US SEC formally appeals Ripple case ruling

BlockBeats reported that on October 18, the U.S. Securities and Exchange Commission (SEC) had formally appealed the XRP ruling made by Judge Analisa Torres. On Thursday, the regulator submitted Form C to the U.S. Court of Appeals for the Second Circuit. This has once again sparked a legal battle over whether the XRP sales of cryptocurrency trading platforms meet the conditions of securities. Regulators have questioned key aspects of the court's ruling, including the acquittal of Ripple executives and the distribution of XRP in non-cash form. The outcome of the case could have a significant impact on future cryptocurrency regulation.

BlockBeats previously reported that on October 3, the U.S. SEC was appealing the U.S. Court of Appeals for the Second Circuit's previous ruling on Web3 payment company Ripple, according to documents on Wednesday. An SEC spokesperson said, "We believe that the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities laws, and we look forward to stating our reasons in the Second Circuit."

Previously, the judge ordered Ripple to pay a $125 million civil penalty on August 7, far less than the $2 billion fine initially requested by the SEC. The ruling also partially approved and rejected the SEC's preliminary remedial motion regarding Ripple's sale of XRP tokens.