coindesk.com
The U.S. Securities and Exchange Commission announced it would appeal a federal judge's ruling in its case against Ripple on Wednesday.
The federal regulator filed a "notice of appeal" to the Second Circuit Court of Appeals, just under two months after Judge Analisa Torres imposed her final judgement in the regulator's now four-year-old-case against the crypto company.
In July 2023, the judge ruled that while Ripple violated federal securities law through its institutional sales of XRP, its programmatic sales to retail exchanges did not violate securities rules. The SEC attempted to file an interlocutory appeal against the motion for summary judgement, but was denied by the judge.
This past August, Judge Torres imposed a $125 million fine against Ripple, well below the nearly $2 billion the SEC requested in disgorgement, prejudgment interest and civil penalties.
In a statement, an SEC spokesperson said, "We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit."
Ripple did not immediately return a request for comment.
Earlier Wednesday, Bitwise filed an application to list and trade shares of an exchange-traded fund that would invest in XRP.