US SEC Signals Appeal To Overturn Court Judgment In Ripple (XRP) Case

Do Kwon, the jailed co-founder of crypto firm Terraform Labs, is one of the defendants trying to use Torres’ decision to defeat the SEC lawsuit. The agency charged Kwon with fraud and other law violations in a complaint filed in Manhattan federal court in February.

In its statement, the SEC wrote that the judge in Kwon’s case should not cite the Ripple case as a precedent. The SEC said Torres’ decision “adds baseless claims” to testing when an asset is a security. The agency plans to seek “further review,” which could mean an appeal.

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