The long-running court lawsuit between Ripple and the Securities and Exchange Commission (SEC) is far from over as the latter files an appeal to challenge Judge Torres’s ruling on the classification of XRP. This comes just a few days before the appeal deadline of October 7.
The crypto community has again been rocked with uncertainty following the SEC decision, as different industry experts, including Ripple executives, weigh in on the decision.
SEC Files Notice of Appeal
Earlier today, the SEC filed a notice of appeal to the United States Court of Appeal for the Second Circuit to challenge what was initially perceived as a victory for Ripple and the global crypto community. The appeal aims to reverse the 2023 ruling that declared XRP as non-security.
Source: X
Recall that the SEC began the battle when it sued the blockchain giant company Ripple in December 2020 for allegedly offering unregistered securities in XRP and raising more than $1.3 billion through these sales. Since then, there have been back and forth between both entities and the case became one of the most closely-watched cases in the crypto community.
This story is being updated.
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