SEC Expected to Appeal XRP Ruling in Ripple Case

In August, a significant development occurred in Ripple's ongoing legal battle regarding its cryptocurrency, XRP. However, the U.S. Securities and Exchange Commission (SEC) is expected to appeal Judge Analisa Torres's ruling, potentially opening a new chapter in this case.

SEC Considers Appeal of Ripple Ruling Amid Internal Disagreements Over XRP Classification

Eleanor Terrett, a journalist for Fox Business, reported insights from a former SEC attorney who suggested that the agency is likely to appeal the ruling from July 13, 2023. The ruling determined that Ripple's direct sales of XRP to institutional investors were classified as securities transactions, while sales conducted on digital asset trading platforms were not. This has led to considerable disagreement within the SEC, as many believe the ruling is incorrect and warranting an appeal.

Terrett indicated that she would provide further analysis on the SEC's potential options and strategies as the appeal deadline approaches on October 7.

Mixed Reactions from XRP Community as SEC Mulls Appeal After Ripple's Legal Victory

The XRP community's response has been mixed. Attorney Jeremy Hogan expressed skepticism regarding the SEC's intentions, stating that the agency should prioritise investor protection and capital formation rather than pursuing an appeal out of a sense of defeat. He questioned the SEC's focus, suggesting it reflects a broader misalignment with its mandate.

Stuart Alderoty, Ripple’s Chief Legal Officer, recently declared the resolution of this four-year conflict, noting that the SEC had even apologised for mischaracterising XRP. Despite these developments, the SEC has yet to officially confirm its plans to appeal the ruling. Both parties have a 60-day period to file appeals, with the final deadline set for October 7, 2023, which marks 60 days after the judgment was issued.

Read more: India's Supreme Court YouTube Channel Hacked to Promote XRP Scam

In summary, while Ripple has celebrated a significant legal victory, the potential for an SEC appeal indicates that the controversy surrounding XRP is far from over.