The U.S. Securities and Exchange Commission (SEC) has formally appealed a 2023 ruling on the legality of Ripple's XRP token sales.
Details of the Appeal
In a brief filed on January 15, 2023, the SEC asked the U.S. Court of Appeals for the Second Circuit to overturn Judge Analisa Torres' decision and order a summary judgment in its favor regarding Ripple's offers and sales of XRP to retail investors. The case dates back to 2020 when the SEC sued Ripple, alleging the company raised at least $1.3 billion from XRP sales, claiming them as unregistered securities. Judge Torres previously ruled that institutional sales violated U.S. securities laws while programmatic ones did not.
Ripple Executives React
Ripple's chief attorney, Stuart Alderoty, expressed dissatisfaction on social media, calling SEC's actions 'a rehash of already failed arguments.' He assured that Ripple will prepare a formal response. Ripple CEO Brad Garlinghouse also criticized the agency, describing their actions as 'insanity' and accused SEC Chair Gary Gensler of personal bias.
What's Next?
The SEC's appeal against the court's ruling marks a new phase in the ongoing legal battle. The outcomes and potential future actions in this case will be significant for cryptocurrency market regulation.
The SEC's appeal of the court's decision is a pivotal moment in the ongoing Ripple case and could impact U.S. cryptocurrency market regulation.
