SEC Appeals Ripple Ruling: What This Means for XRP Investors
TL;DR
- The SEC plans to appeal a ruling that found Ripple's institutional sales of $XRP violated federal securities law, while programmatic sales to retail exchanges were not deemed violations.
- Ripple was fined $125 million, significantly lower than the SEC's initial request of nearly $2 billion; the enforcement of this fine is currently stayed pending the appeal.
The U.S. Securities and Exchange Commission (SEC) has announced its intention to appeal a federal judge's ruling in the ongoing case against Ripple. This decision follows Judge Analisa Torres's final judgment, which concluded that Ripple's institutional sales of $XRP violated federal securities law while its programmatic sales did not. The SEC had sought to file an interlocutory appeal but was denied.
In August, Judge Torres imposed a $125 million fine on Ripple, far less than the nearly $2 billion the SEC initially requested. The enforcement of this fine is on hold until the SEC's appeal is resolved or the deadline for filing passes. An SEC spokesperson stated that they believe the district court's decision conflicts with established Supreme Court precedent.
Ripple has not commented on the SEC's latest move, but its Chief Legal Officer expressed confidence that the appeals court would uphold the district court's ruling. Meanwhile, Bitwise has submitted an application to list an exchange-traded fund investing in $XRP, reflecting ongoing interest in the cryptocurrency despite legal challenges.
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