SEC Moves to Appeal Ripple Ruling That XRP Token Is Not a Security
- Regulator said immediate appeal needed because of other cases
- Judges differ on whether crypto is subject to SEC regulation
This article is for subscribers only.
The Securities and Exchange Commission asked a federal judge for permission to appeal her ruling that Ripple Labs’ XRP token is not a security when sold to the general public, arguing that the decision could affect other cases involving cryptocurrencies.
The SEC in court papers Friday requested that US District Judge Analisa Torres in Manhattan certify the issue for immediate appeal. The SEC needs permission because Torres’s ruling was on a preliminary motion rather a final judgment, but the regulator said the matter was too important to wait because “the ultimate answer to these questions could affect a number of pending cases involving crypto assets.”