FACT CHECK: Does This Post Show An Authentic Statement From The SEC Regarding A Case Against Ripple?

Joseph Casieri | Fact Check Reporter

A post shared on social media purportedly shows a screenshot of a post from the Security and Exchange Commission claiming that they will not seek an appeal in the case regarding Ripple Lab Inc.

Verdict: False

The image is digitally fabricated. The SEC is moving to appeal the coin’s “non-security” status.

Fact Check:

Cryptocurrency suffered major losses recently with Bitcoin falling 7% and traders losing $1 billion over concerns about the state of foreign currencies and current Chinese economic woes, Coin Desk reported. Ripple fell 16% after a federal judge allowed the SEC to partially appeal a ruling against the coin, according to Forbes.

The Twitter post claims the SEC changed course in their case against Ripple, deciding not to appeal a decision in their court case against the company. The tweet shares a screenshot of an alleged document with the decision which the caption reveals did not have source.

The caption reads, “BOOOOOOOOOOOOOOOOOOOOM!!!! SEC decides not to appeal @Ripple! 🔥#XRP I received this screenshot from different people without a source.”  (RELATED: Did Illinois Pass A Bill Allowing Illegal Immigrants To Apply For The Police Force?)

The claim is false. Multiple reports indicate that the SEC is seeking an appeal. The Economic Times reports that the SEC sent a letter to US District Judge Analisa Torres in Manhattan to ask a federal appeals court to review the recent ruling.

Furthermore, there is no record of a press release from the SEC that announces a decision to not appeal the ruling. There is no credible news report that suggests that this is an authentic post from the SEC or that the agency is expected to reverse their course.

Check Your Fact has contacted the SEC for comment on their court proceedings. We will update this piece if a response is provided.

Joseph Casieri

Fact Check Reporter