The SEC Seeks to Appeal the Ripple Case
The SEC is questioning a court's decision about Ripple's XRP sales. The Securities and Exchange Commission’s appeal in the ongoing case comes nearly a month after the Judge laid out her ruling.
The U.S. Securities and Exchange Commission (SEC) wants to review a court decision about Ripple Labs. In July, where the court said selling XRP to regular people is not like selling company securities.
In a letter on Aug. 9, the SEC told Judge Analisa Torres, who made the decision, that they want another court to look at the case. They also want to pause the case during this review because the result could affect other cases. The SEC is also fighting with other companies like Binance and Coinbase about similar issues.
The SEC wants to confirm the judge's decision that selling XRP on online platforms and to individuals is not like selling securities.
Since another case against a company called Terraform Labs had a different decision. There, the judge said that cryptocurrencies sold online might be like selling shares.
Last month, Ripple had a small win against the SEC. Judge Torres decided that XRP is not a share by itself. However, selling XRP can be like selling shares in some situations, but not when selling to regular people on online platforms.
