SEC Expected to Contest XRP Ruling, Lawyer Warns as Appeal Deadline Nears

A former SEC lawyer predicts that the agency will challenge Judge Analisa Torres’ July 2023 ruling regarding XRP in the Ripple lawsuit, viewing the decision as flawed.

As the October 7 appeal deadline approaches, the lawyer stated that the SEC believes the ruling is incorrect and should be contested. This case has garnered significant attention. As its outcome could shape the future of cryptocurrency regulation in the U.S. The SEC’s lawsuit, filed in December 2020, accused Ripple of conducting an unregistered securities offering through XRP sales.

However, Ripple argues that XRP should be classified as a currency, not a security, and thus falls outside SEC jurisdiction. In her ruling. Judge Torres concluded that Ripple’s programmatic sales of XRP on public exchanges do not qualify as securities transactions, marking a partial victory for Ripple.

Clever Robot News Desk 30^th September 2024