“但如果你摔倒,你单独摔倒” - 秒后涟漪

Ripple Labs,Inc。首次开始在2020年12月22日开始销售其数字资产XRP,证券交易委员会,提起了抱怨在纽约南部的涟漪及其当前和前任首席执行官,声称自从它开始这些销售额以来,涟漪一直从事在美国和全球范围内销售其XRP令牌的未注册的证券。在没有声称欺诈的行动中,秒正在寻求禁令的救济,违反偏见的兴趣和民事处罚。

证券交易委员会向其他执法行动应用了类似于提供的数字资产,如凯克电报。与他人的涟漪投诉分开是历史悠久的活动历史,证券委员会宣布被告通过非对称信息披露为自己的个人收益披露创造了对投资者的大量风险 - 证券法旨在防范的东西旨在保护投资者。

Howey.测试用于确定金融工具是否是“投资合同”,从而是安全性。最高法院界定了投资合同秒诉W. J. Howey Co.,328美国293(1946年),作为对共同企业的投资,具有合理预期的利润或来自他人的企业/管理努力的利润或回报。申请该测试,证券证据声称购买XRP构成投资,XRP提供构成了一个共同的企业,因为参与者的财富被绑在一起。在典型的案件中,截至迄今为止,声称一种密码货币形式是一种安全性,这两个叉子Howey.测试很容易满足。

至于第三宗:股权声称XRP的购买者合理地预计其利润源于被告的努力,指出其努力为XRP创建,控制和管理二级市场,以开发XRP用例,以及与银行和其他金融中介机构合作,实施所述用例。In contrast, note that SEC officials have declared that Bitcoin is not a security—and at least one former commissioner has stated that, in his view, Ether, in its current decentralized form isn’t either—because those tokens do not meet the “reasonable efforts of others” prong of the test, since there is no single third party the token holders are reliant upon for the their continued management and success. (The SEC has elaborated on this analysis in the“投资合同”框架数字资产分析。)SEC争辩说,这不是涟漪的情况,因为,根据投诉,XRP投资者不在任何职位上进行“各种,复杂,昂贵和全部包含关于何时或如何销售XRP的策略the markets to protect XRP’s price, volume, and liquidity. Nor are XRP investors in any position to increase significantly ‘demand’ or ‘value’ for XRP by developing a ‘use’ for the token through entrepreneurial efforts—at least not without Ripple’s support.”

71页,404段的事实 - 密集投诉似乎旨在对所谓的行为的广泛历史毫无疑问地留下怀疑。(According to the Complaint, the statute of limitations as to possible claims against the company was tolled six times.) The SEC’s efforts to bolster its legal conclusions includes, oddly, a footnote citing to guidance from a sister regulator, FinCEN, for its views on the application of the federal securities laws to convertible virtual currencies. And the lengthy Complaint overpleads the SEC’s case, devoting substantial discussion to facts suggesting manipulative conduct designed to support the price of XRP through artificial means, although the SEC does not go so far as to include a cause of action for manipulation.

总而言之,目前还不清楚SEC对日期的事实的投诉以及超越行动原因的指控是否构成了诉讼战略;关于SEC加密货币强行努力的未来方向的提示;或赔偿证券交易所关于这家公司的赔偿。但它确实提出了为什么SEC允许涟漪的运作,只要在提出这项投诉之前,XRP就达到了广泛的分布和沉重的集中,一些投资者。