Ripple was fined $125 million for defrauding institutional investors — but it was a tiny fraction of the $2 billion fine the SEC asked for.

The U.S. Securities and Exchange Commission (SEC) is filing a notice of appeal against 2023's landmark ruling that the sales of the crypto asset XRP only qualify as securities when sold to institutional investors.

The SEC has filed an appeal in the Ripple Labs vs SEC case ruling causing the prices of XRP to drop by approximately 14%. Timeline of the appellate.

The US Securities and Exchange Commission appealed a court decision ordering Ripple Labs Inc. to pay a $125 million civil penalty for improperly selling its XRP token, a fraction of the $2 billion the regulator sought in a long legal battle with the cryptocurrency company.

The SEC Wednesday filed to appeal a 2023 court ruling that XRP is not considered a security when sold to retail investors on exchanges.

XRP, the native token of Ripple, experienced a significant decline of over 12% on Thursday, dropping to 51 cents per coin, following the US Securities and Exchange Commission’s (SEC) announcement to appeal a pivotal court ruling.

Ripple’s native crypto, XRP price dropped by a massive 10% as the US Securities and Exchange Commission (SEC) announced that is taking the legal battle to the 2nd U.S. Circuit Court of Appeals. The commission is appealing a July 2023 ruling that declared XRP sold by Ripple Labs is not a “security”.