SEC Signals Appeal to Crypto Ripple Ruling in Response to Terra Case
- Says the decision contravenes longstanding test, may appeal
- Terraform Labs has argued the ruling undermines SEC’s argument
The SEC headquarters in Washington, DC.
Photographer: Graeme Sloan/BloombergThis article is for subscribers only.
The US Securities and Exchange Commission asked a federal judge to ignore parts of a recent ruling in the regulator’s litigation with Ripple Labs Inc., saying the decision doesn’t square with existing securities laws and that it may appeal.
The ruling in the Ripple case concluded that sales of Ripple’s XRP token directly to institutional investors violated the SEC’s rules, but offerings to retail investors on exchanges didn’t, delivering what was widely seen as a victory to the crypto industry.