US SEC appeals ruling on XRP status
The case’s outcome could significantly impact the regulatory landscape for cryptocurrencies in the US.
The US Securities and Exchange Commission (SEC) has announced its intention to appeal a recent court ruling that limits its authority to oversee cryptocurrency markets. This decision stems from a July 2023 ruling by US District Judge Analisa Torres, which concluded that the XRP token sold by Ripple Labs on public exchanges does not qualify as a security. As a result, the approximately $757 million in sales of XRP would not fall under the protective regulations enforced by the SEC.
Ripple Labs, which could also appeal aspects of the ruling, has expressed its frustration with the SEC’s move. CEO Brad Garlinghouse labelled the decision to appeal as ‘misguided’ and ‘infuriating,’ yet he remained confident, stating that XRP’s status as a non-security is currently upheld in law. This ongoing legal battle could have significant implications for the broader regulatory landscape surrounding cryptocurrencies in the US.
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