The Securities and Exchange Commission (SEC) is appealing a court ruling that classified Ripple’s XRP as a security when sold to institutional investors but not when sold to retail investors. The SEC asserts that the ruling misinterprets a section of law regarding interlocutory appeals. The case has significant implications for cryptocurrency regulation as it determines whether XRP should be considered a security or a commodity. Ripple argues against the SEC’s appeal and raises concerns about potential cross-appeals. Ripple CEO Brad Garlinghouse has assembled a legal team to defend against the SEC. Meanwhile, Ripple celebrated a legal victory when the court ruled that XRP is not an unregistered security, except in certain cases.
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