A former Securities and Exchange Commission (SEC) lawyer predicted that the agency will likely appeal the Ripple case. The focus of the appeal is expected to be the July 2023 ruling by U.S. District Judge Analisa Torres, which found that secondary sales of XRP tokens did not qualify as securities. This decision has been controversial within the SEC, with many at the agency reportedly believing the ruling was incorrect.
The prediction of an appeal comes as the SEC's deadline for October 7 approaches. This ruling that distinguished between sales of XRP that were attributable 'directly and primarily' to the company and those 'indirectly and secondarily' has been criticized, including by U.S. District Judge Jed Rakoff, who scotched the notion that the method of token sale should make a difference to its status as a security or not.
The post "SEC Expected to Appeal Ripple Ruling as Deadline Approaches" first appeared on 36crypto.com News.
