An appeal from the agency in the Ripple case could take time, if it comes.
against Ripple Labs, or what the commission's timeline is for making a decision to appeal.
But Gensler echoed the parts of the federal judge’s summary judgment that he agreed with while speaking to reporters following an“Parts of that ruling with regards to institutional investors, the Howey analysis applies to those institutional sales,” he said, referring to the frequently cited legal precedent that helps define a security investment that requires certain disclosures in the U.S. “That we appreciate.
Gensler also declined to comment as to whether the Ripple ruling would cause the commission to pause litigation with other crypto firms until an appeal was sorted out.from the SEC could take time. Aside from the amount of time a legal analysis could take, staff has to present commissioners its recommendations, and the bipartisan commission votes on whether to proceed with litigation.
Ripple may also appeal since its executives could be found liable for playing a part in the illegal sale of securities. Judge Analisa Torres, of the U.S. District Court of the Southern District of New York, ruled that over $700 million worth of XRP sales to institutional investors broke securities laws, but that other XRP sales did not.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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