Ripple vs. SEC Appeal: Key Developments and Implications

Ripple 與 SEC 上訴：主要進展和影響

In a video titled "The SEC Appeal: What's Next?", crypto analyst examines the ongoing Ripple case and the SEC's recent appeal notice. provides insights from renowned legal expert James Murphy, also known as "Meta Law Man."

在一段名為「SEC 上訴：下一步是什麼？」的影片中，加密貨幣分析師審查了正在進行的 Ripple 案件和 SEC 最近的上訴通知。 提供著名法律專家詹姆斯·墨菲（James Murphy）（也被稱為“元法律人”）的見解。

Summary of Judge Torres' Ruling

托雷斯法官裁決摘要

• Only Ripple's institutional sales of XRP were deemed unregistered securities.
• XRP itself was not classified as a security.
• Retail sales not involving Ripple were also exempt.
• No victims or losses were suffered by institutional investors, and no fraud was established.
• Ripple was ordered to pay a civil penalty, but no disgorgement was required.

SEC's Appeal

只有Ripple的機構銷售XRP被視為未註冊證券。賠償民事處罰，但不需要上繳非法所得。

As anticipated by Murphy, the SEC has formally filed an appeal. They have 14 days to outline the specific issues they are disputing. The SEC is likely to contest the following:

正如墨菲所料，美國證券交易委員會已正式提起上訴。他們有 14 天的時間概述他們所爭議的具體問題。 SEC 可能會對以下內容提出異議：

• The determination that Ripple's sales on exchanges are not investment contracts.
• The lack of disgorgement due to the absence of proven losses among institutional investors.

判定瑞波幣在交易所的銷售不屬於投資合約。

Ripple's Potential Cross-Appeal

Ripple 的潛在交叉吸引力

Murphy strongly supports Ripple filing a cross-appeal, arguing that institutional sales should not be considered investment contracts but rather wholesale transactions. He draws parallels to the Howey case, emphasizing that institutional buyers acted as resellers rather than investors in Ripple.

墨菲強烈支持 Ripple 提起交叉上訴，認為機構銷售不應被視為投資合同，而應被視為批發交易。他與 Howey 案進行了類比，強調機構買家充當了瑞波幣的經銷商而不是投資者。

Procedural Timeline

程序時間表

Once the SEC files its brief, Ripple will have two weeks to respond. The entire appeal process is expected to take over a year, with a potential final decision in early 2026. External factors, such as amicus briefs and congressional interventions, could further delay proceedings.

一旦 SEC 提交簡報，Ripple 將有兩週時間做出回應。整個上訴過程預計將持續一年多的時間，最終裁決可能會在 2026 年初做出。

Impact on XRP Price

對 XRP 價格的影響

XRP's price has been consolidating sideways, with expectations that this trend may continue. Ongoing legal issues could hinder its performance. However, some analysts suggest a potential long-term rally based on certain metrics, including recent price movements and momentum indicators.

XRP 的價格一直在橫盤整理，預計這種趨勢可能會持續下去。持續存在的法律問題可能會阻礙其表現。然而，一些分析師認為，根據某些指標，包括近期的價格走勢和動量指標，可能會出現長期反彈。

Conclusion

結論

The Ripple vs. SEC case remains a significant development in the regulation of cryptocurrencies. The SEC's appeal introduces additional uncertainty, but it also provides Ripple with an opportunity to further clarify its position and advocate for favorable outcomes. The ongoing legal developments will continue to shape XRP's market dynamics and the broader crypto landscape.

Ripple v. SEC 案仍是加密貨幣監管領域的重大進展。 SEC 的上訴帶來了額外的不確定性，但也為 Ripple 提供了進一步澄清其立場並倡導有利結果的機會。持續的法律發展將繼續影響 XRP 的市場動態和更廣泛的加密貨幣格局。