The United States Securities and Exchange Commission (SEC) recently disclosed its plans to appeal Judge Analisa Torres’s ruling regarding XRP‘s security status. The SEC sent a letter to the Southern District of New York – requesting an interlocutory appeal in the case challenging Ripple, which regarded XRP’s securities declaration. A port of the letter highlighted the issue at hand while discussing the contest between the SEC and Terraform Labs in synchronization with Do Kwon. Judge Torres pronounced last month that Ripple had no behalf of security law violation in the form of programmatic XRP sales as the every-day followers going in on the procurement were not aware of Ripple’s profits in the sales. On the flipside, it was denoted that the sales conducted for institutional patrons did count as securities. Furthermore, in a media-briefing conducted by the SEC – it was spoken that they strategically wished to appeal the judgement on programmic scheme of XRP sales. Therefore, the SEC moved a motion before the US District court in order to see that case of utility be heard by the Court of Appeals. For questioning the sale of $1.3 billion worth of XRP by Ripple, the SEC licensed accusation against its CEO Brad Garlinghouse and co-founder Chris Larsen back in December 2020. Keeping under consideration this spell-breaker appellation, the motion requires three consecutively approved requests for the Appeal by the District Court, the Court of Appeals and the Second Circuit. With optimistic deliberating for the case, the scene of the lawsuit against Ripple can finally be unveiled.
