SEC

Ripple appeals SEC’s ruling on XRP institutional sales, arguing the Howey test was misapplied. Form C filed for de novo review in appeals court.

The SEC’s appeal targets Ripple’s sales practices and executive involvement, while XRP’s non-security status remains intact, prolonging the legal case.

The SEC charged Cumberland for acting as an unregistered dealer in crypto transactions exceeding $2 billion, involving assets like POL, SOL, and FIL since 2018.