US SEC formally appeals Ripple case ruling

According to News.bitcoin, the U.S. Securities and Exchange Commission (SEC) has officially filed an appeal with the U.S. Court of Appeals for the Second Circuit, challenging the ruling on XRP in the Ripple case. The SEC's appeal focuses on the following aspects: first, it questions the court's finding that Ripple's sale of XRP on digital asset platforms did not constitute an unregistered security; second, it does not agree with the court's decision that the personal XRP sales by Ripple executives Brad Garlinghouse and Chris Larsen did not violate securities law; third, it objects to the court's ruling that Ripple's non-cash distributions of XRP in exchange for services did not violate the Securities Act of 1933. In August this year, Judge Analisa Torres found that Ripple's 1,278 institutional sales transactions violated securities law, and therefore fined it $125.035 million. The ruling determined that Ripple's direct sales of XRP to institutional clients violated federal securities law, but found that Ripple's programmatic sales of XRP to retail investors through exchanges did not violate any securities law. Judge Torres also prohibited Ripple from future violations of federal securities law.