SEC vs Ripple: Appeal Deadline October 7, Will SEC Appeal?
2024-09-27
Bittime - SEC vs Ripple looks like it will still continue. SEC will likely appeal the ruling made by Judge Torres in July 2023.
Former SEC lawyer revealed that the SEC felt that the decision was inappropriate and worthy of appeal. Read this article to find out more!
SEC vs Ripple: Ripple Victory
SEC vs Ripple case has become one of the biggest legal battles in crypto history.
In July 2023, Judge Torres handed down a ruling that provided a victory for Ripple regarding programmatic sales of XRP, which were not considered an offering of securities to retail investors.
However, the SEC feels that the ruling could set a bad legal precedent, especially in enforcing securities regulations on digital assets.
Read Also: Ripple Fines $125 Million, Lower than SEC Demand
SEC vs Ripple: Appeal Potential
As the deadline to file an appeal approaches, which is October 7, 2023, there are several encouraging things for the SEC to consider the appeal.
One is SEC officials' belief that the ruling is legally incorrect and could hamper their efforts to regulate digital assets. The SEC has long sought to categorize crypto tokens like XRP, as securities that must comply with strict securities offering rules.
If the SEC fails on appeal, this could set a dangerous precedent which complicates their efforts to enforce regulations on other crypto projects.
SEC vs Ripple: Will SEC Appeal?
Although the SEC has strong reasons to consider an appeal, many legal experts are skeptical about the appeal's likelihood of success.
Judge Torres gave a very specific ruling, separating XRP sales conducted programmatically on crypto exchanges from direct sales to institutional investors.
Programmatic sales are considered ineligible as securities, while direct sales are considered to violate securities rules.
If an appeal is filed, an appellate court would have to decide whether they agree with the split, or whether all XRP sales, both programmatic and direct, should be treated as an offering of securities.
Read Also: SEC Chairman Gary Gensler Asked to Resign Before Being Fired
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