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News - SEC 'likely' to file appeal
Did Ripple violate securities laws with the sale of XRP after all? This issue would potentially go back to court.
The signs for an appeal in the cryptocurrency XRP dispute are getting stronger. Former lawyers for the SEC have told reporter Eleanor Terrett, who has been following the case from the beginning, that the regulator is "likely" to appeal the ruling. This would mean that the main case could be reheard.
🚨NEW: A former @SECGov lawyer who recently left the agency tells me the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the $XRP programmatic sales in the @Ripple case partly because: “everyone over there [at the SEC] truly believes that the decision is…
— Eleanor Terrett (@EleanorTerrett) September 26, 2024
The ruling from July this year fell in Ripple's favor. The court ruled that selling XRP through trading platforms did not violate securities laws. The case ended with Ripple being fined $125 million, while the SEC had demanded $2 billion.
That the SEC is likely to appeal last year's ruling is supported by the fact that the authority had tried to do so before, but initially failed. A court had rejected an appeal on the grounds that there were other pending cases. Now that the main trial has concluded, however, the way is open for an appeal.
