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. In court, XRP not securities under SEC rules – despite Gensler’s claims 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
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