The U.S. Securities and Exchange Commission (SEC) has appealed the 2023 ruling that sales of the XRP token on crypto exchanges do not violate securities laws. 😮
The SEC argues that Judge Analisa Torres was wrong to decide that XRP offers through platforms and as compensation are not investment contracts. The agency is once again using the Howey test to prove that XRP buyers expected profits. 📈
Ripple's lawyer Stuart Alderoty called the SEC's actions "a repetition of failed arguments" and expressed confidence in future pro-innovation regulation. CEO Brad Garlinghouse also criticized the agency for its "madness" and personal motives.