SEC Files Notice of Appeal in Ripple Case

[NotATether]

Why are they doing this?

In some twist of irony, the SEC filed an appeal yesterday on October 2.

https://www.courtlistener.com/docket/19857399/978/securities-and-exchange-commission-v-ripple-labs-inc/

The notice says that they "respectfully appeal" the final judgement passed on the previous case back on August 7. But if you ask me the SEC is not the kind of entity to be respectful to anybody.

Don't get me wrong, I have no love for Ripple, Chris Larsen and co, but this appears quite pointless to do.

I haven't found any other news source talking about this so far.

[TomPluz]

I myself is not sure why SEC has to it do but I think this can just be ministerial...they are expected to appeal all because they should do it even if there is actually no chance that their appeal will be successful. And the message is that SEC must be doing their job so well and will not let Ripple just get what it wanted. Eventually, the appeal can be dismiss and this will soon just be a part of the colorful saga and history of cryptocurrency and the government. I too am not a big fan of XRP but am surely x100 not an admirer and supporter of Gary's SEC with its lawfare launched on an industry it should regulate.

[enoch_from_off]

I myself is not sure why SEC has to it do but I think this can just be ministerial...they are expected to appeal all because they should do it even if there is actually no chance that their appeal will be successful. And the message is that SEC must be doing their job so well and will not let Ripple just get what it wanted. Eventually, the appeal can be dismiss and this will soon just be a part of the colorful saga and history of cryptocurrency and the government. I too am not a big fan of XRP but am surely x100 not an admirer and supporter of Gary's SEC with its lawfare launched on an industry it should regulate.

Interesting. Let's see how the situation will go from there, but what I got is SEC is surely the entity that won't make its bite less stressful when it already started throwing grudges here and there

[joniboini]

I'm not sure which articles copied which, but I read three news articles that suggest this move is the SEC trying to get more money out of Ripple since the judge only fined them $125 million out of the $2 billion the SEC proposed[1][2][3]. I think that explanation makes sense, although I'm not sure why they're seeking that much money from Ripple and their plans with it. IIRC, the appeal has not been filed yet (only the notice, if I read this correctly) so we might see more details later. CMIIW.

[1] https://www.financemagnates.com/cryptocurrency/sec-formally-moves-to-appeal-125-million-fine-against-ripple/
[2] https://unchainedcrypto.com/sec-appeals-ruling-in-ripple-labs-lawsuit/
[3] https://www.coindesk.com/policy/2024/10/02/sec-files-notice-of-appeal-in-case-against-ripple/

[bitmover]

Don't get me wrong, I have no love for Ripple, Chris Larsen and co, but this appears quite pointless to do.

I haven't found any other news source talking about this so far.

I think if ripple grows and become very useful for bank internal transfers,  it is a win-win for everybody.

Lower costs, faster transfers.

Nowadays it is already much cheaper and faster to send money abroad,  compared to 10 y ago. I hope things continue to get easier and cheaper, and it isn't a problem if XRP contributes to it.

[bitterguy28]

The notice says that they "respectfully appeal" the final judgement passed on the previous case back on August 7. But if you ask me the SEC is not the kind of entity to be respectful to anybody.

Don't get me wrong, I have no love for Ripple, Chris Larsen and co, but this appears quite pointless to do.

it is pointless because even if they do get another trial they most likely will still not get the most of what they want however maybe they are doing this to still get more money from ripple they are going to want to extract the mosot from them if they can't get the actual result they want we all expected for sec to do this but i do not think this will negatively affect ripple so much the lawsuit has really officially ended this is just sec trying to fight it for a little more

[NotATether]

I'm not sure which articles copied which, but I read three news articles that suggest this move is the SEC trying to get more money out of Ripple since the judge only fined them $125 million out of the $2 billion the SEC proposed[1][2][3]. I think that explanation makes sense, although I'm not sure why they're seeking that much money from Ripple and their plans with it. IIRC, the appeal has not been filed yet (only the notice, if I read this correctly) so we might see more details later. CMIIW.

[1] https://www.financemagnates.com/cryptocurrency/sec-formally-moves-to-appeal-125-million-fine-against-ripple/
[2] https://unchainedcrypto.com/sec-appeals-ruling-in-ripple-labs-lawsuit/
[3] https://www.coindesk.com/policy/2024/10/02/sec-files-notice-of-appeal-in-case-against-ripple/

The hyenas are eating each other, wow. Would you look at that.

When you look at the title of the first link, for example: "SEC is trying to appeal a 125 million fine against Ripple? How does that make sense- oh, I see."

The uninitiated reader will think that SEC doesn't want that sort of fine on Ripple (LOL) but actually they want more money from them.

[joniboini]

The uninitiated reader will think that SEC doesn't want that sort of fine on Ripple (LOL) but actually they want more money from them.

Yeah, I wonder what makes them believe they can squeeze more money out of Ripple. Is there no other target for them to get money from? I'm pretty sure there are tons of ICOs in the past that they can go after. Maybe they don't want to repeat another Debt Box case[1]. It feels a bit weird if they just ignore them if they truly want to protect investors. CMIIW.

[1] https://www.ballardspahr.com/insights/alerts-and-articles/2024/06/overreach-and-misrepresentation-the-sec-pursuit-of-emergency-relief-in-debt-box