Is the SEC gearing up to contest the court’s decision in the ruling case against Ripple regulator? It appears so, according to a recent court document. The U.S. Securities and Exchange Commission (SEC) has expressed its intent to appeal an aspect of a judge’s verdict pertaining to Ripple’s XRP sales.
SEC’s Appeal Strategy
The regulatory body indicated in its court filing that it is seeking permission to contest a part of a recent ruling while allowing other aspects of the case to progress towards trial. The SEC believes that an approved interlocutory appeal could potentially avert the need for two separate trials, thus conserving resources for the SEC and the government.
Previous Ruling on Ripple’s XRP Sales
In a decision last month, a federal judge determined that Ripple’s direct sales of XRP to institutional investors were in violation of securities law. However, the judge ruled that Ripple’s programmatic sales to retail investors through exchanges did not infringe on the law. This ruling came from Judge Analisa Torres of the U.S. Southern District Court.
While she has tentatively scheduled a trial on other unresolved issues for the second quarter of 2024, the SEC has hinted at a possible appeal. This suggestion of an appeal was made in a separate case where the regulator’s attorneys encouraged Judge Jed Rakoff of the same court to disregard the ruling in the Ripple case.
Understanding the Ripple Case
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As the case continues to unfold, all eyes will be on the SEC’s next move. Will it succeed in its appeal, or will the court uphold its initial ruling? Only time will tell.
