SEC Files Notice of Appeal in Case Against Ripple
Summary
The U.S. Securities and Exchange Commission (SEC) plans to appeal a federal judge's ruling in its case against Ripple to the Second Circuit Court of Appeals. In July 2023, Judge Analisa Torres ruled that Ripple violated federal securities law with institutional sales of XRP but not with programmatic sales to retail exchanges. The SEC's attempt for an interlocutory appeal was denied. Judge Torres imposed a $125 million fine on Ripple, significantly less than the SEC's request for nearly $2 billion. The SEC argues the decision conflicts with Supreme Court precedent and securities laws. Bitwise filed to list an ETF investing in XRP.
