After the SEC, Ripple also objected: "There is no problem with our record"
In the case between the SEC and Ripple, which started in December 2020, the war of the parties was moved to the court of appeal this time. After the SEC, Ripple also appealed to some decisions in the court process last night. Ripple legal advisor said, "Our record is already good. The process will not be as long as before," he said.
Ripple Labs, the company behind XRP, officially launched its appeal in the appeal process in its lawsuit with the US Securities and Exchange Commission (SEC) and submitted the petition known as Form C to the court. In Form C, which is provided to summarize the reasons for the objections submitted to the court of appeal, Ripple requires the court to reconsider the way the law is applied when making decisions on certain issues.
One of these issues was the way Ripple applied XRP transfers to the standard, also known as the "Howey test". As it will be remembered, the court considered Ripple's XRP sales to institutional companies as securities sales. Secondary stock market sales to small investors were not included in this category.
Ripple also demanded a re-evaluation of what key elements are required for a transaction to be classified as an investment contract and the scope of the SEC's injunction against Ripple.
The company behind the XRP requested information from the court about whether the matter of fair notification was also taken into consideration due to the SEC's "inconsistent actions".