The Securities and Exchange Commission (SEC) is appealing a federal judge’s ruling in its yearlong legal battle against Ripple over sales of its XRP token.
This extends the battle over whether Ripple violated securities laws, as an SEC spokesperson told CoinDesk, “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit.”
In August, a federal judge in the Southern District of New York fined Ripple $125 million despite the SEC asking for a much higher penalty of $2 billion. The much lighter punishment partly stems from an earlier ruling. In 2023, Judge Analisa Torres decided that while Ripple defrauded…
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