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    SEC’s Ripple appeal doesn’t challenge XRP security ruling

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    The US Securities and Exchange Commission (SEC) has appealed parts of a court decision that favoured Ripple and its token, XRP. However, Ripple’s general counsel Stuart Alderoty confirmed the appeal doesn’t challenge the court decision that XRP is not seen as a security. The SEC is questioning Ripple’s sales of XRP and individual sales by Ripple executives. Ripple plans to file its own appeal in response. Legal proceedings against Ripple might continue until July 2025.

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    The latest move by the U.S. Securities and Exchange Commission (SEC) in its case against Ripple doesn’t change much. It’s not altering the fact that XRP, Ripple’s digital currency, isn’t seen as a security.

    On Oct. 16, the SEC made an appeal against parts of a court decision which recently favored Ripple. The appeal wants the court to take another look at its choices regarding Ripple’s sales of XRP, as well as personal XRP sales by Ripple’s bigwigs, Brad Garlinghouse and Chris Larsen.

    Don’t worry though – the court’s choice to label XRP as a non-security doesn’t change! Stuart Alderoty, Ripple’s main legal guy, confirmed the SEC’s appeal isn’t about this. As he put it, this decision is still “the law of the land.” Alderoty also said that Ripple is getting ready to file its own appeal next week.

    The SEC’s appeal focuses on allegations against Garlinghouse and Larsen. The SEC claims that these two guys broke the rules by offering and selling XRP, and that they “aided and abetted Ripple’s violations of those provisions.” The SEC is questioning the court’s choice to lean in favor of Ripple in some areas, including XRP sales on exchanges, personal sales by Garlinghouse and Larsen, and Ripple’s giving out of XRP as non-cash compensation.

    It sounds like Ripple’s legal issues with the SEC might run through July 2025. Eleanor Terrett, a producer at Fox Business, explained that Ripple’s expected to file its own appeal a week after the SEC’s. Both sides will then agree when to submit their legal arguments, and the SEC has 90 days to file its first brief. Alderoty predicts this will take all 90 days.

    Back in August 2023, Judge Analisa Torres ruled that XRP isn’t a security when it’s sold on digital asset exchanges. Since then, Ripple was hit with a $125 million fine for breaking specific rules related to securities.

    Source: Cointelegraph

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