Attorney Bill Morgan has clarified that the SEC's latest appeal in the Ripple Labs case does not apply to secondary market sales of XRP made by retail investors. The appeal focuses on Ripple's programmatic sales and distributions of XRP, not individual transactions on exchanges. The clarification is important as some commentators believe secondary sales and Ripple's programmatic sales are the same thing. Attorney Jeremy Hogan believes the SEC's chances of winning the appeal are low, and even if they succeed, it would result in additional financial penalties for Ripple without changing XRP's legal status. The appeal process could extend until late 2025 or early 2026. This appeal comes as asset manager Bitwise files for an XRP ETF with the SEC, though approval remains uncertain due to the ongoing legal battle.



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