The post SEC vs. Ripple Lawsuit Ongoing as SEC Appeals Case Ruling appeared on BitcoinEthereumNews.com.

The U.S. Securities and Exchange Commission (SEC) filed an appeal with the United States District Court for the Southern District of New York to challenge the final judgment in its case against Ripple Labs. The move comes amid the resignation of Gurbir Grewal, SEC’s now-former enforcement director. According to a court’s ruling on August 7, 2024, Judge Analisa Torres ordered Ripple to pay a $125 million fine for conducting sales of XRP, Ripple’s native token, to institutional investors, which was determined as unregistered security sales in a separate court’s verdict last year. More Fun For XRP Judge Torres also reiterated in the August court order that sales of XRP tokens to retail investors in secondary markets were not securities. The SEC has shown dissatisfaction with Judge Toress’ decision in its cases against Ripple Labs, its CEO Brad Garlington, and co-founder Christian Larsen. Today’s appeal is their action to challenge the court’s decision. Ahead of the SEC’s move, a former SEC lawyer reportedly said that the SEC would definitely file an appeal as everyone at the SEC believes there were issues with the judgment and are seeking a review from a higher court. Based on the filing, the appeal will be heard by the U.S. Court of Appeals for the Second Circuit. In response to the SEC’s action, Ripple’s Chief Legal Officer, Stuart Alderoty, said he was disappointed but not surprised at the SEC’s decision. He argued that the appeal is prolonging a “complete embarrassment” for the regulator. Ripple is considering a cross-appeal, according to Alderoty, and they are confident in their ability to argue again in court. That means Ripple can file an appeal to challenge the court’s ruling that determined XRP sales to institutional investors were securities and also the $125 fine imposition. For whatever the decision, the legal…

---

Filed under: News - @ October 7, 2024 1:22 pm