SEC Will Appeal XRP Ruling in Case Against Ripple, Regulator Says

The SEC said it was seeking"leave to" appeal part of a recent decision while other parts of the SEC's case proceed to trial. The regulator said approval of an interlocutory appeal could prevent the SEC and government from needing two trials.

"Specifically, the SEC seeks to certify the Court’s holding that Defendants’ 'Programmatic' offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s 'Other Distributions' in exchange for labor and services did not involve the offer or sale of securities under [the Howey test]," the SEC filing said.

In its filing, the SEC noted that Ripple will have to respond by Aug. 16, 2023 , and proposed filing an opening brief laying out the appeal on Aug. 18. Ripple would have two weeks to respond, and the SEC would have another week to reply to Ripple if the judge signs off on the filing.

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