US SEC Gives First Hint On Seeking XRP Ruling Appeal

Crypto News: In what could soon turn out as a setback for the XRP community, the US Securities and Exchange Commission (SEC) on Friday dropped a hint on its plans to appeal the Summary Judgment in the Ripple Vs SEC lawsuit. The federal regulatory agency described the judgment as a ‘wrongful decision’ and that it seeks to review the ruling. Interestingly, it had signaled that the SEC staff was considering several options for reviewing the decision. On July 13, 2023, the judge ruled that sale of the tokens to retail investors does not qualify as sale of securities.

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Earlier, CoinGape reported that the SEC should be acting fast if it were to go for an appeal of the Summary Judgment. It remains to be seen how long the court takes to decide whether or not to accept the agency’s appeal.

US SEC Seeking To Review XRP Ruling

In the context of Terraform Labs cofounder Do Kwon trying to use the XRP ruling as a precedent in his ongoing lawsuit that involved fraud allegations. Kwon cited Judge Torres’ ruling that the sale of XRP is not a security to prevent the agency from charging him. In response, the US SEC had on Friday filed a pleading in the Terraform Labs case saying the court should not consider the Ripple judgment as the SEC is seeking to review it.

“Respectfully, those portions of Ripple were wrongfully decided, and this court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”

The SEC categorically termed the ruling a ‘wrongful decision’, hinting of a fierce response for a review of the judgment. Hence, the crypto community now have a reason to be cautious next week in anticipation of a request for appeal in the Ripple lawsuit.

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

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