Yesterday the Securities and Exchange Commission (SEC) sent a letter to Judge Torres stating it plans to file an interlocutory appeal re the summary judgement in the Ripple cryptocurrency case. It also wants to pause further proceedings in the case until the outcome of the appeal.
Torres previously found the manner in which Ripple sold XRP crypto tokens to institutional investors classified it as a security based on the Howey Test. However, indirect programmatic sales via exchanges to retail investors were not securities. Likewise for other XRP distributions.
Many found it odd that the same token might sometimes be treated as a security and sometimes not, depending on how it is sold.
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