SEC Faces Decision on Ripple Ruling Appeal as Deadline Approaches
The U.S. Securities and Exchange Commission (SEC) faces an Oct. 7 deadline to decide whether to appeal the Ripple court ruling, which declared that secondary XRP sales were not securities.
According to reports, former SEC attorney Marc Powers expects the agency to challenge the decision.
Ripple celebrated the ruling from Judge Analisa Torres as a major legal win, offering clarity on the status of XRP. However, her distinction between institutional and programmatic token sales has faced criticism and was even rejected by another judge in a related case. Powers believes the SEC will likely appeal to address these inconsistencies.
Kristina Littman, former chief of the SEC’s cyber unit, suggested that the agency might avoid an appeal to prevent elevating a lower court’s decision. Ripple’s legal chief, Stuart Alderoty, acknowledged the possibility of an appeal but expressed confidence that it wouldn’t impact XRP’s legal status.
READ MORE: Franklin Templeton Analyzes Staking Rewards and Their Impact on Token Value in Crypto Debate
The SEC has been under fire for not providing clear regulatory guidance for the crypto sector, despite its stance that existing laws are adequate. SEC Chair Gary Gensler recently stated that without regulation, the cryptocurrency industry might not last.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
