SEC files opening brief in its appeal against Ripple over XRP
The US Securities and Exchange Commission (SEC) has appealed a federal court ruling that determined XRP sold to retail investors is not an unregistered security. The SEC argues that the New York District Court erred in its July 2023 decision and seeks to classify XRP sales to retail investors as unregistered securities. The agency also contends that XRP given as employee compensation and in business transactions should be classified as securities. Ripple Labs’ CEO and chief legal officer criticized the SEC's appeal as repetitive and lacking new evidence. Pro-crypto lawyer Jeremy Hogan described the SEC's brief as unimpressive, suggesting it may not lead to a ruling. Ripple has cross-appealed the ruling requiring it to pay a $125 million penalty. The appeals process may take months, with Ripple allowed to submit counter-arguments. Despite the SEC's filing, XRP's value increased by 10% in the past 24 hours.
