đ XRP Falls as SEC Appeals Ripple
đXRP is currently trading at $0.5308, down 12% over the past 24 hours. At its lowest point, XRP was trading at $0.526. Trading volume stood at $2.77 billion with a market capitalization of more than $30 billion.
âïžAccording to Coindesk, the US Securities and Exchange Commission (SEC) announced that it has filed a "notice of appeal" with the Second Circuit Court of Appeals. The SEC's move comes less than two months after Judge Analisa Torres issued a final ruling in the regulator's four-year-old lawsuit against Ripple.
âłAn SEC spokesperson said: "We believe the district court's ruling in Ripple conflicts with decades of Supreme Court precedent and securities law. The SEC looks forward to presenting the case to the Second Circuit."
đ«A notice of appeal is the first step in the legal process and is not a formal appeal. In some major cases, the actual appeal is often filed months after the notice of appeal.
đ The Ripple team was quick to respond to the SEC's latest move. "If Gensler and the SEC were rational, they would have dropped this case a long time ago," Ripple CEO Brad Garlinghouse said. The Ripple CEO said the SEC lost "on every important front." Ripple, the crypto industry, and the law prevailed.
âïž Chief legal officer Stuart Alderoty called the appeal "disappointing, but not surprising." Alderoty said in August that the regulator would have a hard time convincing an appeals court to overturn the district court judge's ruling.
