SEC Files Appeal in Ripple Lawsuit
The US Securities and Exchange Commission (SEC) has announced that it will be appealing a federal judge’s ruling on its case against Ripple on Wednesday.
The regulator has filed a “notice of appeal” to the Second Circuit Court of Appeals, almost two months after Judge Analisa Torres issued her final judgement in the SEC’s long-standing lawsuit against the cryptocurrency company.
Judge Torres ruled in July 2023 that Ripple had violated federal securities law by selling XRP to institutions, but its sales to retail exchanges did not violate security regulations.
The SEC attempted to appeal Judge Torres’ decision, but was denied by the judge.
In August of this year, Judge Torres imposed a fine of $125 million on Ripple, a significantly lower amount than the almost $2 billion requested by the SEC in disgorgement, interest, and penalties.
The judge temporarily paused the enforcement of this fine until after the SEC’s deadline to file an appeal had passed or the appeal was resolved by the circuit court.
