The Securities and Exchange Commission (SEC) has formally appealed the July 2023 ruling in its case against Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen. The appeal was filed with the United States Court of Appeals for the Second Circuit on Tuesday, October 2.
You can see the official document here.
The SEC’s appeal comes after a partial victory for Ripple in the case. Judge Analisa Torres of the Southern District of New York ruled that while some of Ripple’s sales of the XRP cryptocurrency violated securities laws, others did not. This decision was seen as a significant win for the cryptocurrency industry, which has been grappling with regulatory uncertainty.
The SEC had previously attempted to appeal the ruling through an interlocutory appeal but was denied by Judge Torres. However, the commission was granted the opportunity to file a final appeal after the issuance of summary judgment.
