TD Cowen expects both SEC and Ripple to appeal judge’s decision

TD Cowen Washington Research Group analyst Jaret Seiberg noted that a federal judge issued a split ruling on whether Ripple is a security and noted that the group expects both the SEC and Ripple will appeal this decision to the U.S. Court of Appeals for the Second Circuit. While the analyst appreciates that “one could read this as positive for other crypto entities that the SEC is targeting,” the group cautions that “this case is not over,” though it does show “that at least one federal judge sees limits to how the securities laws apply to crypto,” which “helps to narrow the window for legislation.”