{"id":38876,"date":"2024-10-03T11:48:41","date_gmt":"2024-10-03T11:48:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripple-gears-up-to-challenge-sec-appeal-on-xrp-ruling\/"},"modified":"2024-10-03T11:48:41","modified_gmt":"2024-10-03T11:48:41","slug":"ripple-gears-up-to-challenge-sec-appeal-on-xrp-ruling","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripple-gears-up-to-challenge-sec-appeal-on-xrp-ruling\/","title":{"rendered":"Ripple Gears Up to Challenge SEC Appeal on XRP Ruling"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Ripple Labs is preparing for another legal showdown with the United States Securities and Exchange Commission (SEC) after the regulator filed an appeal to contest a court ruling. The July decision by the Southern District Court of New York had determined that Ripple\u2019s retail sales of XRP did not violate securities laws, a win Ripple intends to defend fiercely.<\/p>\n

Ripple\u2019s CEO Vows to Fight On<\/h2>\n

On October 3, Ripple CEO Brad Garlinghouse reaffirmed the company\u2019s commitment to upholding XRP\u2019s non-security status<\/a>. In a post on X (formerly Twitter), Garlinghouse expressed frustration with the SEC\u2019s continued legal push. He stated, \u201cSomehow, they still haven\u2019t gotten the message: they lost on everything that matters. Ripple, the crypto industry, and the rule of law have already prevailed.\u201d<\/em> His remarks reflect the company\u2019s resolve to fight the appeal until the very end.<\/p>\n

The appeal, filed on October 2, challenges the court\u2019s decision that XRP sales to retail investors did not classify as securities. The original ruling by Judge Analisa Torres on July 13 marked a significant victory for Ripple and the broader cryptocurrency market, as it applied the Howey test and concluded that XRP itself was not a security. However, the court did find Ripple\u2019s institutional sales had violated securities laws, leading to the SEC\u2019s efforts to impose penalties.<\/p>\n

The SEC originally sought a hefty $1.95 billion penalty, though Judge Torres reduced the fine to $125 million, with the stipulation that Ripple would need to formally register with the SEC if it intends to offer securities in the future. On September 4, both parties agreed to a stay order, with Ripple depositing 111% of the fine into a secure account, delaying the payment while the appeal process plays out.<\/p>\n

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5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n

New players only. Exclusive 111% Welcome Bonus + 111 Free Spins<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Ripple\u2019s chief legal officer, Stuart Alderoty, criticized the SEC\u2019s continued litigation efforts, calling it \u201cnot surprising\u201d and labeling the agency\u2019s approach as \u201clitigation warfare.\u201d He also hinted at the possibility of Ripple filing a cross-appeal if necessary.<\/p>\n

With Ripple ready to defend its previous victory, the ongoing battle could set significant legal precedents for the cryptocurrency industry.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Ripple Labs is preparing for another legal showdown with the United States Securities and Exchange Commission (SEC) after the regulator filed an appeal to contest a court ruling. The July decision by the Southern District Court of New York had determined that Ripple\u2019s retail sales of […]<\/p>\n","protected":false},"author":35,"featured_media":38877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38876"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=38876"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/38876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/38877"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=38876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=38876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=38876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}