The SEC has stated that part of the Ripple ruling was “wrongly decided” and hinted at filing an appeal. The SEC believes that the ruling created an “artificial distinction” between institutional and retail investors, which goes against the principles of securities laws. The SEC argued that the court should have reached a similar conclusion regarding retail sales of XRP as it did with institutional sales. The SEC asked the court to disregard the Ripple ruling relating to retail sales in a lawsuit against Terra and Kwon. The SEC also mentioned that its staff is considering further review and intends to recommend an appeal.

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