Ripple vs. SEC Appeal: Key Developments and Implications

Ripple 与 SEC 上诉：主要进展和影响

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."

在一段名为“SEC 上诉：下一步是什么？”的视频中，加密货币分析师审查了正在进行的 Ripple 案件和 SEC 最近的上诉通知。 提供著名法律专家詹姆斯·墨菲（James Murphy）（也被称为“元法律人”）的见解。

Summary of Judge Torres' Ruling

托雷斯法官裁决摘要

• 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的机构销售XRP被视为未注册证券。XRP本身不被归类为证券。不涉及Ripple的零售销售也被豁免。机构投资者没有遭受受害者或损失，不存在欺诈行为。Ripple被勒令赔偿民事处罚，但不需要上缴非法所得。 SEC 的上诉

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，美国证券交易委员会已正式提起上诉。他们有 14 天的时间概述他们所争议的具体问题。 SEC 可能会对以下内容提出异议：

• 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.

判定瑞波币在交易所的销售不属于投资合约。由于机构投资者缺乏经过证实的损失，因此无法返还非法所得。

Ripple's Potential Cross-Appeal

Ripple 的潜在交叉吸引力

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.

墨菲强烈支持 Ripple 提起交叉上诉，认为机构销售不应被视为投资合同，而应被视为批发交易。他与 Howey 案进行了类比，强调机构买家充当了瑞波币的经销商而不是投资者。

Procedural Timeline

程序时间表

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 提交简报，Ripple 将有两周时间做出回应。整个上诉过程预计将持续一年多的时间，最终裁决可能会在 2026 年初做出。法庭之友陈述和国会干预等外部因素可能会进一步推迟诉讼程序。

Impact on XRP Price

对 XRP 价格的影响

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 的价格一直在横盘整理，预计这种趋势可能会持续下去。持续存在的法律问题可能会阻碍其表现。然而，一些分析师认为，根据某些指标，包括近期的价格走势和动量指标，可能会出现长期反弹。

Conclusion

结论

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 诉 SEC 案件仍然是加密货币监管领域的重大进展。 SEC 的上诉带来了额外的不确定性，但也为 Ripple 提供了进一步澄清其立场并倡导有利结果的机会。持续的法律发展将继续影响 XRP 的市场动态和更广泛的加密货币格局。