In a letter filed on Wednesday in Manhattan federal court, the SEC also asked U.S. District Judge Analisa Torres to put the case on hold during the appeal, saying multiple pending cases may be affected by how it is resolved.The SEC has for years claimed that digital assets such as cryptocurrency are securities, as are stocks and bonds, and that it has power to regulate them.
In a July 13 decision, Torres said Ripple did not break the law when the XRP token was sold on public exchanges, though it did by selling XRP to institutional investors. But just 18 days later, U.S. District Judge Jed Rakoff, who sits on the same court, came to an opposite conclusion by finding that Terra USD, a token offered by Terraform Labs, qualified as a security when sold on public exchanges.
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