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SEC Says XRP Ruling Was Wrong, Signals It Will Appeal
The Securities and Exchange Commission said Friday that a federal judge erred when she ruled against the agency in a landmark crypto case last week, and signaled that it will appeal the decision.
U.S. District Judge Analisa Torres sided with Ripple Labs that roughly half of its sales of cryptocurrency XRP didn’t violate investor-protection laws. Her decision gave hope to other defendants who are fighting the SEC over their sale of cryptocurrencies, which the SEC says are often illegally sold securities.
Do Kwon, the jailed co-founder of crypto company Terraform Labs, is one of the defendants trying to use Torres's ruling to beat an SEC lawsuit. The agency accused Kwon of fraud and other legal violations in a complaint filed in February in Manhattan federal court.
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