Check out the SEC hints at potential appeal to XRP ruling from Ripple Labs lawsuit on Crypto Press Cryptocurrencies Network.
SEC hints at potential appeal to XRP ruling from Ripple Labs lawsuit

SEC’s Comments on Ripple Labs Lawsuit

The U.S. Securities and Exchange Commission has indicated that it might challenge a recent ruling on the Ripple Labs lawsuit, which concluded that XRP is not a security when distributed to retail investors. The SEC claims that the decision is contrary to the Howey Test, which is used to identify investment contracts.

The SEC’s thoughts on the Ripple Labs case were expressed in a different lawsuit against Terraform Labs and its founder Do Kwon, concerning the alleged “orchestrating a multi-billion dollar crypto asset securities fraud.”

In its July 21 response to a motion to dismiss from Terraform Labs — which included reference to the potentially precedent-setting Ripple Labs ruling — the SEC highlighted several issues it has with the court’s decision on XRP.

Ripple Ruling and SEC Chair’s Statements

The SEC has recently commented on the Ripple ruling, noting that it supports their claims in this case and refutes some of the Defendants’ arguments. SEC Chair Gary Gensler expressed his disappointment over the court’s decision to not deem XRP to be a security when sold to retail investors. On July 17, Gensler appeared at the National Press Club to give a talk on artificial intelligence and was asked if the court rulings necessitate the establishment of clear regulation for the industry.

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