On Oct. 2, the US Securities and Exchange Comleave oution filed a acunderstandledge of pdirect in the Ripple legal case seeking to clearurn an earlier ruling.
The agency has pdirected a 2023 verdict set by Judge Torres, which ruled that secondary sales of Ripple’s XRP token did not constitute securities sales.
The appraise ruled that XRP flunked to satisfy all the conditions for the SEC’s Howey test to be classified as an spreadment tight.
The filing was spreadd by defense lawyer James Filan on X.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The @SECGov has filed a Notice of Appeal of Judge Torres’s Ruling. pic.twitter.com/j8bLIZQ5LT
— James K. Filan (@FilanLaw) October 2, 2024
Ripple Fights Back
Ripple chief lterrible officer Stuart Alderoty said the pdirect was “disassigning, but not astonishing.”
He compriseed that this fair proextfinisheds what is “already a finish embarrassment for the agency.”
“The Court already declineed the SEC’s proposeion that Ripple acted recklessly, and there were no allegations of fraud and, of course, there were no victims or losses.”
He said that the SEC “persists to include in legal action combat agetst the industry” before compriseing that the firm is evaluating whether to file a traverse-pdirect.
Ripple CEO Brad Garlinghoengage also compriseressed X on Oct. 3, stating that if SEC chair Gary Gensler and the regulator were reasonable, “they would have transferd on from this case extfinished ago.”
He vowed to persist combat as extfinished as essential:
“While we’ll fight in court for as extfinished as we need, let’s be evident: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misdirectd – and infuriating – pdirect.”
If Gensler and the SEC were reasonable, they would have transferd on from this case extfinished ago. It declareively hasn’t acquireed spreadors and instead has harmd the credibility and reputation of the SEC.
Somehow, they still haven’t gotten the message: they lost on everyslimg that… https://t.co/1hW7xVSL9b
— Brad Garlinghoengage (@bgarlinghoengage) October 2, 2024
Candidate for Massachengagetts Senator John Deaton unleashed a tirade on X, stating that a truthfulate wouldn’t typicpartner comment on an pdirect:
“However, I’m not your standard truthfulate and I spent hundreds of pro bono hours and over $75K of my own money, combat gross overachieve and wrongdoing at the SEC.”
Almost four years after suing Ripple and making the above ridiculous claims, SEC lawyers regretd (in a contrastent case) for proposeing tokens themselves were securities, he said before compriseing:
“Becaengage the SEC is pursuing an anti-crypto agfinisha, it will now squander more taxpayer money. Gary Gensler is a dishonor.”
XRP Tanks
The novels has rattled XRP hagederers who have been arrangeilely selling the asset, resulting in a 12% slump on the day.
The asset was trading above $0.60 on Oct. 2 but crashed to bottom out at fair below $0.53 during timely trading in Asia on Thursday morning.
XRP is currently at a three-week low and still trading down 84% from its January 2018 all-time high despite recent ETF applications.
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