The SEC is not letting up on Ripple, with a former SEC lawyer saying the SEC will likely appeal Judge Analisa Torres’ decision in July 2023.
SEC May Appeal Ripple Decision!
Judge Torres stated in his decision that he will appeal the judge's decision that Ripple (XRP) exchange sales are not securities.
This news was reported by Fox Business correspondent Eleanor Terrett.
Fox Business reporter X reported that a former SEC attorney is likely to appeal the SEC’s court ruling on programmatic XRP sales in the Ripple case, and that many in the agency view the decision as wrong and legally unsound.
“A former SEC lawyer who recently left the bench said the SEC will ‘likely’ appeal Judge Torres’ July 2023 ruling in the Ripple case regarding XRP programmatic sales.
One reason for that is that “everyone at the SEC genuinely believes that the decision is wrong, that it's not good law, and that it should be challenged.”
The SEC has until October 7 to appeal the decision.
What Happened?
The verdict in the case between Ripple and the SEC, which has been going on for about 4 years, was given on August 8, 2024. The court fined Ripple $125 million for institutional sales. The court ruled that Ripple's XRP exchange sales could not be considered a security sale, but that Ripple violated some securities laws.
*This is not investment advice.