SEC plans to appeal court ruling in Ripple Labs case

SEC plans to appeal court ruling in Ripple Labs case

United States Securities and Exchange Commission intends to appeal against the court’s decision Which established that the sale of XRP is not a security when sold to retail investors.

In a letter sent to the judge on August 9 analyzes towers – The presiding judge in the case – the SEC – said it believes it needs to have its decision re-examined in an appellate court.

The SEC has asked Judge Torres to stay the hearing during the appeal, saying there are several pending court cases that could affect the outcome of the appeal. The SEC is currently engaged in several legal battles against cryptocurrency companies. including Binance and Coinbasefor alleged security breaches.

SEC wrote: “Interim review is required in this matter”Requesting that the sentence be reviewed till the matter is still pending. “These two aspects involve fundamental legal issues on which there is substantial disagreement, as evidenced by the rift that has already developed within the district.”

The SEC said it intends to uphold the court’s decision. Ripple’s Programmatic Offering and Sale of XRP on Crypto Exchanges and Private Sales Were Not Securities

And… the SEC continues to make questionable decisions requesting interim appeals.

Please note that you are not insinuating that XRP itself is a security – only that it is defeated on issues of programmatic and private selling.

— Jeremy Hogan (@attorneyjeremy1) 9 August 2023

Additionally, the SEC referred to the judge’s ruling in the lawsuit. Terraform Labs, who rejected Torres’ sentence, Having said that cryptocurrencies sold on exchanges can also be securities.

The SEC letter comes nearly a month after Ripple won a partial victory over its XRP position.

Torres determined that the XRP token itself is not a security. However, he added that the XRP token sale could be treated as a security under certain circumstances. For example when they are sold to institutional investors, but not when they are sold to retail operators on exchanges.

More info by Jesse Coghlan.

Translation by Matteo Caron