The SEC said the XRP decision was wrong.
Following the summary decision of the court in the case between the SEC and Ripple, the SEC made statements. However, the SEC stated that the decision was wrong.
SEC says court decision in Ripple case was wrong
A federal judge made a mistake in ruling against the institution in a landmark crypto case last week, the Securities and Exchange Commission (SEC) said in a statement. However, the SEC has signaled that it will appeal the decision.
US District Judge Analisa Torres has ruled in favor of Ripple Labs that nearly half of its sales of the cryptocurrency XRP do not violate investor protection laws. Torres’ decision was significant as it would set a precedent for other lawsuits tackling the SEC over sales of cryptocurrencies, which the SEC says are often illegally sold securities.
Making a statement on the subject for the first time, the SEC said that this decision was wrong. Lawyers for the SEC wrote that the reasoning was “impossible to reconcile with all these core securities law principles.”
However, after the announcement of the decision, there were statements from industry leaders regarding the appeal. Some said it could take years for the SEC to appeal this decision.
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