Fintech company Ripple Labs moved Thursday to cross-appeal a federal judge’s decision in its years-long legal battle with the Securities and Exchange Commission (SEC) over XRP sales.

In a one-sentence filing, Ripple informed the U.S. District Court for the Southern District of New York that the firm would appeal a ruling delivered by U.S. District Judge Analisa Torres in August. The case will move to the U.S. Court of Appeals for the Second Circuit.

Judge Torres ordered the San Francisco-based firm, which the SEC sued in 2020, to pay a $125 million fine over XRP transactions that broke securities laws. At that time, Ripple CEO Brad Garlinghouse declared Torres’ ruling a victory, with a fine far below the SEC’s $2 billion request.

The SEC accused Ripple of violating securities laws several years ago, claiming that the firm had raised $1.3 billion through unregistered securities offerings since 2013. The unregistered security was allegedly XRP, the industry’s seventh biggest cryptocurrency by market cap.

However, Judge Torres ruled last summer that XRP was “not necessarily a security on its face,” finding that the circumstances under which the token was sold were relevant. Program

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Author: André Beganski