The SEC appeals the ruling in the Ripple case

ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission (SEC) is appealing the previous ruling by the U.S. Second Circuit Court of Appeals regarding the Web3 payment company Ripple, as indicated by documents released on Wednesday.

"We believe the district court's ruling in the Ripple case conflicts with decades of Supreme Court precedent and securities law, and we look forward to presenting our case in the Second Circuit," an SEC spokesperson told The Block.

Previously, the judge ordered Ripple to pay a civil penalty of $125 million on August 7, significantly lower than the $2 billion penalty initially sought by the SEC. The ruling also partially granted and denied the SEC's motion for preliminary remedies regarding Ripple's sale of XRP tokens.