The SEC has officially appealed a recent court ruling regarding XRP, challenging the decision that transactions involving XRP purchased by public investors don’t qualify as “investment contracts” under the Howey test. The district court had ruled that the lack of clarity on whether Ripple was the seller meant these transactions didn’t meet the criteria. Now, the SEC is seeking to have the appellate court reverse this ruling, arguing that Ripple’s XRP sales should indeed be considered the sale of investment contracts. The outcome of this appeal could redefine the regulatory landscape for cryptocurrency transactions in the U.S.
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