The Crypto Roundup: 10 August 2023 | CryptoCompare.com

The U.S. Securities and Exchange Commission (SEC) has revealed its intent to file an “interlocutory appeal” against a judge’s recent ruling on Ripple’s programmatic sales of the XRP token.

This move comes as the regulator seeks approval to challenge particular aspects of the decision even as other facets of its case against Ripple head to trial. The SEC noted in a court filing that it could potentially circumvent the necessity of two separate trials.

Central to the SEC’s appeal request is the attempt to challenge the court’s determination regarding the nature of Ripple’s XRP transactions.

The SEC is particularly keen to clarify the court’s interpretation of whether certain sales and offers of XRP by Ripple, especially over cryptocurrency trading platforms and in exchange for services, fell within the parameters defined by the Howey test, a standard for defining securities.

Last month, Judge Analisa Torres of the U.S. Southern District Court made a landmark ruling determining that Ripple’s direct sales of XRP to institutional investors violated securities law, while its programmatic sales to retail investors through exchanges did not.

The SEC noted Ripple now has to respond by August 16, and if the appeal proceeds the regulator plans to present its opening brief by August 18, to which Ripple would have two weeks to respond.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/10/