Ripple files motion to block SEC appeal attempt

Ripple has filed a motion requesting the court to deny the SEC’s certification request for an immediate appeal of a recent court ruling that went against the regulator in its case against the firm.

The court ruled in July that automated open market sales of Ripple’s cryptocurrency XRP to the general public did not constitute securities sales because it failed to meet all four prongs of the Howey Test — the standard used to judge whether an asset should be classified as a security.