The US Securities and Exchange Commission (SEC) is filing an appeal against the landmark 2023 ruling that sales of the crypto asset XRP only qualify as securities when sold to institutional investors.
In a new thread on social media platform
“The SEC’s decision to appeal is disappointing, but not surprising. This only prolongs what is already a complete disgrace for the agency. The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, no casualties or losses.
Instead of faithfully applying the law, this organization continues to engage in lawsuits against the industry under this chairman. We are investigating whether an incidental appeal can be lodged. Regardless, the SEC’s lawsuit has been irrational and misleading from the start, and we are ready to prove that again in the appellate court (once again leading the way for the industry).”
According to court documents shared by crypto legal expert James K. Filan, the SEC filed a notice to appeal the decision on October 2.
In October 2023, Judge Analisa Torres – the same judge who ruled that retail sales of XRP do not qualify as securities – rejected the SEC’s request to appeal the ruling. At the time, Torres said the regulator had failed to demonstrate that the appeal would “materially further the ultimate termination of the litigation.”
The SEC first sued Ripple Labs in December 2020, alleging that the company broke the law by selling the digital asset XRP, used to operate its payments platform, as an unregistered security asset.
XRP is trading at $0.517 at the time of writing, down 11.94% over the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
