Ripple’s native coin XRP is down 1.2% in the last 12 hours. Why? The United States Securities and Exchange Commission (SEC). Late Thursday, the US SEC filed Form C in its case against Ripple Labs, specifying the grounds of its appeal against Judge Analisa Torres’s final ruling from August 7.
Ripple Vs. SEC – The Battle of Titans
The SEC and Ripple are back at it again. This time around, the regulatory arm has targeted Ripple Labs Execs in a new filing. The new filing, which was due by October 16, comes after the SEC’s initial Notice of Appeal on October 2 lacked detailed arguments.
The case involves the SEC as the plaintiff-appellant and Ripple Labs Inc. and its top executives, Brad Garlinghouse and Chris Larsen, as defendants.
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The SEC’s appeal targets specific aspects of the summary judgment that were favorable to Ripple. They include “Ripple’s XRP sales through exchanges; Ripple’s distribution of XRP to employees and others; and Garlinghouse and Larsen’s sales of XRP on exchange.
Notably, the SEC does not appear to be appealing the remedies and disgorgement ruling or Judge Torres’ decision that XRP itself is not a security. The SEC also disagrees with the decision that Ripple’s non-cash XRP distributions in exchange for services did not violate the Securities Act of 1933.
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