Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler on Thursday dodged the questions around the agency’s next step in response to judge Analisa Torres’ Summary Judgment in favor of Ripple in the XRP Vs SEC lawsuit. He was asked if the SEC would go ahead and appeal the ruling during an interview to Bloomberg TV. Gensler had recently expressed disappointment over the XRP ruling, while the US SEC had officially mentioned in the Terraform Labs lawsuit that it intends to seek further review of the Ripple lawsuit judgment.
On July 13, 2023, the judge had ruled that the XRP token is only a security when dealing with institutional investors and not selling to retail investors. This effectively meant that Ripple did not violate the federal securities law by selling its XRP token on public exchanges. Consequently, many United States based crypto exchanges like Coinbase had relisted the XRP token on their platforms.
Gary Gensler Mum On XRP Ruling
In what appears to be a strategic silence maintained by Gensler, he had literally dodged the question saying the US SEC is yet to take a decision on the ruling against the Summary Judgment. However, he maintained that the crypto market continues to violate the securities laws, despite the XRP ruling.
Meanwhile, the XRP price saw some correction compared to the $0.80 level it assumed following the ruling earlier in the month.
XRP Ruling Appeal: What Next?
In the recent weeks, investors have been exposed to several versions of the US SEC’s possible action plan and what could come in the way for Ripple in its victory in the final judgment in the lawsuit. XRP lawyer John E Deaton, who represents thousands of token holders, clarified that an SEC appeal against XRP ruling does not necessarily mean a setback for Ripple.
Also, Stuart Alderoty, the chief legal officer of Ripple, said the US SEC, the securities regulator, would straightaway lose jurisdiction over XRP token trade when it is deemed not to be a security.
