SEC Appeals Ripple Case Again, XRP Drops 11% on News

It was thought that the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) was coming to a close after years of litigation, but on 10/2, the SEC initiated a second round of appeals, reiterating that the court's decision on the Ripple case conflicts with decades of Supreme Court precedents and securities laws.

Ripple Disappointed but Not Surprised, Will Appeal

Ripple's General Counsel Stuart Alderoty stated that the SEC's decision to appeal is disappointing but not surprising. This will only prolong the already embarrassing situation for the agency. The court has already dismissed the SEC's charges against Ripple, stating that Ripple did not commit fraud, there were no victims, and no related losses were incurred.

Alderoty also criticized the SEC for not faithfully enforcing the law under Chairman Gary Gensler's leadership, but rather continuing its litigation against the crypto industry. The SEC's lawsuit was irrational and misleading from the start, and coincidentally, SEC Enforcement Director Gurbir S. Grewal announced his resignation just an hour before?

Ripple stated that they are evaluating whether to file a cross-appeal. Ripple is prepared to lead the crypto industry and prove everything in court once again!

Prior to the court ruling, Ripple was found to have violated securities laws by directly selling XRP to institutional investors, while the planned sales of XRP through exchanges were not illegal. Ripple was fined $125 million, far below the SEC's sought-after $2 billion penalty.

Ripple case concludes! Fined $125 million, faces permanent injunction

XRP Plummets 11% on News

Due to the lawsuit news, XRP dropped from around 0.6 to 0.5330, marking a 11% decrease in 24 hours.

Bitwise Files for XRP ETF, Claims XRP is Not a Security

ETF issuer Bitwise submitted the registration statement S-1 for an XRP ETF to the SEC yesterday, with BNY Mellon Bank serving as the administrator of the trust and Coinbase Custody Trust Company, LLC as the custodian for the spot XRP ETF.

In their filing, Bitwise also claimed that XRP is not a security. Bitwise had just filed for the XRP ETF the day before in Delaware, with Bloomberg ETF analyst Eric Balchunas likening these competing coin applications to a Trump Call in terms of being cheap.

Bitwise Files for XRP ETF, Bloomberg Analyst: Cheap Like a Trump Call