A filing has been made by the U.S. Securities and Exchange Commission urging the court to grant its motion to appeal a Ripple Labs lawsuit decision that stated that XRP was not a security when sold to retail investors. The agency argued that the court's application of the law, particularly the Howey Test, is beset by "knotty legal problems" that necessitate a review.

<strong>In court, XRP not securities under SEC rules - despite Gensler's claims</strong>

[embed]https://twitter.com/FilanLaw/status/1700233681586073877[/embed]

Judge Analisa Torres said that, in general, XRP is not a security under SEC rules, especially when it is sold through programmatic sales (like on exchanges to retail customers). In the most recent document, the SEC contended that the decisions on automatic deals and different conveyances present "legitimate inquiries" that are huge enough for the office's interlocutory allure to be endorsed by the court. As it highlighted court proceedings from other cases, the SEC suggested that this is due to a legal gray area regarding whether certain crypto assets meet the Howey Test's definition of investment contracts. However, these sentiments appear to go against the agency and its chairman, Gary Gensler,'s previous statements.
<h2>Gensler: 'hypocritical' SEC to appeal after rejecting new crypto regulation</h2>
[embed]https://twitter.com/s_alderoty/status/1700284167995392031[/embed]

Gensler has asserted that the <a href="https://www.cryptoknowmics.com/news/sec-delays-spot-bitcoin-etf-decision/">SEC</a> already has clear guidelines that adequately cover the entire crypto market, and he has repeatedly rejected the need for new crypto regulation. This point of view includes the idea that the majority of cryptocurrency on the market is a security.
Stuart Alderoty, chief legal officer of Ripple, referred to the filing as "hypocritical," noting that: The SEC now cries that an appeal is urgently required to resolve these "knotty legal problems" after its chairman for years stated that the "rules are clear and must be obeyed." Coinbase's boss lawful official Paul Grewal likewise ringed in by addressing how crypto firms can be on "fair notification" assuming there are knotty legitimate inquiries that should be viewed as in court. In August, the SEC made the initial request to appeal and stay Torres' decision, claiming that there was "substantial ground for differences of opinion."

SEC Urges Ripple Labs Appeal

The SEC calls for an appeal, citing complex legal issues in the Ripple Labs case. Get the details on this legal development.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

SEC Urges Ripple Labs Appeal

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