The Securities and Exchange Commission (SEC) is seeking to appeal a judge’s ruling that went against them in their case against Ripple Labs regarding XRP cryptocurrency sales. The regulatory agency filed for an “interlocutory appeal” this week, signaling their intention to fight the recent decision.
In her ruling last month, Judge Analisa Torres determined that Ripple’s programmed XRP sales to public cryptocurrency exchanges along with distributions to employees did not constitute unregistered securities offerings. However, she did find that institutional sales of XRP did fall into that category.
This latest move comes as part of the ongoing legal battle between the SEC and Ripple Labs which began back in 2020. The SEC had accused Ripple and its executives of raising $1.3 billion through XRP sales without proper registration. The agency contends that XRP qualifies as a security under law.
While Ripple gained a partial win with the judge’s recent decision, the SEC seems determined to appeal the parts that did not fall in their favor. The agency stated that resolving issues raised by the ruling could impact other SEC actions as well. For now, the court case will continue to unfold with a trial date set for 2024. This appeal ensures the high-stakes crypto litigation will stretch on for quite some time still.
