• On October 2, the U.S. Securities and Exchange Commission (SEC) filed an appeal of Judge Annalisa Torres' ruling in the Ripple case. The appeal concerns the 2023 ruling that Ripple's secondary transactions with XRP were not sales of securities. However, there is a lot of speculation about what exactly the SEC is appealing.

software engineer and #XRP enthusiast Vincent Van Code recently tweeted that the SEC will only appeal the August 24 ruling on penalties, not the status of XRP securities. He noted that this may be why Bitwise has applied to create an #ETF .

However, former SEC lawyer Mark Feigel disputed Van Code's statement, clarifying that the SEC will appeal the court's ruling that sales of the XRP program are not considered sales of securities. He explained that the appeal could be for penalties and damages, but the focus is on the decision on program sales. Mr. Feigel noted that the court distinguished between program sales and institutional sales, ruling that they are sales of securities.

Mark added: The district court held that program sales are not sales of securities (as opposed to institutional sales, which are sales of securities); the SEC is appealing the program sales ruling (and possibly the damages and penalties, but it doesn't matter); and the SEC has not yet appealed the program sales ruling.

the district court held that program sales are not sales of securities (as opposed to institutional sales). The SEC is appealing the decision on program sales (as well as possible damages and penalties, but more on that later).

Despite the ongoing legal battle, interest in XRP from institutional investors has increased: September 30, Bitwise Asset Management filed an application to create an exchange-traded fund (ETF) XRP in the state of Delaware. However, that application has not been filed with the SEC, and an appeal could delay approval of the XRP trust.

the SEC's formal appeal was filed in the Federal District Court of New York against #Ripple CEO Brad Garlinghouse and co-founder Krs Larsen. The appeal follows an August 7, 2024 court ruling that the SEC is now appealing.

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