The Securities and Exchange Commission of the United States intends to appeal a recent court ruling concerning Ripple Labs, which marked a setback for the agency’s efforts to regulate cryptocurrency markets.
The SEC requested U.S. District Judge Analisa Torres in Manhattan in a letter on Wednesday to allow a federal appeals court to examine her July 13 judgement, in which she concluded the sale of Ripple’s XRP digital token on public exchanges complies with federal securities laws.
According to the SEC, an appeal could address legal problems when there was “substantial ground for differences of opinion.”
It also stated that the outcome of an appeal would have a “significant impact” on its capacity to enforce securities laws as well as a “large number” of additional litigation.
