SEC files appeal in Ripple lawsuit
The Securities and Exchange Commission first filed the lawsuit against Ripple Labs and both its founders in December 2020.
The United States Securities and Exchange Commission (SEC) filed a notice of appeal in the Ripple lawsuit on Oct. 2, 2024, seeking to overturn an earlier ruling from Judge Analisa Torres.
Legal experts anticipated the regulatory agency’s appeal of the 2023 verdict set by Judge Torres, which established that secondary sales of Ripple’s XRP did not constitute securities sales.
Torres ruled that XRP was not a security, in and of itself, due to the digital assets’ failure to satisfy all the conditions listed in the SEC’s Howey test to classify a financial asset as an investment contract.
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Author: Vince Quill
