On January 15th, the SEC filed an appeal in response to the Ripple Labs’ lawsuit. The court had previously ruled that XRP should not be considered an unregistered security, which prompted the commission to argue that Ripple Labs’ claim of selling XRP on unregistered grounds is not valid.
The SEC was dissatisfied with the court’s decision and felt that they were wronged. The XRP court case has been closely followed by many, particularly those invested in XRP and looking for support and resources in the US.
Ripple Labs had an advantage in the case, as they were able to effectively argue their points and gain traction.
Their argument was strengthened by seeking injunctions and utilizing promotional tactics, which helped to strengthen their case. Furthermore, the SEC was unable to categorize XRP as a security in relation to employee compensation, providing further evidence in support of Ripple.
The leadership at Ripple has spoken out against the actions of the SEC. CEO Brad Garlinghouse stated that American regulators are using outdated arguments that don’t hold up under scrutiny.
