Bill Morgan clarified that the SEC’s appeal targets Ripple’s programmatic sales, not secondary market sales by individual holders.
XRP’s legal status as a non-security is not part of the appeal.
The debate continues over whether the SEC’s appeal will delay approval of the XRP ETF.
Attorney Bill Morgan has clarified that the SEC’s latest appeal in the Ripple Labs case does not apply to secondary market sales of XRP made by retail investors. The appeal focuses on Ripple’s programmatic sales and distributions of XRP, not individual transactions on exchanges.
The clarification comes after the U.S. SEC filed an appeal notice on October 2nd, following Judge Analisa Torres’s ruling in July.
Confusion Concerning SEC Appeal Scope
In a post on X, Morgan explained that Judge Analisa Torres did not rule on secondary sales of XRP, which involve transactions made by individuals on exchanges, such as retail investors trading XRP. The ruling only applied to Ripple’s programmatic sales of XRP, where Ripple used automated processes to sell the cryptocurrency on the open market.
Morgan emphasized that secondary sales were not part of the original ruling and cann…
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