The price of the XRP token fell by as much as 11% Thursday following the Securities and Exchange Commission's (SEC) decision to appeal a federal court ruling last year that found XRP (XRPUSD) is not a security when algorithmically sold to retail investors via exchanges. XRP has since given up some of those losses and was trading roughly 3% lower at 52 cents in recent trading.
This ruling had been seen as a partial victory for XRP's developer, Ripple Labs, and the broader crypto industry, with U.S. District Judge Analisa Torres stating in the July 2023 order that the XRP token itself is not a security. However, the the court did view institutional XRP sales as unregistered securities offerings.
The SEC’s renewed push against Ripple continues after it initially sought $2 billion in damages in the case, although the court ordered Ripple to pay only a $125 million penalty.
"The SEC's decision to appeal is disappointing, but not surprising," Ripple Chief Legal Officer Stuart Alderoty posted late Wednesday on the social media platform X in response to the SEC's court filing.
This legal development came just hours after crypto asset manager Bitwise filed to offer for the first spot XRP ETF Wednesday. The SEC's appeal likely weakens the potential for the proposed spot XRP ETF to be approved anytime soon.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。