XRP – SEC update: Agency files appeal after Ripple’s ‘waste of taxpayer money’ criticism

AMB Crypto 8 months ago 149

SEC reignited legal tensions with Ripple Labs over XRP ($2.42)’s classification
XRP surges by 9.21%, reflecting resilience despite ongoing regulatory scrutiny by the SEC

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a new turn, after the SEC formally appealed a pivotal ruling from July 2023.

The initial decision by Judge Analisa Torres differentiated XRP sales, determining that transactions on exchanges were not securities. And yet, sales to institutional investors were classified as such.

Despite Ripple being ordered to pay a $125 million civil penalty for institutional XRP sales, the SEC is now contesting the court’s position on secondary market transactions.

By invoking the Howey Test, the agency argues that Ripple’s promotional activities fostered profit expectations among investors. According to the SEC, this positions XRP as an investment contract.

What’s the reason behind the appeal?

The SEC argued that “investor expectations hinge on the issuer’s actions, not the identity of the seller,” emphasizing that Ripple’s distribution of XRP, even in non-cas...

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