US SEC appeals Ripple case ruling

BlockBeats news, October 3, according to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the U.S. Second Circuit Court of Appeals' previous ruling on Web3 payment company Ripple, according to documents on Wednesday.

"We believe that the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities laws, and we look forward to stating our reasons in the Second Circuit Court." An SEC spokesperson told The Block.

Previously, the judge ordered Ripple to pay a $125 million civil penalty on August 7, far less than the $2 billion fine initially requested by the SEC. The ruling also partially approved and rejected the SEC's preliminary remedial motion regarding Ripple's sale of XRP tokens.