Ripple Labs objected to the Securities and Exchange Commission’s request to appeal a federal judge’s ruling that cryptocurrency wasn’t a security when sold to the public.
Ripple on Friday asked US District Judge Analisa Torres in New York to deny the SEC’s request. The company said the agency is “rushing to appeal” what it claims is a legal question that applies to every case involving digital assets while “the factual and legal procedural postures of other SEC enforcement actions are different.”
Torres’s ruling was widely hailed as a victory for the crypto industry, which has resisted attempts to categorize digital assets as securities subject to regulation. In her July 13 decision, Torres drew a distinction between sales of Ripple’s XRP token to institutional investors, which she said met the test for an investment contract under federal securities law, and sales to the public on exchanges.
The SEC noted that another Manhattan federal judge, Jed Rakoff, explicitly rejected Torres’s approach in the SEC’s case against Terraform Labs and its founder Do Kwon, finding that the Terra USD token may indeed be a security when sold to retail investors.
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