SEC Appeals Decision After XRP Gets Removed From Securities List
John Deaton, a prominent lawyer supporting XRP, recently took to Twitter to express his enthusiasm over the exclusion of XRP from the recent SEC securities list on CoinGecko.
Deaton drew a parallel with a pivotal point three years ago, when the SEC had asserted that Ripple had sold more than 14.6 billion units of a digital asset classified as a security.
CoinGecko, a popular crypto price tracking platform, recently unveiled a compilation of tokens designated as securities by the SEC. This encompassed a total of 48 tokens, among them BNB, ADA, SOL, TRX, MATIC, TON, BUSD, ATOM, FIL, ICP, NEAR, ALGO, SAND, AXS, MANA, FLOW, CHZ, and BTT. Notably, XRP was absent from this list.
Ripple Chief Technology Officer David Schwartz responded positively to this development. Earlier this month, Deaton disclosed his belief that high-ranking SEC officials held differing views on how to proceed with the case. Most recently however, the agency has reportedly appealed the decision.
The SEC contested the conclusions of the court, particularly those related to the so-called scheduled offerings and sales and other distributions that Ripple allegedly made in exchange for non-monetary considerations.
Meanwhile, PolySign CEO Jack McDonald argued that due to the potential adverse implications of the case for the SEC, they might attempt to compartmentalize XRP and assert that the ruling applied narrowly, excluding the broader ecosystem.
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