Breaking News: SEC Appealed the Final Decision in the Ripple (XRP) Case!

The SEC appealed the final decision in the Ripple Labs case to the Second Circuit.

U.S. Securities and Exchange Commission (SEC), Ripple Labs, Inc. He filed an appeal challenging the final ruling in his high-profile case against him.

The SEC’s appeal was filed with the U.S. Court of Appeals for the Second Circuit on October 2, 2024, following a final decision issued by the U.S. District Court for the Southern District of New York in August.

The appeal follows District Judge Analisa Torres’ July 2023 decision, in which she ruled that only a portion of Ripple’s XRP token sales violated U.S. securities laws. The ruling represented a partial victory for Ripple, and was celebrated by the cryptocurrency industry at large, as the judge ruled that secondary sales of XRP on public exchanges did not constitute securities transactions.

The SEC had until Oct. 7, 2024, to decide whether to appeal the ruling, which has drawn criticism from securities lawyers and federal judges. The decision is seen as a turning point for the crypto industry and provides legal support to arguments that, contrary to the SEC’s stance, certain digital assets such as XRP may not fall under US securities regulations.

The Ripple case set a precedent for other cryptocurrencies facing similar legal challenges. Major exchanges such as Coinbase, Binance, and Kraken, which are currently being sued by the SEC for allegedly selling unregistered securities, have adopted legal strategies influenced by Ripple’s partial win.

This appeal is not the SEC’s first attempt to overturn the decision. The agency had previously filed an interlocutory appeal, a type of emergency appeal, before summary judgment. Judge Torres denied this request, but allowed the SEC to file a new appeal after the final decision.

*This is not investment advice.