According to Techub News, Bitcoin.com reported that the U.S. Securities and Exchange Commission (SEC) has formally appealed the ruling of its lawsuit against Ripple regarding XRP. The SEC submitted a Form C to the U.S. Court of Appeals for the Second Circuit. In this case, the SEC is the plaintiff and appellant, and the defendants are Ripple Labs Inc. and its senior executives Brad Garlinghouse and Chris Larsen. The SEC's initial lawsuit accused Ripple and its leaders of offering and selling XRP without the necessary registration, in violation of the relevant provisions of the 1933 (Securities Act).

In its appeal, the SEC challenged several key decisions. It challenged the court’s conclusion that XRP sold by Ripple on its digital asset platform was not an unregistered security, as well as its decision that Garlinghouse and Larsen’s individual sales did not violate securities laws. The SEC also challenged the ruling that Ripple’s non-cash XRP distributions in exchange for services provided did not violate the 1933 (Securities Act).