SEC Files Appeal Against Ripple (XRP)

The U.S. Securities and Exchange Commission (SEC) continues to appeal the ruling that XRP is not a security to the Court of Appeals.

Sec Files Appeal Against Ripple (xrp)

In July 2023, the crypto market received a major boost when the court ruled that XRP should only be considered a security in direct sales to investment funds or third parties. This decision, along with the rejection of the SEC’s appeal in August 2023, was seen as a significant victory for Ripple and the entire crypto industry.

However, the battle is far from over. On October 2, 2024, under the direction of Chairman Gary Gensler, the SEC once again filed an appeal with the Court of Appeals, extending the four-year legal fight with Ripple. This move came just a few months after Judge Analisa Torres imposed a $125 million fine on Ripple for the unauthorized sale of securities through XRP tokens.

SEC Files Appeal Against Ripple (XRP)
SEC Files Appeal Against Ripple (XRP)

A spokesperson for the SEC stated:

We believe that the District Court’s ruling contradicts multiple precedents from the Supreme Court and securities regulations. We will continue to defend our position before the Court of Appeals.

In a swift response, Ripple CEO Brad Garlinghouse declared on platform X:

The SEC has lost on every major issue. Ripple, the crypto industry, and the law have prevailed. XRP is now confirmed to not be a security.

Meanwhile, Chief Legal Officer Stuart Alderoty expressed confidence that the Court of Appeals would uphold the previous ruling.

This development could impact the approval process for the XRP spot ETF that Bitwise filed for on the same day. If the appeal favors the SEC, the approval of the XRP ETF could be negatively affected. Conversely, if Ripple continues to prevail, the process could be expedited after regulatory clarity is established.

Related: Asset Manager Bitwise Seeks to Register XRP ETF

The market reacted quickly to the news, with XRP’s price dropping 11% within 24 hours, currently trading around $0.54. This decline is partly due to the news of the SEC’s appeal and partly due to the overall downward trend in the crypto market.

XRP Price Movements
XRP Price Movements
Love

0.0/5

Love

Latest

Xrp Lawyer Refutes The Biggest Lie In The Crypto Industry

News | Editor Choice | Policy & Regulations

XRP Lawyer Refutes the Biggest Lie in the Crypto Industry

Ripple lawyer Bill Morgan firmly refutes accusations that XRP lacks legal clarity, calling it “the biggest lie” in the crypto industry today.

How To Participate In Wump Airdrop

Airdrops | Editor Choice

How to Participate in Wump Airdrop

Join the airdrop hunt for the Wump project, inspired by Telegram projects but developed on the Discord platform.

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be The Opponent

News | Bitcoin | Editor Choice

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be the Opponent

Meta has rejected a proposal to include Bitcoin in its asset class, showing that the tech giant remains cautious about the cryptocurrency investment trend even as many large businesses are gradually joining the game.

Elon Musk Launches Xchat Inspired By Bitcoin

News | Bitcoin | Editor Choice

Elon Musk Launches XChat Inspired by Bitcoin

Elon Musk has just unveiled XChat — a new messaging feature on the X platform that integrates Bitcoin-level encryption and is developed using the Rust programming language, promising to set a new benchmark for security and privacy in digital messaging.

Price Prediction For Pi By The End Of 2025

Pi Network | Editor Choice

Price Prediction for PI by the End of 2025

According to CoinDCX, the price of PI Coin may see an uptrend by the end of this year and could recover to the range of $2 to $2.8.