SEC Appeals District Court's Ripple Ruling.
The latest development in the SEC vs. Ripple case as of October 2, 2024, is that the U.S. Securities and Exchange Commission (SEC) has filed an appeal against the district court's verdict concerning Ripple Labs. This appeal primarily targets the legality of Ripple's programmatic sales of XRP through intermediaries, which were ruled by Judge Analisa Torres not to violate securities laws in a decision from July 2023. Despite this ruling, which was seen as a significant win for Ripple, the SEC's decision to appeal keeps the legal battle alive, indicating ongoing scrutiny over whether XRP should be classified as a security. This move by the SEC was anticipated by some observers, reflecting the regulatory body's stance that XRP's sales might still constitute securities transactions under certain conditions.
The appeal was noted in various X posts around the time, indicating a continuation of the legal scrutiny over Ripple's operations, particularly how XRP was sold. This situation underscores the regulatory uncertainty in the cryptocurrency space, where even landmark court decisions can face prolonged legal challenges from regulatory bodies like the SEC.
