SEC Appeals Judge Torres' Ruling that the Programmatic Sales of XRP Didn't Constitute a Securities Violation

La Securities and Exchange Commission (SEC) fait enfin appel de la décision de juillet 2023 de la juge de district américaine Analisa Torres selon laquelle le programmatique

La Securities and Exchange Commission (SEC) a finalement décidé de faire appel de la décision de juillet 2023 de la juge de district américaine Analisa Torres selon laquelle les ventes programmatiques de XRP ne constituaient pas une violation des valeurs mobilières.

Dans un document judiciaire déposé le 2 octobre, la SEC a présenté son avis d'appel, dans lequel elle déclare que l'agence « fait respectueusement appel auprès de la Cour d'appel des États-Unis pour le deuxième circuit du jugement final prononcé par cette Cour en août ». 7 2024. »

La SEC avait jusqu'au 7 octobre pour décider si elle ferait ou non appel de la décision. L’évolution actuelle signifie que la bataille juridique qui dure depuis des années entre le régulateur et Ripple va se poursuivre.

Avant l'appel, un ancien avocat de la SEC a révélé la semaine dernière que tout le monde à l'agence pensait que la décision du juge Torres était erronée.

“Everyone over there [at the SEC] truly believes that the decision is wrong, that it’s not good law, and should be appealed,” the attorney said.

Last year, Judge Analisa Torres of the United States District Court for the Southern District of New York dismissed the securities status of secondary markets for XRP. This was a major win for Ripple. However, the difference between the programmatic and institutional sales of XRP continues to be debated.

The judge also ordered Ripple to pay a $125 million fine in August of this year, while the SEC initially sought $2 billion in disgorgement, prejudgment interest, and civil penalties. The implementation of this fine has been halted until the SEC’s appeal is either decided on or the time for appeal has passed.

However, since the appeal has been filed, the U.S. Court of Appeals for the Second Circuit will consider the merits of Judge Torres’ decision. This process will more than likely prolong the time of the case even further.

In response to the SEC’s move to appeal its case against Ripple, Ripple CEO Brad Garlinghouse has now called out the regulator for its handling of the matter. In his post, Garlinghouse stated, “If Gensler and the SEC were rational, they would have moved on from this case long ago…While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today.”

Additionally, Chief Legal Officer Stuart Alderoty has also said on a post, “SEC’s decision to appeal is disappointing but not surprising.”

As of this writing, XRP is currently trading at $0.554, registering a decline of 7.7%. XRP’s token has also dipped by 20% in the wake of this announcement.

SEC Appeal Casts Shadow Over Potential XRP ETF Approval

As Cryptopolitan reported, Bitwise recently filed an application for the first-ever spot XRP ETF. The appeal process is anticipated to hold any possible listing or trading of XRP-linked financial assets, including the Bitwise ETF.

In a recent post on X, Head of Research at Galaxy Digital, Alex Thorn noted that an SEC appeal would be very unfavorable to an XRP ETF and put the chances at “near zero.”

“SEC has until next week (Oct. 7) to appeal Judge Torres’ July 2023 ruling (which held that secondary sales of XRP through exchanges were not securities)

likelihood of this ETF filing succeeding drops to near zero if they do appeal (i’ll be very surprised if they don’t appeal) https://t.co/FBGVZPNvwV

— Alex Thorn (@intangiblecoins) October 1, 2024

The Bitwise spot XRP ETF was expected to give institutional and retail investors exposure to XRP through a regulated financial product.

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