The regulator says the SEC will appeal the XRP ruling in the case against Ripple

The US Securities and Exchange Commission (SEC) said Prosecute Wednesday.

The SEC said it is seeking “permission” to appeal part of a recent decision while other parts of the SEC case go to trial. The regulator said approving a preliminary appeal could prevent the SEC and government from needing two trials.

Specifically, the SEC seeks to certify the Court’s ruling that Defendants’ “programmed” offers and sales to buyers of XRP via crypto-asset trading platforms and “other distributions” to Ripple in exchange for labor and services did not include the offering or sale of securities pursuant to [the Howey test]the SEC filing said.

A federal judge ruled last month that while Ripple’s direct sales of XRP to institutional investors violated securities law, its automated sales to retail investors through exchanges did not.

Judge Annalisa Torres, of the US Southern District Court, was A trial is tentatively scheduled Other outstanding issues during second quarter 2024 ruling motions.

In its filing, the SEC noted that Ripple would have to respond by August 16, 2023 (a week after the letter was filed), and suggested filing an opening brief outlining the appeal on August 18. Ripple will have two weeks to respond, and the SEC will have another week to respond to Ripple if the judge approves the filing.

Supreme Education Council previously hinted that he might appeal the ruling in a separate case, when attorneys for the regulator urged Judge Jed Rakoff of the same court to ignore the ruling while he considered Terraform Labs’ motion to dismiss his lawsuit. Rakoff later denied the motion to dismiss, rejecting Torres’ ruling on automated sales in the process.

Update (9 August 2023, 21:40 UTC): Adds additional details.