© Reuters. FILE PHOTO: The seal of the U.S. Securities and Trade Fee (SEC) is seen at their headquarters in Washington, D.C., U.S., Might 12, 2021. REUTERS/Andrew Kelly/File Photograph
NEW YORK (Reuters) -The U.S. Securities and Trade Fee plans to attraction from a court docket ruling final month that the sale of the XRP digital token on public exchanges complied with federal securities legal guidelines, in a case involving the cryptocurrency firm Labs.
In a letter filed on Wednesday in Manhattan federal court docket, the SEC additionally requested U.S. District Choose Analisa Torres to place the case on maintain in the course of the attraction, saying a number of pending circumstances could also be affected by how it’s resolved.
Ripple didn’t instantly reply to a request for remark.
The SEC has for years claimed that digital belongings equivalent to cryptocurrency are securities, as are shares and bonds, and that it has energy to control them.
In a July 13 determination, Torres mentioned Ripple didn’t break the regulation when the XRP token was offered on public exchanges, although it did by promoting XRP to institutional traders.
However simply 18 days later, U.S. District Choose Jed Rakoff, who sits on the identical court docket, got here to an reverse conclusion by discovering that USD, a token supplied by Terraform Labs, certified as a safety when offered on public exchanges.
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