The American securities regulatory body appealed in the XRP lawsuit to prove XRP coin is an unregistered security token.
Since Dec 2020, Ripple & the United States Securities and Exchange Commission (SEC) have been in a legal fight. The SEC argued that Ripple executives misused the XRP cryptocurrency for payment services and called XRP an unregistered security token. However, in July 2023, the court ruled that XRP was not a security token.
This case was almost over, and most people thought the SEC would not object to the courtâs ruling, as they had repeatedly failed in legal battles against crypto companies under traditional rules & laws that donât apply to cryptocurrencies.
https://t.co/CsVVyMqF0x#XRP Coin Jumps 30% Following #Rippleâs Successful Win in Lawsuit Against the #SEC
â Bitcoinik (@Bitcoinikdotcom) August 7, 2024
In a surprising turn, the US SEC filed an appeal against the court judgeâs ruling on XRPâs nature, aiming to prove that XRP was always a security token.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The @SECGov has filed a Notice of Appeal of Judge Torresâs Ruling. pic.twitter.com/j8bLIZQ5LT
â James K. Filan đșđžđźđȘ (@FilanLaw) October 2, 2024
Rippleâs chief legal officer Stuart Alderoty said that the SECâs appeal in this case is highly disappointing but unsurprising. He also mentioned that the SECâs decision to challenge the court ruling is a bad move that goes against the crypto sector. Alderoty noted that the SECâs Enforcement Director announced his resignation just an hour before the appeal was filed, somthing similar to resignation of former SEC chairman just before the lawsuit against Ripple in Dec 2020.
(1) The SEC's decision to appeal is disappointing, but not surprising. This just prolongs what's already a complete embarrassment for the agency. The Court already rejected the SECâs suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course,⊠https://t.co/PQozMMtthf
â Stuart Alderoty (@s_alderoty) October 2, 2024
Ripple CEO criticized the US SEC for continuing the legal battle over XRPâs status, stating that the SECâs actions have damaged its credibility rather than protecting investors. He emphasized that Ripple, the crypto industry, and the rule of law have already prevailed, and XRPâs status as a non-security remains unchanged despite the SECâs misguided appeal. He also highlighted the SECâs previous failed attempt to challenge XRPâs classification.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasnât protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven't gotten the message: they lost on everything that⊠https://t.co/1hW7xVSL9b
â Brad Garlinghouse (@bgarlinghouse) October 2, 2024
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