The crypto space and the financial world at large are currently reacting to news that the United States Securities and Exchange Commission (SEC) may appeal the recent court ruling in its case against the blockchain company Ripple.
This development was revealed in the federal regulator’s latest petition in a separate ongoing lawsuit against Korean crypto investor Do Kwon and his company Terraform Labs, both of which are accused of committing fraud.
Is The SEC Planning To Make An Appeal Against Ripple’s Victory?
On July 13, Ripple gained a significant victory over the U.S. regulator when a U.S. District Court ruled that the sale of the XRP tokens to retail investors did not breach U.S. securities law. However, the case was the opposite with regard to sales to institutional investors.
A few days after, the defendants in the SEC vs. Terraform Labs et al. civil suit initiated a motion to dismiss the charges against them on July 18, with their arguments hinging on Ripple’s partial victory against the commission.
However, SEC filed a countermotion on July 21 and indicated the rulings in the Ripple case were not correct, nudging the court to disregard them.
In addition, the commission stated its staff had begun considering possible options to review this judgment which prompted discussions of a possible appeal among many investors and spectators alike.
Ripple (XRP) Trading At $0.7391 On The Daily Chart | Source: XRPUSD Chart On Tradingview.com
SEC Could Emerge Victorious In Appeal Vs. Ripple – John Reed Stark
In contributing to the discourse around a potential appeal by the SEC in its case against Ripple, John Reed
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Author: Semilore Faleti
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