The US Securities and Exchange Commission (SEC) has announced its intention to appeal a recent court ruling that declared XRP, the cryptocurrency utilized by Ripple, as not being classified as a security. In response to this decision, the SEC has filed a court request to have the ruling certified, seeking an interlocutory review to examine the matter further. This move comes after the SEC expressed concerns that the review would impact its ongoing actions.
The court’s previous ruling, issued last month, differentiated between various XRP sales. While distributions to employees and programmatic sales were not deemed unregistered securities, sales of XRP to institutions were considered as such. This development stems from a legal dispute initiated in 2020, when the SEC accused Ripple and its co-founders of raising $1.3 billion through the sale of XRP, which the SEC asserted was an unregistered security.