The Securities and Exchange Commission (SEC) has filed an appeal in the ongoing Ripple lawsuit, causing $XRP 's value to decline. This development follows a federal judge's ruling that resulted in a $125 million fine for Ripple, significantly lower than the SEC's requested $2 billion.
The SEC's appeal challenges the district court's decision, citing conflicts with Supreme Court precedent and securities laws. Ripple's Chief Legal Officer, Stuart Alderoty, expressed disappointment but not surprise, while CEO Brad Garlinghouse questioned the SEC's rationale.
The Ripple case began in December 2020, with the SEC alleging illegal sales of XRP tokens to retail and institutional investors, raising $1.3 billion. While charges against Ripple's CEO and Co-Founder were dropped last October, the $125 million penalty relates to securities law violations.
