Breaking: US SEC Gives First Hint On Seeking XRP Ruling Appeal
Crypto News: In what could soon turn out as a setback for the XRP community, the US Securities and Exchange Commission (SEC) on Friday dropped a hint on its plans to appeal the Summary Judgment in the Ripple Vs SEC lawsuit. The federal regulatory agency described the judgment as a ‘wrongful decision’ and that it seeks to review the ruling. Interestingly, it had signaled that the SEC staff was considering several options for reviewing the decision. On July 13, 2023, the judge ruled that sale of the tokens to retail investors does not qualify as sale of securities.
Also Read: Crypto Exchange Gemini Teases Hint Of XRP Relisting Soon
Earlier, CoinGape reported that the SEC should be acting fast if it were to go for an appeal of the Summary Judgment. It remains to be seen how long the court takes to decide whether or not to accept the agency’s appeal.
US SEC Seeking To Review XRP Ruling
In the context of Terraform Labs cofounder Do Kwon trying to use the XRP ruling as a precedent in his ongoing lawsuit that involved fraud allegations. Kwon cited Judge Torres’ ruling that the sale of XRP is not a security to prevent the agency from charging him. In response, the US SEC had on Friday filed a pleading in the Terraform Labs case saying the court should not consider the Ripple judgment as the SEC is seeking to review it.
“Respectfully, those portions of Ripple were wrongfully decided, and this court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”
The SEC categorically termed the ruling a ‘wrongful decision’, hinting of a fierce response for a review of the judgment. Hence, the crypto community now have a reason to be cautious next week in anticipation of a request for appeal in the Ripple lawsuit.
Also Read: Tesla Retains Dogecoin As Payment Option; Removes Bitcoin
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
