SEC ready for Ripple appeal

Judgment timeline in SEC vs. Ripple case

After partial lesion In a long-standing case against Ripple Labs over the company’s sale of its own XRP token, a representative from the Securities and Exchange Commission pointed to a possible appeal against this decision.

In a statement, a spokesman for the agency said the market regulator “will continue to review the decision” and spoke about other parts of the judge’s ruling that were in favor of the agency.

The SEC noted:

“XRP tokens were offered and sold by Ripple as a security!”

“The court agreed with us that the analysis of cryptocurrency transactions, from the point of view of securities, is governed by the Howey test!”

“The Howey test is well-defined, so we were able to prove a violation of securities laws under certain circumstances.”

The spokesperson also noted that the federal judge in the case, Judge Analisa Torres of the Southern District of New York, ruled that ignorance of securities law was not a sufficient defense.

Independent experts are awaiting an appeal from the SEC, if not from both sides, as Torres found that more than $700 million in XRP sales were illegal and ordered a trial to determine the personal liability of Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

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