Anti-Crypto War Act 2. In its fervent fight against cryptocurrencies, the Securities and Exchange Commission (SEC) demonstrated a unwavering determination. Nevertheless, the American regulator did not win all its confrontations, as evidenced by the partial victory for Ripple and its XRP before the New York District Judge. In a last-ditch attempt deployed yesterday, the SEC is therefore attempting to redress the balance by announcing that it is appeal of the judge’s decisionin the hope of reversing the situation.
The SEC takes up arms against Ripple (XRP)
The SEC made an announcement yesterday, Wednesday, that it intends to challenge its July 13 partial loss to Ripple. The American regulator has thus submitted a request to the New York District Court to obtain a “interlocutory control”.
Among the arguments put forward by the American financial regulatory body, it is of course worth noting the verdict of the trial involving Terraform Labs. Unlike the Ripple case, this time the judgment leaned in favor of the regulator. Indeed, the judge in charge of this case delivered his verdict last month and classified Ripple’s beloved cryptocurrency as a security.
Nevertheless, the appeal process will take time, as it involves the approval of both the original court and the court of appeal.
The judicial imbroglio therefore persists. Since 2020, the SEC and Ripple have been engaged in a bitter battle over the classification of XRP, an issue that continues to generate repercussions. Just yesterday, Bitstamp has announced the suspension of the sale of 7 cryptocurrencies, in reaction to the endless debate and the risks generated by regulators. This matter remains to be watched closely.