ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the previous ruling by the U.S. Second Circuit Court of Appeals regarding the Web3 payment company Ripple, as indicated by documents released on Wednesday."We believe the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities law, and we look forward to presenting our case in the Second Circuit," an SEC spokesperson told The Block.Previously, the judge ordered Ripple to pay a civil penalty of $125 million on August 7, significantly lower than the $2 billion penalty initially sought by the SEC. The ruling also partially granted and denied the SEC's motion for preliminary remedies regarding Ripple's sale of XRP tokens.

ChainCatcher news, according to foxbusiness, the U.S. Securities and Exchange Commission must decide by October 7 whether to challenge the ruling made by U.S. District Judge Analisa Torres in July 2023, which found that only some sales of XRP cryptocurrency by Ripple violated securities laws. This ruling has drawn criticism from securities lawyers and other federal judges.This ruling is considered a significant legal victory for the still-nascent cryptocurrency industry as it attempts to demonstrate that this emerging asset class does not violate U.S. securities laws as the SEC believes. It has also become a cornerstone of the legal strategies for other crypto entities, such as trading platforms Coinbase, Binance, and Kraken, which are currently being sued by the commission for allegedly selling unregistered securities.Former SEC enforcement lawyer Arc Powers stated in an interview with Fox Business that the SEC is likely to appeal, as the agency and its cryptocurrency skeptic chair Gary Gensler are determined to exert jurisdiction over this $2 trillion industry.Foxbusiness reports that disclosure is the cornerstone of U.S. securities law. When a company sells stock to raise funds and expand its business, it must file extensive paperwork to provide investors with the information they need to make informed decisions about purchasing the stock. Some legal experts argue that Judge Analisa Torres' ruling undermines this disclosure requirement.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on the X platform stating: "A former SEC lawyer who recently left the agency told me that the SEC may appeal Judge Torres' ruling on the Ripple case from July 2023, partly because everyone within the SEC firmly believes that this ruling is wrong and should be appealed."It is reported that the SEC's deadline for appeal is October 7.

ChainCatcher news, according to Bloomberg, last week a federal judge ordered Ripple Labs Inc. to pay a $125 million civil penalty because the company sold its XRP tokens to institutional investors without registering with the U.S. Securities and Exchange Commission (SEC). This fine is just a small part of the $2 billion the agency is seeking, which could be good news for other crypto companies fighting the SEC.Ripple's case began in December 2020 when the SEC sued Ripple and its executives, accusing them of "creating an information vacuum." This lawsuit united the entire crypto industry in support of XRP. More than a dozen advocacy groups wrote to U.S. District Judge Analisa Torres, supporting Ripple's position. Since then, the SEC has initiated enforcement actions against several crypto companies. However, Ripple's case is seen as a potential milestone that could set a precedent regarding whether cryptocurrencies are considered securities.The judge issued an injunction prohibiting Ripple from further violating securities laws. However, she rejected the SEC's request for Ripple to return sales profits, stating that the case "does not involve allegations of fraud, misappropriation, or other more serious conduct," and that the SEC failed to prove that Ripple's unregistered sales caused significant losses to investors.The SEC may challenge the judge's ruling in an appeal. Bloomberg Intelligence analyst Elliot Stein stated that Torres's latest ruling is favorable for Coinbase Global Inc. in its fight with the agency and may increase its chances of obtaining a favorable ruling in the case.

ChainCatcher news, according to CoinDesk, Judge Analisa Torres of the Southern District of New York has ruled that Ripple's programmatic sales of XRP to retail customers through trading platforms did not violate federal securities laws. However, Ripple's 1,278 institutional sales transactions violated securities laws, resulting in a fine of $125.035 million, significantly lower than the SEC's request for $1 billion in disgorgement and pre-judgment interest, as well as a $900 million civil penalty.Although the case is reportedly concluded, the U.S. Securities and Exchange Commission (SEC) is expected to appeal the ruling, which means that related legal matters may be prolonged.

ChainCatcher news, according to information from the SEC official website, the closed meeting originally scheduled for today at 2 PM Eastern Time has been canceled.Previous news, the U.S. Securities and Exchange Commission plans to hold a closed meeting next Thursday (July 18). Although the official agenda has not been disclosed, sources say this meeting may address the Ripple lawsuit and potential settlement options.

ChainCatcher news, according to Cointelegraph, Ripple Labs and the U.S. SEC have made new progress in their legal battle, with the SEC submitting its final reply in the remedies phase of the lawsuit.In a recent response to the remedies brief, the SEC questioned Ripple's claim that the blockchain startup's actions were not reckless, despite the court previously dismissing this "fair notice" defense, arguing that Ripple's legal status should not be subject to "widespread uncertainty."Additionally, the SEC maintained its original position on whether Ripple might take similar actions in the future, even though Ripple has not violated any rules since the XRP lawsuit began in 2020.According to the remedies brief, Ripple attempted to downplay its liability while emphasizing its cooperative efforts with the SEC since the XRP ICO in 2013. However, the SEC stressed that under the law, even if Ripple has had no violations since 2020, the possibility of future violations remains.

