SEC Appeals Ruling in Ripple Lawsuit

The SEC has decided to appeal the ruling made by a federal judge in its legal battle against Ripple, a fintech company involved in cryptocurrency, regarding the sale of their XRP cryptocurrency.

This move was made known through a court filing on Wednesday, with the SEC seeking to challenge the final decision made by US District Judge Analisa Torres in August.

Upon hearing the news, the value of XRP dropped even further as it was already experiencing a decline for the day.

A SEC spokesperson stated that they believe the district court’s decision contradicts decades of securities laws and Supreme Court precedents, and they are looking forward to presenting their argument to the Second Circuit.

The SEC initially sued Ripple in 2020 for $1.3 billion, alleging that the company sold unregistered securities in the form of XRP to raise funds from investors.