盡管美國法官對(duì) XRP 做出了明確裁決，但 SEC 針對(duì) Ripple 涉嫌加密幣安代幣性質(zhì)的案件最終可能會(huì)升級(jí)。

這是 SEC 前金融科技和加密貨幣專家 Neel Maitra 在 MicroStrategy 上周舉辦的 Bitcoin For Corporations 活動(dòng)中所聲稱的。

XRP 作為安全令牌？ SEC 再次針對(duì) Ripple

Maitra 表示，目前尚不確定 SEC 針對(duì) Ripple 的訴訟是否會(huì)很快結(jié)束。

加密貨幣相關(guān)法律問題的專家指出，三位法官對(duì)此事的意見相互矛盾。

第一個(gè)是法官 Analisa Torres，她去年對(duì) XRP 案件做出了裁決。

Torres 法官認(rèn)為，買家直接從 Ripple（發(fā)行人）購買 XRP 的初級(jí)交易和在交易所匿名發(fā)生的次級(jí)交易應(yīng)分開考慮。在后一種情況下，它們不應(yīng)被視為證券交易，因此交易所上的 XRP 不能被視為證券代幣。

不過，Torres 尚未就 SEC 對(duì) Ripple 在一級(jí)市場上將 XRP 作為證券代幣出售的指控發(fā)表評(píng)論，因此這個(gè)問題仍然懸而未決。

然而，Maitra 回憶說，在另外兩起案件中，美國證券交易委員會(huì)針對(duì) Terra/Luna 和 Coinbase 的案件，法官 Jed Rakoff 和 Katherine Polk Failla 選擇了更廣泛的觀點(diǎn)，假設(shè)加密貨幣公司采用的激進(jìn)營銷策略可能會(huì)影響一級(jí)和二級(jí)市場交易。

在這種情況下，即使是交易所上的加密交易也可能被歸類為未注冊(cè)的證券交易。

監(jiān)管不確定性

所有這些推理都圍繞著監(jiān)管的不確定性，因?yàn)槊绹匀粵]有任何管理加密貨幣市場的具體法律法規(guī)。

Maitra 指出，法官之間的這些不同意見凸顯了加密貨幣的監(jiān)管應(yīng)該充滿細(xì)微差別，并且應(yīng)該具有不斷發(fā)展的性質(zhì)。

他加了：

“[Ripple 訴 SEC 案件]不可避免地會(huì)進(jìn)入第二輪審理，甚至可能超出第二輪審理，誰知道呢，但在這個(gè)特定的決定中還有很多工作要做，就像 Coinbase 一樣”。

因此，根據(jù)這位過去曾在同一 SEC 工作過的專家的說法，該案也可能會(huì)提交給最高司法機(jī)關(guān)，因?yàn)閷彶槠饋砗芾щy，而且在該問題缺乏監(jiān)管明確性的情況下，法官的工作尤其困難。復(fù)雜的。

Furthermore, it reports that the SEC does not necessarily see the defeat in the case against XRP as a failure of its theory that even the secondary trading of cryptocurrencies would be trading in unregistered securities, but sees it only as a temporary failure for not having been able to present sufficient evidence to support their theory.

In light of this, it is possible that the SEC is preparing to present further evidence to try to resolve the issue in its favor on appeal.

The issue is still open

It should be added that the SEC’s case against Ripple is actually not closed yet.

Therefore, although the case against XRP has now been closed, the ones against Coinbase and Ripple remain open, and there is always the possibility that they may escalate to a higher level, even up to the appeal or beyond.

In other words, last year’s partial victory does not seem to be enough to consider the danger averted.

The fact is that if cryptocurrencies are recognized as securities, since they are not registered as such, they could not be legally traded on exchanges.

Actually, there seem to be no doubts about Bitcoin: it is not a security, and can be freely traded.

The problem lies with other cryptocurrencies, especially those that are presented to the markets as investment opportunities to generate profits, with the issuer promoting their sale with advertising and promotions.

If they are sold promising profits, as Ripple seems to have done during the early years of its cryptocurrency existence, it is difficult to argue that they are not implicit investment contracts, and since such contracts are effectively securities, cryptocurrencies that fall into this category could actually be considered unregistered securities.

The risk is therefore real, and partly seems to also concern Ethereum. It is possible that the SEC will reject the requests for the issuance of ETFs on Ethereum spot in the USA during this month of May, expecting the issue to then be brought to court and resolved by a judge.

However, this does not apply to Bitcoin, on which the SEC has never raised objections regarding its nature as a commodity.

Ripple’s response to the SEC on the nature of security tokens

Recently, Ripple’s CEO, Brad Garlinghouse, openly expressed his support for Ethereum, vehemently denying the idea that ETH and XRP should be considered securities.

During an interview with CNBC, he emphasized the differences between these cryptocurrencies and those securities that are commonly considered security, highlighting that the actual use of XRP, for example, as a means to facilitate cross-border payments is in stark contrast to the characteristics of securities.

So in fact Ripple continues to deny that the SEC may be right, but it will always and only be a judge who can decide how things really are.

然而，應(yīng)該指出的是，如果立法者或美國國會(huì)直接干預(yù)，情況可能會(huì)大大簡化，多年來，立法者或美國國會(huì)一直因有關(guān)專門適用于特定領(lǐng)域的新規(guī)則的政治問題而受阻。加密貨幣市場。

熱點(diǎn)：代幣 SEC 升級(jí)