ChainCatcher reported that according to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the U.S. Court of Appeals for the Second Circuit’s previous ruling on Web3 payment company Ripple, according to documents on Wednesday.

“We believe the district court’s ruling in Ripple conflicts with decades of Supreme Court precedent and securities law, and we look forward to making our case before the Second Circuit,” an SEC spokesperson told The Block.

Previously, the judge ordered Ripple to pay a $125 million civil penalty on August 7, which is much lower than the $2 billion penalty initially requested by the SEC. The ruling also partially approved and rejected the SEC's preliminary motion for remedial measures regarding Ripple's sale of XRP tokens.