Circuit

Security

Status

The U.S. Securities and Exchange Commission (SEC) has officially appealed a recent court ruling regarding Ripple and its cryptocurrency, XRP. This legal move reignites the debate over whether XRP sales on exchanges should be classified as securities. 
The SEC’s appeal was filed with the U.S. Court of Appeals for the Second Circuit and challenges key parts of a decision made by Judge Analisa Torres. In July 2023, the court ruled that XRP sales on digital trading platforms do not count as securities. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="526" height="562" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/SEC-Appeals-Court-Ruling-on-Ripples-XRP.jpg" alt="SEC Appeals Court Ruling on Ripple’s XRP" class="wp-image-208503">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://x.com/ripplexrpie/status/1847041653959197037" target="_blank" rel="noreferrer noopener nofollow">X</a>
 </figcaption>
 </figure>
</div> 
However, it also stated that Ripple’s sales to institutional investors were unregistered securities. Importantly, the court found that personal sales of XRP by Ripple executives Brad Garlinghouse and Chris Larsen did not violate any laws. 
Following the ruling, Ripple was ordered to pay $125 million in civil penalties and was prohibited from further violations of the Securities Act. Now, the SEC is pushing back, disputing the court’s findings on exchange sales, the personal sales by Garlinghouse and Larsen, and Ripple’s non-cash XRP distributions made for services. 
Crypto advocates comment that they believe the SEC’s tactics won’t have much impact, especially with potential reforms aimed at increasing crypto adoption following Trump’s victory. 
The outcome of this appeal could have major implications for how cryptocurrencies are regulated in the U.S. As the SEC seeks to clarify the legal status of XRP, the entire crypto industry will be watching closely to see how this pivotal case unfolds. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/15/why-ripples-chris-larsen-supports-harris-with-1m-donation/" target="_blank" rel="noreferrer noopener">Why Ripple’s Chris Larsen Supports Harris with $1M Donation?</a> 
</blockquote>

SEC Appeals Ripple Court Ruling on XRP Status as Security

The Crypto Times

Other articles published on Oct 18, 2024

Bitcoin to pump if oil, energy prices surge amid Middle East tension: Hayes

Matchain Hits Major Milestone: Over 9 Million Wallets And Counting

Can global regulation keep up with the tokenization boom? | Opinion

Canary Capital Second to File for XRP ETF

Is This the Start of Bitcoin’s Uptober or Will BTC Rally Fizzle Out?

VanEck Cuts Ethereum Price Prediction From $22,281 To $7,334: Here’s Why

Join our free newsletter for daily crypto updates!