News - SEC appeals Ripple ruling

By Luc Vesters

SEC appeals Ripple ruling

The SEC has announced an appeal in the Ripple case. The exchange regulator wants the ruling, according to which the sale of XRP only partially falls under securities trading, reviewed.

"Specifically, the SEC wishes to affirm the court's decision that the defendants' 'programmatic' offers and sales to XRP buyers through crypto-asset trading platforms and Ripple's 'other distributions' in exchange for labor and services did not constitute offers or sales of representative securities."

The SEC is also citing a lawsuit against Terraform Labs. The court would have claimed that cryptocurrencies traded on exchanges can represent securities.

"Prompt reconsideration by the court of appeals is warranted, particularly given the number of cases currently pending that could be affected by the court of appeals' ruling on these issues," the SEC said.

In July, Ripple was able to win a partial victory over the SEC. The ruling assessed only certain XRP sales as securities transactions. Sales to retail investors were therefore not counted.

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