SEC intends to appeal the judge's decision in the Ripple case
Date: 2023-07-23 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The U.S. Securities and Exchange Commission (SEC), still reeling from its defeat, vowed to appeal the decision, arguing that the judge made a mistake.
On July 21, the SEC said it would appeal the decision of US District Judge Analisa Torres as part of an ongoing fight against Ripple Labs.
The SEC insists on its
The decision that the sale of XRP to retail investors does not violate US law gave hope not only to ordinary participants in the crypto industry, but also to other defendants who were sued by the SEC for alleged sales of securities.
One such defendant is Terraform Labs co-founder Do Kwon, who is currently in prison. According to the WSJ, Kwon is trying to use the result in the Ripple case in the fight against the regulator , who accuses him of fraud.
The SEC said that the judge considering his case should not be guided by the decision on Ripple. Judge Torres' verdict "adds unreasonable claims" to the test that determines whether an asset is a security, it said.
SEC lawyers, citing 90-year-old legislation, say that this reasoning "cannot be reconciled with all the fundamental principles of securities law."
The actions of the regulator were commented on by Coinbase Chief Legal Officer Paul Grewal:
"If the Commission cited at least one case in which the requirements for an asset vary depending on the sophistication of investors. It is significant that they do not do this and once again argue that politics is more important than the law.
What happens to the price of Ripple's native token
Over the past 24 hours, the price of XRP has dipped by 0.8%. At the time of writing, it is trading at $0.77.
Thus, the native token Ripple managed to hold on to most of the growth despite the ongoing attacks of the SEC.
