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Judge grants SEC request to file motion for appeal in Ripple case

Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. The decision allowed the SEC to file a motion, on Aug. 18, requesting permission to bring a case to the U.S. Court of Appeals for the Second Circuit. Ripple will also be able to file an opposition to the motion. Torres ruled, on July 13, that Ripple’s XRP token is not a security when distributed in public sales, but the ruling considered XRP a security in institutional sales. The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its executives over allegations of offering an unregistered security.