证券型代币：SEC 与 Ripple 之间的争端可能升级

尽管美国法官对 XRP 做出了明确裁决，但 SEC 针对 Ripple 涉嫌加密币安代币性质的案件最终可能会升级。

这是 SEC 前金融科技和加密货币专家 Neel Maitra 在 MicroStrategy 上周举办的 Bitcoin For Corporations 活动中所声称的。

XRP 作为安全令牌？ SEC 再次针对 Ripple

Maitra 表示，目前尚不确定 SEC 针对 Ripple 的诉讼是否会很快结束。

加密货币相关法律问题的专家指出，三位法官对此事的意见相互矛盾。

第一个是法官 Analisa Torres，她去年对 XRP 案件做出了裁决。

Torres 法官认为，买家直接从 Ripple（发行人）购买 XRP 的初级交易和在交易所匿名发生的次级交易应分开考虑。在后一种情况下，它们不应被视为证券交易，因此交易所上的 XRP 不能被视为证券代币。

不过，Torres 尚未就 SEC 对 Ripple 在一级市场上将 XRP 作为证券代币出售的指控发表评论，因此这个问题仍然悬而未决。

然而，Maitra 回忆说，在另外两起案件中，美国证券交易委员会针对 Terra/Luna 和 Coinbase 的案件，法官 Jed Rakoff 和 Katherine Polk Failla 选择了更广泛的观点，假设加密货币公司采用的激进营销策略可能会影响一级和二级市场交易。

在这种情况下，即使是交易所上的加密交易也可能被归类为未注册的证券交易。

监管不确定性

所有这些推理都围绕着监管的不确定性，因为美国仍然没有任何管理加密货币市场的具体法律法规。

Maitra 指出，法官之间的这些不同意见凸显了加密货币的监管应该充满细微差别，并且应该具有不断发展的性质。

他加了：

“[Ripple 诉 SEC 案件]不可避免地会进入第二轮审理，甚至可能超出第二轮审理，谁知道呢，但在这个特定的决定中还有很多工作要做，就像 Coinbase 一样”。

因此，根据这位过去曾在同一 SEC 工作过的专家的说法，该案也可能会提交给最高司法机关，因为审查起来很困难，而且在该问题缺乏监管明确性的情况下，法官的工作尤其困难。复杂的。

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，应该指出的是，如果立法者或美国国会直接干预，情况可能会大大简化，多年来，立法者或美国国会一直因有关专门适用于特定领域的新规则的政治问题而受阻。加密货币市场。

热点：代币 SEC 升级