The United States Securities and Exchange Commission has officially appealed the Ripple ruling, as the legal battle between the regulator and Ripple Labs continues.
The SEC’s appeal challenges a July 2023 ruling that partially dismissed claims against Ripple. The regulator wants the appeals court to rule that XRP tokens sold to retail investors were unregistered securities.
SEC Files Appeal
The appeal was filed late on Wednesday and primarily focuses on Ripple’s XRP sales to retail investors and whether they qualify as unregistered securities transactions under federal law. The SEC argued in the appeal to the Second Circuit Appeals Court that a New York District Court was wrong to rule that XRP sold to investors was not an unregistered securities offering. It cited the Howey Test and argued that Ripple’s promotional efforts created an expectation of profit among investors, making XRP an investment contract. The SEC also contested that XRP given to employees as
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