Krutika Adani
The SEC has finally appealed against the lower court's ruling on XRP’s security status. The regulator said that the lower courts restricted its ability to regulate crypto markets.
Commenting on the development, Ripple CEO Brad Garlinghouse said that they expected the SEC to appeal against the decision. SEC sought a $2 billion fine from Ripple and the courts reduced this fine to $125 million.
Brad also added that the decision was misguided and left them infuriated.
In the last 24 hours, XRP fell 11%, higher than the average market correction. The fall is likely to have emerged from the decision to appeal.
Brad Garlinghouse backed Kamala Harris saying that irrespective of the US elections, the current SEC chairman would see an exit soon. It would be interesting to see if the CEO continues with this support in the light of recent events.