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paulo🎭
@debridg
SEC files notice of appeal in Ripple case The U.S. Securities and Exchange Commission (SEC) has filed a notice of appeal in the case against Ripple, seeking to overturn Judge Analisa Torres's previous ruling. In 2023, Torres ruled that secondary sales of XRP were not sales of securities because digital assets did not meet all of the Howey test conditions for classifying a financial asset as an investment contract. However, the judge also found that early sales of XRP by Ripple's founders to institutional investors were still sales of securities. This means that a decision on the XRP ETF application is on hold until the court decides.
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