XRP Coin Jumps 30% Following Ripple's Successful Win in Lawsuit Against the SEC

Since Dec 2020, Ripple & the United States Securities and Exchange Commission (SEC) have been in a legal fight. The SEC argued that Ripple executives misused the XRP cryptocurrency for payment services and called XRP an unregistered security token.

The United States Securities and Exchange Commission (SEC) has filed an appeal in the XRP lawsuit, arguing that the court erred in ruling that XRP is not a security token.

The SEC filed the notice of appeal on Friday, August 18, in the Southern District Court of New York, following Judge Analisa Torres's ruling in July that XRP is not an investment contract and therefore not a security under the U.S. federal securities law.

The SEC had argued throughout the case that Ripple executives used the XRP cryptocurrency to fund payment services and that XRP is an unregistered security token.

"The SEC's decision to appeal is disappointing, but not surprising," Ripple's chief legal officer Stuart Alderoty said in a statement on Friday. "This just prolongs what's already a complete embarrassment for the agency."

"The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, no finding of any lost investor," he added.

The SEC's Enforcement Director Michael Bowen announced his resignation on Friday, an hour before the SEC filed the appeal.

Former SEC Chairman Jay Clayton also resigned shortly before the agency filed the lawsuit against Ripple in December 2020.

"After two years and spending millions of taxpayer dollars, the SEC has nothing to show for it," Alderoty said. "The agency's overreach has backfired spectacularly and XRP's status as a non-security remainsっちり Despite the SEC's misguided appeal, Ripple, the crypto industry, and the rule of law have already prevailed."

Ripple CEO Brad Garlinghouse criticized the SEC for continuing the legal battle over XRP's status, arguing that the agency's actions have harmed its credibility rather than protecting investors.

"If Gensler and the SEC were rational, they would have moved on from this case long ago," he said in a statement on Friday. "It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC."

"Somehow, they still haven't gotten the message: they lost on everything that mattered in the lower court ruling," Garlinghouse added.

The SEC had previously failed in its attempt to challenge the court's classification of XRP in April, when Judge Torres ruled that the agency had failed to demonstrate that XRP is a security token.

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