SEC Appeals Ripple Case Decision

The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.

The United States Securities and Exchange Commission (SEC) has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.

This comes after Judge Analisa Torres ruled out that not all sales of XRP are securities and slapped a civil fine of $125 million on Ripple for the institutional sale of XRP tokens.

Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.

#XRPCommunity #SECGov v. #Ripple #XRP The appeal has been been docketed on the United States Court of Appeals for the Second Circuit PACER docketing system. The case title is Securities and Exchange Commission v. Ripple Labs Inc. and the docket number is 24-2648. pic.twitter.com/WMqTDrX1PN

Ripple’s Legal Team Responds

Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly. There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.

(1) The SEC's decision to appeal is disappointing, but not surprising. This just prolongs what's already a complete embarrassment for the agency. The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course,… https://t.co/PQozMMtthf

Ripple’s CEO Speaks Out

Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself. He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b

Internal Shake-ups in Commission

A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court.

At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.

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