SEC Submits Brief for Ripple Appeal

Ripple and the Securities and Exchange Commission (SEC) are entering the appeals phase.

On the 15th (local time), former U.S. federal prosecutor James K. Filan announced on X (Twitter) that the SEC, which appealed the first trial verdict against Ripple, has submitted its opening brief.

The legal battle between Ripple and the SEC began when the SEC sued Ripple for unregistered securities sales. Last year, on August 1st, a U.S. court ruled that Ripple must pay a $125 million fine. In that ruling, Judge Annalisa Torres issued a summary judgment stating that it is difficult to see Ripple as a security, particularly noting that sales of Ripple tokens to individual investors did not violate securities laws.

Meanwhile, in this appeal brief, the SEC requested a review of Ripple's status as a security and whether sales to individual investors violated securities laws. The SEC argued that "Ripple violated securities laws by failing to provide important information to investors" and claimed that "the court applied incorrect standards."