SEC to Appeal Courts Decision on XRP as Security

The SEC Plans to Appeal Court Decision on XRP, Signals Regulatory Riposte

The Securities and Exchange Commission (SEC) has announced its intention to appeal a court’s recent decision regarding the status of XRP as a security. The SEC seeks to challenge the ruling that found XRP is not necessarily a security, specifically focusing on programmatic sales and individual sales. An interlocutory appeal has been requested, which would allow the appellate court to review ongoing decisions that may impact other SEC actions. XRP’s price dipped slightly following the news, but it has seen a 33% increase over the past month.

Key Points:

The SEC plans to appeal the court’s decision on XRP as a security.
The appeal will focus on programmatic sales and individual sales of XRP.
An interlocutory appeal has been requested to review ongoing decisions.
XRP’s price decreased slightly after the filing but has seen overall growth.
The court has set a trial date for the case in spring 2024.

Hogan & Hogan Partner Jeremy Hogan clarified on Twitter that the appeal does not question XRP’s security status but rather the SEC’s losses related to programmatic and individual sales. This appeal marks the latest development in Ripple’s ongoing legal battle with the SEC, which began in 2020. The SEC accused Ripple and its co-founders of raising $1.3 billion through the sale of XRP, an alleged unregistered security. However, legal experts have noted that the gears of justice move slowly, and the court’s decision remains in effect for now.

Hot Take: The SEC’s decision to appeal the court’s ruling on XRP raises questions about the regulatory clarity surrounding cryptocurrencies. It also highlights the ongoing tensions between regulators and crypto companies, which continue to navigate complex legal landscapes. The outcome of this appeal will have significant implications for the future regulation of cryptocurrencies in the United States.