US SEC Decides to Appeal 'XRP Unregistered Securities' Ruling", Ripple Executives Criticize SEC

The US Securities and Exchange Commission (SEC) has reportedly decided to appeal a court ruling in its lawsuit against Ripple, according to Yutoday. The deadline to appeal the ruling was October 7th. In July of last year, the U.S. District Court for the District of New York officially ruled that XRP tokens sold on the secondary market are not securities. However, the court did find that Ripple's direct sales of XRP to institutional investors constituted unregistered securities sales and fined the company $1.25 billion.

Meanwhile, Ripple CEO Brad Garlinghouse and CLO Stuart Alderotti strongly criticized the US Securities and Exchange Commission (SEC) appeal decision. Garlinghouse emphasized that the SEC's appeal is a waste of taxpayer dollars and that XRP's non-security status remains unchanged regardless of the appeal. Alderotti pointed out that there are no victims or losses in this case, and that the SEC is continuing its legal war against the crypto industry. He said the agency is considering whether to file a cross appeal. A cross-appeal is when one party files an appeal and the other party files a counter-appeal. XRP is currently trading at $0.5601, down 6.80% on CoinMarketCap.