SEC Appeals XRP Ruling, Ripple's Legal Battle Continues

The U.S. Securities and Exchange Commission (SEC) has announced its intention to appeal a judge's ruling on Ripple's programmatic sales of XRP. The SEC seeks to challenge the court's decision that Ripple's programmatic sales to retail investors did not involve the offer or sale of securities. While the judge ruled that Ripple's direct sales to institutional investors violated securities law, a trial on other issues is tentatively scheduled for the second quarter of 2024. The SEC's appeal could potentially prevent the need for two separate trials. Ripple has until August 16, 2023, to respond to the SEC's filing.