福克斯商业新闻记者 Charles Gasparino 认为，特朗普领导的 SEC 的持续推动可能意味着该机构的胜利。然而，XRP 社区的知名律师 Bill Morgan 认为法官的裁决是基于强有力的法律原则，反驳了 Gasparino 的说法。

On X, Gasparino defended his earlier reports and reiterated his view that Judge Torres’s decision in favor of Ripple’s programmatic sales could ultimately be overturned. According to Gasparino: “I will never change my mind that Judge Torres’s ruling that allows for lower disclosure standards for retail is something that markets should embrace. I also believe that if the SEC does continue to challenge, there’s a good chance of it being overturned. If you don’t like that, too bad.”

X 日，加斯帕里诺为他之前的报告进行了辩护，并重申了他的观点，即托雷斯法官支持 Ripple 程序化销售的决定最终可能会被推翻。加斯帕里诺表示：“我永远不会改变主意，托雷斯法官允许降低零售业披露标准的裁决是市场应该接受的。我还相信，如果 SEC 继续提出质疑，很有可能被推翻。如果你不喜欢这样，那就太糟糕了。”

He went on to note that he has covered both sides of the legal spat, citing his interview with former CFTC Chairman Chris Giancarlo—who predicted the SEC would drop the Ripple litigation when President-elect Donald Trump reassumes office—as an example of balanced reporting.

他接着指出，他涵盖了法律纠纷的双方，并引用了他对前 CFTC 主席 Chris Giancarlo 的采访——他预测当当选总统唐纳德·特朗普重新就职时，SEC 将放弃 Ripple 诉讼——作为平衡报道的一个例子。

Pro-XRP Lawyer Morgan Counters Gasparino

Pro-XRP 律师摩根反击 Gasparino

Bill Morgan, a renowned pro-XRP lawyer who often voices his opinions on the high-profile lawsuit, sharply contested Gasparino’s claims. Responding directly to Gasparino, Morgan argued that Judge Torres’s ruling neither lowers disclosure standards for retail traders nor addresses secondary market sales in a way that would curtail the usual securities disclosures:

比尔·摩根 (Bill Morgan) 是一位著名的支持 XRP 的律师，他经常就这起备受瞩目的诉讼发表自己的观点，他对加斯帕里诺的主张提出了尖锐的质疑。摩根直接回应加斯帕里诺，认为托雷斯法官的裁决既没有降低零售交易者的披露标准，也没有以减少通常证券披露的方式解决二级市场销售问题：

“Respectfully, Judge Torres’s ruling does not ‘allow’ for lower disclosure standards for retail. It did not even extend to other secondary market sales. The need for securities level disclosure only arises if programmatic sales are investment contracts.”

“恕我直言，托雷斯法官的裁决并没有‘允许’降低零售业的披露标准。它甚至没有扩展到其他二级市场销售。只有当程序化销售是投资合同时，才需要进行证券层面的披露。”

Morgan further contended that, if Ripple ultimately prevails on appeal regarding the judge’s finding that institutional sales constituted securities transactions, any concerns about varying disclosure requirements would vanish: “If Ripple wins its appeal your concerns about different disclosure standards disappear. No securities disclosure will be required for any Ripple XRP sales in that event because no sales will be securities.”

摩根进一步辩称，如果 Ripple 最终在法官裁定机构销售构成证券交易的上诉中获胜，那么对不同披露要求的任何担忧都将消失：“如果 Ripple 赢得上诉，你对不同披露标准的担忧就会消失。在这种情况下，任何 Ripple XRP 销售都不需要进行证券披露，因为任何销售都不会是证券。”

The core of Morgan’s criticism focuses on the SEC’s inability to supply convincing evidence that retail buyers of XRP relied on Ripple’s efforts for profit. According to Morgan, the SEC’s expert did not interview a single retail holder: “The SEC lost on the category of programmatic sales because its evidence on the expectation of profits for programmatic buyers was not sufficient. It was crap evidence. It was poor lawyering quite frankly.”

摩根批评的核心集中在 SEC 无法提供令人信服的证据来证明 XRP 的散户买家依赖 Ripple 的努力来获取利润。摩根表示，美国证券交易委员会的专家没有采访任何零售持有人：“美国证券交易委员会在程序化销售类别上失败了，因为其关于程序化买家利润预期的证据不充分。这是垃圾证据。坦白说，这是糟糕的律师工作。”

He highlighted attorney John Deaton’s submission of extensive evidence demonstrating that many XRP holders neither knew nor cared about Ripple’s business operations when purchasing the token.

他强调律师 John Deaton 提交的大量证据表明，许多 XRP 持有者在购买该代币时既不知道也不关心 Ripple 的业务运营。

Morgan further criticized Gasparino for questioning Judge Torres’s competence: “You might not like the consequence of the ruling but that does not mean there was an error by the judge. It certainly doesn’t warrant calling her stupid. […] What do you actually say is the legal or factual error in her reasoning anyway? You don’t. You just bad mouth the Judge because of a perceived adverse consequence.”

摩根进一步批评加斯帕里诺质疑托雷斯法官的能力：“你可能不喜欢裁决的结果，但这并不意味着法官有错误。这当然不值得说她愚蠢。 […]你实际上说的是她的推理中的法律或事实错误是什么？你不知道。你只是因为感觉到不利的后果而说法官的坏话。”

In a subsequent post, Gasparino defended his stance and explained why many in the securities bar allegedly view Judge Torres’s ruling with skepticism: “According to the ‘33 act, you need to provide full disclosures if you are going to raise cap from the general public, and limited disclosures for private offerings. […] The private offering to institutions (only basic requirements) was found deficient while the public sales (full financial statements) were ruled not to have been securities transactions because the people buying XRP in the secondary market, she claims, thus they had no idea what Ripple does in relation to their XRP purchase. […] It’s insane because if Ripple went out of biz tomorrow, what would XRP be used for?”

在随后的帖子中，加斯帕里诺捍卫了自己的立场，并解释了为什么证券界的许多人据称对托雷斯法官的裁决持怀疑态度：“根据 33 法案，如果你要提高公众的上限，你需要提供完整的披露信息，以及私募发行的有限披露。 [...] 向机构的私募（仅基本要求）被认为存在缺陷，而公开销售（完整的财务报表）被裁定不属于证券交易，因为她声称，人们在二级市场上购买 XRP，因此他们没有了解 Ripple 在购买 XRP 方面做了什么。 […] 这太疯狂了，因为如果 Ripple 明天倒闭，XRP 会用来做什么？”

Gasparino also maintained his belief that if Trump once again heads the SEC and “continues to challenge, he will win because according to the basics of securities laws the public is always entitled to more than private, not equal and certainly not less.”

加斯帕里诺还坚信，如果特朗普再次担任美国证券交易委员会主席并“继续挑战，他将会获胜，因为根据证券法的基础知识，公众永远有权比私人获得更多的权利，而不是平等的，当然也不会更少。”

At press time, XRP traded at $2.02.

截至发稿时，XRP 交易价格为 2.02 美元。