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The US Securities and Exchange Commission (SEC) has officially decided to appeal Judge Analisa Torres’ ruling on the programmatic sales of Ripple’s XRP.  According to Ripple CEO Brad Garlinghouse, the SEC’s decision is “irrational” and does not protect investors.  The US Securities and Exchange Commission (SEC) has filed a notice of appeal to the July 2023 ruling “that restricted its ability to regulate the crypto market.” Fascinatingly, this comes after CNF recently reported that a former SEC lawyer firmly believes that the Commission would not give up easily.  #XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The @SECGov has filed a Notice of Appeal of Judge Torres’s Ruling. pic.twitter.com/j8bLIZQ5LT— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 2, 2024 Following this announcement, XRP has taken a significant downturn to fall by 10% in the last 24 hours and is trading at the $0.53 support level.  On July 13, 2023, US District Court Judge Analisa Torres ruled that XRP was not a security when sold to retail investors via digital asset exchanges. However, she clarified that the sale of the asset to institutional investors flouted federal securities laws. According to the details derived from the previous court statements, the judgment was based on the Supreme Court’s Howey test, which sets the standard for an investment contract.  Earlier this year, the SEC sought a fine totaling $2 billion in the case against Ripple. However, the blockchain company countered the proposal with $10 million. In August, the court ordered Ripple Labs to pay the Commission an amount of $125 million. As we reported earlier, both parties later agreed on a stay of the monetary portion of the court judgment entered on August 7. According to the details, Ripple agreed that 111% of the monetary judgment would be held in a trust and would be paid to the Commission…

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Filed under: News - @ October 3, 2024 9:26 am