SEC files appeal in Ripple lawsuit
The Securities and Exchange Commission first filed the lawsuit against Ripple Labs and both its founders in December 2020.
The United States Securities and Exchange Commission (SEC) filed a notice of appeal in the Ripple lawsuit on Oct. 2, seeking to overturn Judge Analisa Torres’s earlier ruling.
Legal experts anticipated the regulatory agency’s appeal of Judge Torres’s 2023 verdict, which established that secondary sales of Ripple’s XRP (XRP) did not constitute securities sales.
Torres ruled that XRP was not a security in and of itself because the digital assets failed to satisfy all the conditions listed in the SEC’s Howey test to classify a financial asset as an investment contract.
The Securities and Exchange Commission first filed the lawsuit against Ripple Labs and both its founders in December 2020.
The United States Securities and Exchange Commission (SEC) filed a notice of appeal in the Ripple lawsuit on Oct. 2, seeking to overturn Judge Analisa Torres’s earlier ruling.Legal experts anticipated the regulatory agency’s appeal of Judge Torres’s 2023 verdict, which established that secondary sales of Ripple’s XRP (XRP) did not constitute securities sales.Torres ruled that XRP was not a security in and of itself because the digital assets failed to satisfy all the conditions listed in the SEC’s Howey test to classify a financial asset as an investment contract.Read more