The post Ripple News : SEC Appeals XRP Lawsuit Close to Deadline! appeared first on Coinpedia Fintech News
The U.S. Securities and Exchange Commission has submitted Form-C with detailed appeal on October 17. Social media was filled with speculations if the SEC has missed the deadline. We unveiled in yesterdayâs news that it was not the case. As the appeal is now officially submitted, what does it mean for the Ripple Vs Sec case, letâs find out.
Rippleâs Victory Could Be Short-Lived
Judge Analisa Torres ruled in July 2023 that the sale of XRP token by Ripple to retail investors is not security. However, the institutional sales did indeed count as security. On August 7, this year, keeping her previous decision she put a civil fine of $125 million on Ripple Labs. The SEC wanted the court to take all XRP sales under securities law and put a $2 billion fine on the crypto firm. This did not go as planned and Judge Torres rejected it. This was a major setback for the SEC.Â
The Last Minute Action of the SEC
The Commission submitted their appeal notice very close to the deadline earlier and now they did the same with the Form-C submission. Their appeal doesnât question XRPâs retail sales. Instead, theyâre focusing on Rippleâs offers and sales on digital platforms, and personal sales by Ripple executives. These areas, according to the SEC, should still be considered securities violations. The appeal also challenges the courtâs decision that XRP given out for non-cash consideration didnât break any laws.
Whatâs interesting is that the appeal will be reviewed de novo, meaning the appellate court will look at the legal issues from scratch. This allows for a fresh interpretation of the securities laws in question. Rippleâs fight is far from over, but the retail victory remains untouched, at least for now.
Response From Ripple
Stuart Alderoty, the Chief Legal Officer at Ripple wrote on social media platform X that it is clear once again that XRP is not a security. He also asked the community to keep watching the case as Ripple will file their Form C in the upcoming week.
No surprises here â once again itâs been made clear. The Courtâs ruling that âXRP is not a securityâ is NOT being appealed. That decision stands as the law of the land.Stay tuned for Rippleâs Form C to be filed next week. https://t.co/m9molUGSBv
â Stuart Alderoty (@s_alderoty) October 18, 2024
What to Expect
This latest SEC move adds more uncertainty to Rippleâs journey. The crypto community is keeping a close watch, especially since thereâs confusion over the SECâs filing dates. Did the SEC miss its filing window? Some argue they did, but others arenât so sure. Either way, Ripple and the SEC are set for more legal battles, and the outcome could shape how cryptocurrencies are regulated in the future.