Breaking News

web3bzz

Allow notificationsđź”” to receive the latest news and updates.

SEC Appeals Ripple Ruling, Focuses on XRP Sales Issues

The SEC has filed an appeal in its case against Ripple, challenging specific aspects of a recent ruling while leaving the $125 million fine intact.

1 min 20 secOctober 18, 2024

Highlights:

•

SEC will not contest $125M fine or XRP's security status.

•

Appeal targets programmatic sales and employee distributions.

SEC Appeals Ripple Ruling, Focuses on XRP Sales Issues

The U.S. Securities and Exchange Commission (SEC) has officially filed an appeal in its ongoing legal battle against Ripple Labs, focusing on specific aspects of a July 2023 court ruling that favored the cryptocurrency company. The SEC's appeal, submitted via Form C, does not contest the court's determination that XRP is not classified as a security, nor does it challenge the $125 million fine imposed on Ripple for its institutional sales of XRP.

 

A copy of the appeal.

 

The appeal highlights several key issues, including Ripple's programmatic sales of XRP on digital trading platforms and the distribution of XRP to employees. Additionally, the SEC aims to review claims against Ripple executives Brad Garlinghouse and Chris Larsen, asserting that they violated securities laws through their personal sales of XRP and by allegedly aiding Ripple's violations.

 

Ripple’s Chief Legal Officer, Stuart Alderoty

 

Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the SEC’s appeal does not undermine the court's ruling regarding XRP’s non-security status, which he stated remains "the law of the land." The legal proceedings are expected to continue for an extended period, with the briefing process likely extending into July 2025. This development marks a significant chapter in the ongoing saga between Ripple and the SEC, as both parties prepare for further court deliberations in what has become one of the most closely watched cases in cryptocurrency regulation.

Subscribe To

Web3Buzz

Connecting you to the world of Web3

Related News

People also like to read

Latest News