Not Accepting Ripple's Win, SEC Files Appeal
2024-10-03
Bittime - The Securities and Exchange Commission (SEC) has appealed a ruling by US District Judge Analisa Torres, taken in July 2023. The ruling stated that programmatic sales XRP does not violate securities laws.
This move indicates that the years-long legal battle between the SEC and Ripple will continue.
SEC Files Appeal Against Ripple Case Ruling
In court documents filed on October 2, the SEC stated, "We respectfully appeal to the United States Court of Appeals for the Second Circuit the final ruling rendered by this Court on August 7, 2024." This shows that the SEC has decided to fight a decision they consider wrong.
Read also: Crypto Whale Transfers 400 Million XRP
Previously, a former SEC attorney revealed that everyone within the agency believed that Judge Torres' ruling was wrong. "Everyone there [at the SEC] really believes that the decision was wrong, that this was not good law, and that it should be appealed," he said.
New Chapter SEC Vs Ripple
This appeal is a new chapter in the legal saga involving Ripple, which is one of the big players in the cryptocurrency industry.
Read also: SEC vs Ripple Heats Up Again? 200M XRP Moved, Here's Why!
With a deadline set until October 7 to decide whether or not to appeal, the SEC's decision to proceed with this legal process reflects their commitment to enforcing regulations in the ever-evolving crypto market.
Tensions in the cryptocurrency industry are increasing, with many parties paying attention to this development. Will the court's final decision affect the future of Ripple and XRP? Only time will tell.
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