The U.S. Securities and Exchange Commission (SEC) sought an appeal in the prospect of the Ripple Labs’ lawsuit on January 15. Since the Court concluded that XRP can not be regarded as an unregistered security when sold to the public, the commission appealed stating that Ripple Labs’ claim for disregarding the sale of XRP on unregistered bases holds no legitimacy. The SEC appeared unsatisfied with the promise made by the court to them and thus aggrieved.
The XRP Court case has garnered a lot of attention from the general gentry, especially the XRP satoshis aiming towards the U.S. for more resources and support. Ripple has an edge as they were competent enough to argue and gain traction in the case.
Seeking for injunctions with the use of Howey and using On the Hill as a promotional strategy made their argument more sound than what it was previously.
Lastly, the SEC lost the ability to classify XRP in relation to employee compensations as a security providing further support for the growing Ripple.
Ripple’s leadership has denounced the action that was made by the SEC. In the words of Brad Garlinghouse, the chief executive officer of Ripple, American regulators are using ‘old arguments’ that do not stand the test of logic.
Rehashing failed points is the appeal in which Stuart Alderoty the Chief Legal Officer for the company is also hinting that the future SEC sends will not bother with them.
Also Read: Ripple CLO: SEC’s Appeal Could Be Abandoned by Next Admin
