The American securities regulatory body SEC hinted that it may again appeal in court against last week’s court ruling in the XRP lawsuit.
The United States Securities Exchange Commission (SEC) regulates the crypto sector with the help of existing traditional financial rules & regulations. In the last week of this month, the SEC body lost its case against the San Francisco headquartered blockchain firm Ripple (XRP). In the XRP lawsuit case, the court judge said that the majority of the XRP sales by Ripple were not against the Securities Act.
Following the court ruling in the XRP lawsuit, the majority of the crypto players are optimistic that they will grab better support in the court fight against the SEC’s charges.
In Feb of this year, the US SEC initiated charges against infamous crypto firm Terraform Labs CEO Do Kwon over providing Terra crypto assets access among the US crypto traders and also conducting a very big fraud with the Terra crypto asset investors in May 2022.
Kwon took the reference from the XRP lawsuit and said that he never violated US securities laws. In response, the SEC attorney confirmed that no other case can take reference to the XRP lawsuit court ruling.
The SEC said the judge’s decision “adds unfounded requirements” to testing when an asset is a security. The agency plans to seek “further review”.
Here the SEC body dragged attention toward two main important points indirectly.
According to the American securities regulatory body, the court judge favoured Ripple in the XRP lawsuit because Ripple’s XRP-related activities were not able to understand & comply with the securities rules and secondly the SEC agency may appeal in the court in the XRP lawsuit.
Here people need to understand that all such things are only conclusions derived by the law experts and here we can’t say surely whether the SEC will again appeal against the court ruling or not.
Following the big win in the XRP lawsuit, the Ripple executives said that it will take years for the SEC body to appeal against this court ruling.
Read also: Coinbase terminates its “Borrow” service
SEC argues no one can use XRP lawsuit court ruling in other cases
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