CandleFocus SEC targets Ripple’s XRP sales on exchanges, distributions of XRP to employees in new filing
2024-10-18
Author: Content Editor
The U.S. Securities and Exchange Commission (SEC) is appealing a July 2023 ruling that stated Ripple's sales of XRP on digital asset platforms and the sales of XRP by its executives did not constitute securities transactions. The court had ruled that Ripple's institutional sales of XRP were unregistered securities offerings and ordered the company to pay a $125 million penalty. By appealing, the SEC is potentially extending the case until early 2026, and if it prevails, Ripple could face additional penalties or operational restrictions. Ripple is expected to file its own appeal next week regarding either the fine or the classification of institutional sales of XRP as securities.
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