XRP lawsuit heats up again, the SEC body files appeal against court ruling

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 court’s ruling, as they had repeatedly failed in legal battles against crypto companies under traditional rules & laws that don’t apply to cryptocurrencies.

https://t.co/CsVVyMqF0x#XRP Coin Jumps 30% Following #Ripple’s Successful Win in Lawsuit Against the #SEC

      -----Cryptonews AD----->>>  

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE

  <<<-----Cryptonews AD-----    

 

— Bitcoinik (@Bitcoinikdotcom) August 7, 2024

In a surprising turn, the US SEC filed an appeal against the court judge’s ruling on XRP’s 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 Torres’s Ruling. pic.twitter.com/j8bLIZQ5LT

— James K. Filan (@FilanLaw) October 2, 2024

Ripple’s chief legal officer Stuart Alderoty said that the SEC’s appeal in this case is highly disappointing but unsurprising. He also mentioned that the SEC’s decision to challenge the court ruling is a bad move that goes against the crypto sector. Alderoty noted that the SEC’s 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 SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course,… https://t.co/PQozMMtthf

— Stuart Alderoty (@s_alderoty) October 2, 2024

Ripple CEO criticized the US SEC for continuing the legal battle over XRP’s status, stating that the SEC’s 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 XRP’s status as a non-security remains unchanged despite the SEC’s misguided appeal. He also highlighted the SEC’s previous failed attempt to challenge XRP’s classification.

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t 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

— Brad Garlinghouse (@bgarlinghouse) October 2, 2024

Read also: Ethereum FUD returns as ICO whale offloads another $47M

XRP lawsuit heats up again, the SEC body files appeal against court ruling

 

https://bitcoinik.com/xrp-lawsuit-heats-up-again-the-sec-body-files-appeal-court-ruling/feed/

https://bitcoinik.com/xrp-lawsuit-heats-up-again-the-sec-body-files-appeal-court-ruling/feed/