The US Securities and Exchange Commission (SEC) has asked for a speedy appeal in the Ripple XRP lawsuit that has caused some confusion in the cryptocurrency market.
The SEC, a government agency, requested a quick appeal in response to a recent decision made by Judge Analisa Torres. Some media and investors thought this meant the SEC was challenging the recent ruling that said XRP is “not a security.”
Earlier, the SEC asked to appeal the lawsuit against Ripple, which has been going on since late 2020. CryptoLaw, a firm connected to lawyer John Deaton, made it clear via Twitter post that the SEC wasn’t arguing about XRP’s current status as not being a security for regular people.
The SEC made it clear in their recent petition that they are not trying to appeal against the part that says the XRP tokens are just computer code with no real value.
Instead, they want to appeal two specific rulings. One is about people who buy XRP not expecting to make money from it. The other is about whether investing in XRP is legally enough to count as an “investment of money” under the Howey Test.
In simple terms, the SEC told the US District Court in New York that if they get their appeal done sooner, it could make the whole case finish faster.
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