The Securities and Exchange Commission (SEC) has announced its decision to appeal a federal court ruling in its prolonged legal battle against Ripple Labs and XRP.
The SEC’s notice of appeal, filed with the Second Circuit Court of Appeals on Oct. 2, follows a key August ruling that dealt a mixed outcome in the regulator’s high-profile case against Ripple.
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty expressed disappointment with the regulator’s decision to appeal and reaffirmed their intent to fight the case in court.
SEC appeal
The SEC, which sued Ripple in December 2020 over allegations that the company conducted a $1.3 billion unregistered securities offering through XRP sales, contends that the district court’s decision conflicts with longstanding Supreme Court precedent.
Ripple had initially celebrated parts of the ruling as a victory for the crypto industry. US District Judge Analisa Torres ruled that programmatic sales of XRP to retail investors via crypto exchan
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