**Ripple Challenges SEC Ruling in Appeals Court**

Ripple Labs is taking its battle with the US Securities and Exchange Commission (SEC) to the United States Court of Appeals for the Second Circuit. The company filed Form C to contest a recent district court decision that slapped Ripple with a $125 million fine for institutional XRP sales, labeling them as securities transactions.

Ripple’s chief legal officer, Stuart Alderoty, announced the filing on Oct. 25, emphasizing that the SEC cannot introduce new evidence or demand further disclosures from Ripple. The appeal questions the district court's application of the Howey test, a key legal standard for identifying investment contracts.

Ripple seeks a de novo review, allowing the appeals court to reassess the district court’s legal interpretations from scratch. Alderoty remains optimistic, dismissing the SEC’s tactics as mere "background noise."

This move follows the SEC's own Oct. 16 appeal, which did not challenge the ruling that XRP isn’t a security for programmatic sales on digital exchanges but focused on institutional sales. Judge Analisa Torres had previously ruled partially in favor of Ripple in July 2023.