U.S. SEC Suggests Appeal in Ripple Case; Challenge for XRP?

• Do Kwon, the co-founder of Terraform Labs, has referenced the XRP ruling as a benchmark.
• The SEC has described the ruling as a “misguided decision,” indicating a robust response.

A possible challenge for the XRP community could be looming as the US SEC indicated on Friday that it plans to appeal the Summary Judgement in the Ripple vs. SEC case.

The federal regulatory agency expressed its intention to reassess the judgement, labeling it a “misguided decision.” Notably, it hinted that SEC personnel were exploring alternative options for reviewing the ruling.

Do Kwon, co-founder of Terraform Labs, is facing a lawsuit over fraud allegations and has cited the XRP ruling as a reference point. Kwon contended that the government could not prosecute him due to Judge Torres’s decision that the sale of XRP does not constitute a security.

All Eyes on SEC

Additionally, the US SEC reacted on Friday by submitting a petition in the Terraform Labs matter, contending that the court should disregard the Ripple ruling since the SEC intends to review it.

The petition stated:

“Respectfully, those segments of Ripple were incorrectly decided, and this court should not adhere to them. SEC personnel are evaluating the various options for further review and plan to recommend that the SEC pursue such review.”

Furthermore, the SEC has termed the ruling a “misguided decision,” implying a strong reaction to the request for a review of the judgement. Following Ripple’s partial triumph over the SEC, the price of XRP, the native cryptocurrency of the company, has surged significantly. As a result of this favorable legal outcome, XRP has been reintroduced on major cryptocurrency exchanges, resulting in heightened demand and trading activity.

Highlighted Crypto News Today:

Whale Bitcoin Address Activated After 11 Years as BTC Remains Below 30K!