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Cryptocurrency News Articles
SEC Will Likely Appeal 2023 Ruling on Ripple's XRP Sales, Speculate Former Agency Attorneys
Sep 28, 2024 at 02:39 pm
It is widely speculated that the U.S. Securities and Exchange Commission (SEC) will appeal the 2023 ruling on Ripple's XRP sales.
The U.S. Securities and Exchange Commission (SEC) may appeal the 2023 ruling on Ripple's XRP sales, according to a former SEC attorney who spoke with Fox Business reporter Eleanor Terrett. The agency is likely to contest the July 2023 decision that classified Ripple's programmatic sales of XRP as non-securities.
One internet user expressed dissatisfaction, questioning the SEC's role in protecting consumers, particularly given the impact of the lawsuit on XRP holders. The user criticized the SEC for appearing to target consumers despite a lack of evidence of fraud or misconduct by Ripple, suggesting that the government's funds were being wasted.
Former SEC attorney Marc Fagel clarified that the case is focused solely on Ripple and does not affect XRP holders, who are free to use their XRP without restriction. Marc stated on X, "The case is strictly against Ripple. It has nothing to do with XRP holders, who are free to do whatever they want with their XRP, so why do you even care?"
He continued, "As of now, they can yell at the SEC for being too aggressive, except when a crypto firm blows up, and they can yell at the SEC for not being aggressive enough. Why give that up and have to take the blame for the next inevitable crypto failure?"
Ripple has been embroiled in a legal battle with the SEC, which accused the company of breaking securities laws by selling XRP without registering it properly. Despite Ripple's victory in the case involving secondary sales, it was still fined $125 million for other regulatory violations, a substantial decrease from the SEC's initial demands.
Stuart Alderoty, Ripple's lead attorney, stated that while an appeal is anticipated, it is unlikely to alter XRP's legal status.
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