According to a recent report, the SEC officially filed its appeal notice in the Ripple XRP case. filing The letter was sent Wednesday to the New York Court. In August a judge ordered Ripple to pay just over $125 million in civil penalties, officially ending the SEC’s lawsuit & concluding that XRP is not a security. Ripple won the decision, as did all crypto companies. The SEC decided, after a long period of speculation and just a few days before deadline, to appeal the decision.
The SEC wants to reverse the decisions of Judge Analisa Torres in New York. Judge Torres ruled, in the end, that Ripple’s distributions of XRP tokens for services and labor are not securities sales. The US regulator is hoping to defer the trial and pretrial proceeding pending resolution of the appeal.
SEC files appeal in Ripple Security Case
Ripple has publicly announced that they do not intend to appeal the fines they have been forced to pay. The SEC filed its notice of appeal but has not yet actually filed said “appeal” Yet, as of the date this article was written. SEC spokeswoman said: “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit.”
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The appeal was filed just a few days after Bitwise, one of the world’s first asset managers to apply for a Spot XRP exchange traded fund. Investors may be worried by the move, which could negatively impact hopes of an XRP ETF being approved. Investors may view a possible appeal as a reason to doubt Ripple’s native token and the company. Ripple can experience a slowdown in growth if the appeal is granted, because it must shift its attention to winning that appeal.
RippleLabs is yet to reply to SEC’s newest appeal. Ripple officials have stated that this appeal is not likely to have a lot of legs and they believe the case has been won.
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Source: watcher.guru
