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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ripple XRP Case: SEC Moves To Appeal Court Ruling

Ronaldo Marquez
Ronaldo Marquez
9 months ago
2 mins read
XRP

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In a significant move that could reshape the regulatory landscape for XRP and blockchain payments company Ripple, the US Securities and Exchange Commission (SEC) announced on Wednesday that it is appealing the court ruling limiting its authority over crypto markets. 

The appeal targets a July 2023 decision by US District Judge Analisa Torres, which determined that the XRP token, sold by Ripple Labs on public exchanges, does not qualify as a security under existing laws.

SEC Appeals Court Ruling On XRP

The implications of this ruling are substantial. Judge Torres stated that the approximately $757 million in XRP sales on public exchanges did not fall under the SEC’s jurisdiction, thereby exempting these transactions from the investor protection laws the agency enforces. 

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If the 2nd US Circuit Court of Appeals upholds this interpretation, it could hinder the SEC’s ability to regulate other cryptocurrency exchanges, such as Coinbase, and challenge the agency’s oversight of newer financial products that do not fit traditional definitions.

However, the ruling was not entirely favorable for Ripple. Torres also ruled that roughly $728 million of XRP sales to institutional investors should be classified as securities, requiring compliance with relevant laws. 

Ripple CEO Slams SEC’s Appeal

The SEC had originally sought a hefty $2 billion fine against Ripple, but Torres ultimately imposed a $125 million penalty, which is currently on hold pending the outcome of the appeal.

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Ripple CEO Brad Garlinghouse expressed his frustration at the SEC’s decision to appeal, calling it “misguided” and “infuriating.” He emphasized that despite the ongoing legal challenges, the current legal status of XRP as a non-security is established:

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC. While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today.

Ripple
The 1D chart shows XRP’s price drop following the SEC’s appeal. Source: XRPUSDT on TradingView.com

At the time of writing, XRP is trading at $0.5390, down 10% after the SEC appealed the judge’s ruling on Wednesday. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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