đšBREAKING: SEC Files Appeal in Ripple Lawsuit!
The SEC has officially filed an appeal in its long-standing case against Ripple Labs, seeking to overturn the pivotal 2023 ruling that declared secondary sales of XRP do not constitute securities. This move comes as no surprise to legal experts who expected the SEC to challenge Judge Analisa Torres' decision, which was a landmark victory for Ripple and the entire crypto industry.
Whatâs at Stake? In her ruling, Judge Torres determined that XRP itself is not a security, as it failed to meet all the conditions under the Howey Test. However, early institutional sales by Rippleâs founders were deemed securities sales, which created a mixed result. Now, the SEC is aiming to overturn the decision on secondary market sales, a critical point for Rippleâs broader market presence.
Rippleâs Winâand Whatâs Next The initial ruling was celebrated across the crypto space as a major win, particularly for projects under regulatory scrutiny. But with the SECâs appeal, the next phase of this legal saga will shape the future of crypto regulation in the U.S. Big Changes at the SEC On the same day as the appeal, Gubir Grewal, the SECâs controversial chief enforcement officer, announced his resignation, set for Oct. 11. Known for his aggressive enforcement in the crypto sector, his departure could signal potential shifts in the SECâs strategy moving forward. Sanjay Wadhwa, the current deputy, will step in as the interim chief.
XRP ETF on the Horizon? Meanwhile, Bitwise has filed for an XRP ETF trust in Delaware, hinting at growing institutional interest in the token. However, the SECâs legal appeal could delay its approval, leaving the XRP ETF in limbo.
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