The U.S. Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, challenging a court decision that dismissed some claims. The SEC is specifically appealing the ruling that XRP sold to retail investors was not considered a security. Attorney Jeremy Hogan criticizes the SEC's brief, stating that it lacks substance and largely repeats what the lower court already decided. Ripple is expected to challenge the SEC's argument in response. Hogan also notes that the SEC missed an opportunity to address evidence from XRP buyers who were unaware of Ripple's actions, potentially weakening their case. If the court upholds the ruling on retail sales, it could complicate the SEC's efforts, as they would have to prove that buyers knew about Ripple's promotional efforts. This appeal may also allow Ripple to strengthen their position by introducing new arguments.



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