PANews reported on October 3rd that according to The block, the U.S. Securities and Exchange Commission is appealing the U.S. Second Circuit Court of Appeals' previous ruling against web3 payment company Ripple. "We believe that the district court's ruling on the Ripple case conflicts with decades of Supreme Court precedent and securities laws, and we look forward to filing a lawsuit with the Second Circuit."
On August 7, the judge ordered Ripple to pay a $125 million civil penalty, far less than the $2 billion fine initially requested by the SEC. The ruling also partially approved and rejected the SECâs preliminary motion for remediation regarding Rippleâs sale of the XRP token.
On July 13, 2023, the same judge ruled that while Ripple's programmatic sales of XRP did not violate securities laws, sales of XRP directly to institutional investors were considered securities. The U.S. SEC sued Ripple in 2020, claiming that Ripple's sale of XRP violated securities laws because the asset was an unregistered security and the company had earned more than $1.3 billion through unregistered securities sales.
