Fox Business reporter: Former lawyer suggests U.S. SEC is likely to appeal ruling on XRP as unregistered securities

Fox Business reporter Eleanor Terrett reported on X that a former lawyer for the U.S. Securities and Exchange Commission (SEC) believes the SEC is likely to appeal the court ruling on programmatic XRP sales in the Ripple case, asserting that many within the agency view the decision as incorrect and not legally sound. Notably, the deadline for filing the appeal is Oct. 7. In July of last year, the U.S. District Court in New York officially ruled that XRP tokens sold on the secondary market violated federal securities laws, classifying these transactions as investment contracts. As a result, Ripple was found to have failed to register these sales as securities with the SEC.