ChainCatcher News, former U.S. federal prosecutor James K. Filan disclosed on the X platform that the SEC has submitted related sealed documents in the Ripple case, which include its remedies reply brief and supporting evidence. These documents have not yet been made public. A redacted version will be submitted by May 8 (Wednesday). Other sealed-related documents will be submitted subsequently.

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on social media that, according to sources close to the SEC, although the lawsuit against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen has been dismissed, all other aspects of the case, including the classification of securities and whether XRP sales constitute an investment scheme, remain unresolved, and SEC Chairman Gary Gensler does not seem to be "surrendering without a fight."ChainCatcher previously reported that Ripple announced yesterday that the U.S. Securities and Exchange Commission (SEC) has dismissed all charges against its CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

ChainCatcher News, former U.S. federal prosecutor James K. Filan stated on social media that the SEC has submitted a Reply Memorandum in the Ripple case to further support its motion for an interlocutory appeal.Previously, it was reported that the SEC had filed a motion with the U.S. District Court for the Southern District of New York, requesting an interlocutory appeal regarding its legal dispute with Ripple.

ChainCatcher news, according to Coingape, XRP lawyer John Deaton stated that the testimonies of former SEC officials Bill Hinman and Jay Clayton in the SEC vs. Ripple Labs case should have classified XRP as a non-security in the first year of the lawsuit, but the SEC has deliberately denied this for years.Digital Asset Investor indicated that a16z lawyers Lowell Ness and Chris Dixon, as well as former SEC officials Jay Clayton and Bill Hinman, will be summoned as the first witnesses in the SEC vs. Ripple case.John Deaton expressed agreement that Bill Hinman needs to testify, and Jay Clayton is also an important witness who should appear in court. Clarifications from the two former SEC officials will save litigation costs and expenses, reduce time wasted during the litigation process, and promote the adoption of cryptocurrency.

ChainCactehr news, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) submitted a motion to the U.S. District Court for the Southern District of New York on Friday, requesting an interlocutory appeal regarding its legal dispute with Ripple Labs (i.e., an appeal filed before the overall case is concluded). Ripple must respond to the SEC's latest motion by September 1. The SEC noted in its filing that its arguments primarily focus on the sale of XRP rather than the asset itself.Previous news, a U.S. judge approved the SEC's motion for an interlocutory appeal regarding the XRP ruling.

ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) stated on Wednesday that it has submitted a letter to the Southern District of New York seeking permission for an interlocutory appeal regarding the summary judgment in the Ripple Labs case.The SEC indicated that it is seeking to appeal certain aspects of the ruling, while other parts will proceed to trial. Approval of the interlocutory appeal could prevent the SEC and the U.S. government from having to conduct two trials.Ripple must respond by August 16, 2023 (one week after the SEC letter was submitted) and is advised to submit a statement of appeal's opening brief by August 18.

ChainCatcher News, U.S. SEC Chairman Gary Gensler reiterated in an interview with Bloomberg on Thursday that no decision has been made regarding an appeal of the summary judgment in the Ripple case. However, he insisted that despite the judge's preliminary ruling on XRP, the crypto market still violates securities laws.Gensler recently expressed disappointment over the XRP ruling. The SEC formally mentioned in the Terraform Labs lawsuit that it intends to further review the Ripple lawsuit judgment. Additionally, Gensler declined to comment on whether the Ripple ruling would lead to the SEC suspending lawsuits against other cryptocurrency companies before resolving the appeal.

ChainCatcher news, according to TheBlock, SEC lawyers may appeal parts of the ruling against Ripple Labs from last week.In a filing submitted to the judge of the Southern District of New York on Friday, SEC lawyers stated, "These partial rulings in the Ripple case are erroneous, and the court should not follow these rulings." These comments were made in the context of the agency's case against Terraform Labs and its former CEO Do Kwon."SEC staff are considering various available avenues for further review and intend to recommend that the SEC seek such a review," the lawyers added.

ChainCatcher news, Fox Business reporter Eleanor Terrett stated on her social platform that according to a court document, Ripple case judge Sarah Netburn has requested both Ripple and the SEC to agree on 3 dates for settlement meetings.

ChainCatcher News, SEC Chairman Gary Gensler stated in an interview that it is "still too early" to determine whether the SEC will draft more rules regarding cryptocurrencies following last week's federal judge ruling on the SEC's lawsuit against Ripple, and he declined to comment directly on the Ripple case.He mentioned that the SEC has proposed changes to rules applicable to digital assets during his tenure, "regarding the definitions of exchanges, brokers, and investment advisors, there are already relevant provisions in the law that indeed exist. We have also proposed or even adopted regulations regarding brokers, in a field known as special purpose brokers, and we have also proposed regulations concerning asset protection, so we have done some work, but I want to emphasize again that we will continue to consider further."

ChainCatcher news, according to Cointelegraph, Ripple CEO Brad Garlinghouse believes that the U.S. Securities and Exchange Commission (SEC) will face a long process before having the opportunity to appeal the ruling in the case against Ripple Labs.He stated, "From a legal standpoint, the current legal provisions indicate that XRP is not a security. Frankly, we are very optimistic that it will take years before the SEC has the opportunity to appeal." He also emphasized that this is the first time the SEC has lost a "cryptocurrency case." He referred to the SEC as a "bully" and accused it of hunting down participants in the crypto industry who are unable to "mount an adequate defense." (source link)