The U.S. Securities and Exchange Commission (SEC) has formally appealed the ruling in its case against Ripple over XRP. On Thursday, the regulator submitted Form C to the U.S. Court of Appeals for the Second Circuit.

The case features the SEC as the plaintiff-appellant, with Ripple Labs Inc. and its top executives, Brad Garlinghouse and Chris Larsen, as defendants. The SEC’s initial lawsuit accused Ripple and its leaders of violating sections of the Securities Act of 1933 by offering and selling XRP without the necessary registration.

The appeal comes after a district court ruling delivered by Judge Analisa Torres that produced a split decision. On July 13, 2023, Ripple secured a partial victory when the court found that XRP sales on digital trading platforms were not considered securities. However, the court determined that Ripple’s sales of XRP to institutional investors were unregistered securities. Additionally, the court ruled that personal XRP sales by Garlinghouse and Larsen did not constitute violations.

On Aug. 7, a final judgment was issued, requiring Ripple to pay $125,035,150 in civil penalties and barring the company from further breaches of the Securities Act.

In its appeal, the SEC is contesting several significant rulings. It disputes the court’s conclusion that Ripple’s XRP sales on digital asset platforms were not unregistered securities, as well as the decision that personal sales by Garlinghouse and Larsen were not in violation of securities laws. The SEC also takes issue with the ruling that Ripple’s non-cash XRP distributions, offered in exchange for services, did not breach the Securities Act of 1933.

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