SEC may appeal Ripple case ruling before October 7th

BlockBeats News: On October 2nd, according to Foxbusiness, the US Securities and Exchange Commission must decide by October 7th whether to challenge the ruling made by US District Judge Anastasia Torres in July 2023, which found that Ripple's sale of only a portion of XRP encrypted tokens violated securities laws. This ruling has drawn criticism from securities lawyers and other federal judges. This ruling is considered a major legal victory for the still nascent cryptocurrency industry, as it attempts to prove that this emerging asset class does not violate US securities laws as the SEC believes. It has also become a cornerstone of legal strategies for other cryptocurrency entities, such as trading platforms Coinbase, Binance, and Kraken, which are currently being sued by the commission for allegedly selling unregistered securities. Former SEC enforcement lawyer Arc Powers stated in an interview with Fox Business Channel that the SEC is likely to file an appeal as the agency and its cryptocurrency skeptic chairman Gary Gensler are determined to exercise jurisdiction over this $2 trillion industry. Foxbusiness states that information disclosure is the cornerstone of US securities law. When a company sells stocks to raise funds and expand its business, it must undergo extensive filing to provide investors with the information they need to determine whether to purchase stocks. And some legal experts say that Judge Analisa Torres' ruling overturned this disclosure requirement.