The U.S. Securities and Exchange Commission (SEC) moved to file an interlocutory appeal against Ripple on Aug. 18 as part of its ongoing case against the firm.
Judge Analisa Torres in the Southern District of New York previously issued rulings on Ripple’s programmatic exchange sales of XRP and its distributions of XRP as payment for services. Those rulings effectively said that those offerings were not securities.
While the SEC intends to appeal those results, it does not intend to appeal a separate ruling in its own favor. That ruling determined that Ripple’s institutional XRP sales satisfied the Howey test, which is used to determine whether an offer is an investment contract. The SEC said the court correctly determined this fact in its latest filing.
The SEC previously laid out a basis to appeal the two results not in its favor on Aug. 9. Ripple attempted to prevent the regulator from appealing on Aug. 16 but failed to do so, as the SEC gained court permission to submit the curr
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