SEC to appeal Ripple XRP ruling – requests suspension of proceedings

Krypto News Aktuell auf Deutsch

SEC requests appeal against Ripple in XRP case

The United States Securities and Exchange Commission (SEC) sent a letter to Judge Analisa Torres requesting permission to appeal the SEC v. Ripple case regarding XRP.

Background of the case

The litigation between the SEC and Ripple began in December 2020, when the SEC sued Ripple for alleged violations of securities laws. The SEC claims that Ripple sold unregistered securities while treating XRP as such, while Ripple maintains that XRP are not securities.

Reciprocal arguments

Ripple has claimed that XRP is much more widespread and independent of Ripple and is not subject to any control by the company. Ripple also argued that XRP is a cryptocurrency and therefore not subject to the same regulatory requirements as securities.

The SEC, on the other hand, claims that XRP is a security because Ripple would have great influence over the XRP market and control the sale of XRP. The SEC continues to argue that Ripple made millions of dollars from the unregistered sale of XRP.

The appeal request

In the petition to Judge Analisa Torres, the SEC requests permission to appeal the case against Ripple. The SEC explains that it would like its arguments to be considered by a higher court, because this case is of great importance in clarifying the legal definition of cryptocurrencies like XRP.

It remains to be seen whether Judge Torres will grant the SEC's request and whether an appeal will be allowed.

Possible consequences

The outcome of this case could have significant repercussions on the cryptocurrency market. If the SEC is upheld in its argument and XRP is indeed considered a security, similar actions could follow against other cryptocurrencies. This could lead to increased regulatory scrutiny and uncertainty for businesses and investors in this area.

Conclusion

The SEC sent a letter to Judge Analisa Torres requesting permission to appeal the SEC v. Ripple XRP case. This case is of great importance for the legal definition of cryptocurrencies and could have significant repercussions on the market.