SEC Appeals Ripple Case Ruling - The Securities and Exchange Commission (SEC) is appealing the August 7 ruling from the United States Court of Appeals for the Second Circuit concerning the web3 payments firm Ripple. An SEC spokesperson stated, "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," as reported by The Block.
On August 7, a judge mandated Ripple to pay a civil penalty of $125 million, significantly less than the SEC's initial request for $2 billion. The ruling partially granted and denied the SEC's initial motion concerning Ripple's sale of the token XRP, determining that some sales of XRP violated securities laws while others did not.
The SEC initiated the lawsuit against Ripple in 2020, alleging that Ripple's sale of XRP constituted the sale of an unregistered security, amassing over $1.3 billion through these sales.
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