SEC to appeal Ripple XRP decision

The SEC has filed a appeal request of the decision on XRP as part of the trial against Ripple. A judge ruled in July that token sales at retail investors did not violate federal laws.

Wednesday evening, the SEC announced its intention to appeal of the recent court decision on XRP and has filed a request to the court.

“The SEC seeks to certify the Court’s determination that offers and sales to XRP buyers on crypto-asset trading platforms and ‘other distributions’ of Ripple in exchange for labor and services did not involve the offer or sale of securities,” reads its letter to the judge in the case.

In July, Judge Analisa Torres ruled that XRP could not be considered as a security when the token was sold to the general public on a exchange. Only the institutional sales make the token a financial security, according to the ruling.

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Following the ruling, leading US crypto platforms have once again listed the digital coin on their service. The crypto-currency classification in the United States is a major challenge for this new industry. In addition to Ripple, the US regulator has prosecuted a number of crypto players for offering financial securities, including exchanges Coinbase and Binance.

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The Order’s decisions are of particular consequence to a matter of programmatic interest to the SEC’s enforcement of the securities laws and potentially to a great deal of litigation,” he writes, mentioning several pending cases.

The SEC also cited the Terra. In the Terraform Labs case, another judge recently ruled in favor of the federal agency, ignoring his counterpart’s decision on XRP.

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Since Torres’ decision in July did not put an end to the lawsuit, the SEC must obtain court approval to appeal today.

Last month, the “ partial victory Ripple’s “partial victory” over the SEC propelled XRP’s share price upwards and boosted the token’s trading volume.

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