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SEC presses case against Ripple, citing $2B XRP sales

SEC presses case against Ripple, citing $2B XRP sales
SEC files opening brief in its appeal against Ripple over XRP

​In its filing, the SEC contended that Judge Analisa Torres’s 2023 decision should be overturned, asserting that Ripple’s $2 billion worth of XRP sales to retail investors breached federal securities regulations.

The U.S. Securities and Exchange Commission (SEC) has filed its opening brief in an appeal against Ripple Labs, reigniting debates over XRP's classification as a security, Cointelegraph reports. This move challenges a 2023 ruling that XRP sales to retail investors were not unregistered securities, a decision celebrated by Ripple and the broader crypto community.

Ripple’s legal battle intensifies

In its January 15 filing, the SEC urged the Second Circuit Court to reassess XRP's status, alleging that Ripple’s promotional activities created an investment contract under the Howey Test. The regulator also argued that XRP distributed as employee compensation or in business deals should fall under securities regulations.

Ripple CEO Brad Garlinghouse criticized the SEC’s persistence, labeling their arguments as a futile repetition of failed claims. Pro-crypto legal experts echoed this sentiment, pointing to the SEC’s weak evidence of retail investors' awareness of Ripple’s promotional efforts.

Market and industry implications

The Ripple-SEC saga underscores the persistent regulatory uncertainty in the crypto space. The appeals process, which could span months, will determine whether the SEC’s position gains traction. Meanwhile, Ripple is preparing counterarguments, setting the stage for a high-stakes legal showdown.

Despite the ongoing legal challenges, XRP demonstrated resilience, posting a 10% gain amid a broader crypto market rally. This reflects continued confidence in Ripple’s legal position and XRP’s long-term potential. However, the case highlights the SEC’s broader regulatory strategy, which could have far-reaching implications for the crypto industry.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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