Ripple Labs has filed a Form C in the United States Court of Appeals for the Second Circuit, contesting a ruling by the US Securities and Exchange Commission (SEC) regarding the classification of its institutional XRP sales as securities transactions. Ripple's chief legal officer, Stuart Alderoty, asserted that the SEC is barred from presenting new evidence against these sales. The company's appeal specifically challenges the application of the Howey test, which is critical in determining investment contract classifications. A de novo review is requested, allowing the appeals court to independently assess the lower court's legal interpretations. This filing comes shortly after the SEC appealed a district court's partial summary judgment favoring Ripple, which established that XRP sales on digital asset exchanges do not qualify as securities transactions. Judge Analisa Torres emphasized this point in her ruling, distinguishing between programmatic and institutional sales.

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