SEC appeals Ripple case ruling, citing conflict with Supreme Court precedent
Quick Take The Securities and Exchange Commission is appealing the Aug. 7 judgment regarding the web3 payments firm Ripple. “We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities law,” an SEC spokesperson said.
The Securities and Exchange Commission is appealing the Aug. 7 judgment from the United States Court of Appeals for the Second Circuit regarding the web3 payments firm Ripple, according to a Wednesday filing .
“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," an SEC spokesperson told The Block.
On Aug. 7, a judge ordered Ripple to pay a civil penalty of $125 million, well below the SEC's initial request of a $2 billion penalty. The decision also partially granted and denied the SEC's initial motion for remedies regarding Ripple's sale of the token XRP -8.54% . The judge ruled that some sales of XRP violated securities laws while other sales didn't, The Block previously reported.
The SEC sued Ripple in 2020, claiming that Ripple's sale of XRP violated securities laws as the asset is an unregistered security and that the firm brought in over $1.3 billion via unregistered securities sales.
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