US SEC files Ripple trial appeal in New York court
Ripple CEO declares a desperate fight… “We will fight to the end”
Disappointing listings after 3 1/2 year lawsuit ruling and subsequent appeal
Recently, XRP, which has been in compliance with the defense tax, has fallen below the 800 won level.
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The SEC announced on the 2nd (local time) that it will continue its appeal with Ripple by filing a notice of appeal against the trial result declared in August with the New York court in the United States.
Earlier on August 8, Judge Analisa Torres of the New York District Court in the United States declared a consent judgment for both parties in the lawsuit between Ripple and the SEC, with Ripple paying a civil fine of $125 million (approximately 172 billion won in Korean currency).
Ripple was seen as the de facto winner of the three-and-a-half-year lawsuit between Ripple and the SEC.
Ripple's sale of Ripple through investor recruitment in 2013 was considered an "investment contract" under U.S. securities law, and Ripple admitted to violating securities laws regarding the sale. However, both parties agree that secondary market sales of Ripple, including exchange sales, did not violate securities laws, and this is the interpretation that future exchange sales of Ripple did not violate securities laws.
After the ruling, the SEC was given approximately 60 days to file an appeal, and the SEC filed the appeal approximately four days before the deadline for filing appeals.
Ripple is willing to appeal and will push through Ripple's logic. In an official statement on the 3rd, Ripple CEO Brad Garlinghouse emphasized, "The fact that Ripple is not a security does not change," and "We will fight to the end in court."
“Instead of faithfully enforcing the law, the SEC under its current chairman is continuing to litigate the industry,” said Stuart Alderotti, Ripple’s general counsel. “We are considering whether to file a cross-appeal.”
He continued, "We are ready to prove this again in the appeals court this time," adding, "Ripple is an industry leader and will prove it once again."
Ripple, which has shown a decent defense rate in the recent bear market due to its business expansion after the trial that is considered to have won the lawsuit against the SEC, fell about 10% in price on the morning of the 3rd. This is because of the disappointment selling as another long lawsuit with the SEC has started after a trial that took about 3 and a half years.
Ripple, which broke the 800 won mark, is trading at 717 won as of 3 PM on the 3rd on Upbit.
Reporter Kwon Seung-won ksw@
