In the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), the regulator filed an “interlocutory appeal” yesterday, challenging Judge Analisa Torres’ ruling. The appeal letter has sparked a heated debate among legal experts, with some suggesting that the appeal could indirectly challenge XRP’s status as a non-security.
The SEC’s appeal, as outlined in their recent court filing, seeks to challenge the court’s holding that Ripple’s “programmatic” offers and sales to XRP buyers over crypto asset trading platforms and “other distributions” did not involve the offer or sale of securities under the Howey test. This comes after Judge Torres of the US Southern District Court ruled last month that while Ripple’s direct sales of XRP to institutional investors violated securities law, its programmatic sales to retail investors through exchanges did not.
