TechFlow news, October 25 — According to Cointelegraph, Ripple Labs has filed Form C with the U.S. Court of Appeals for the Second Circuit to appeal a recent ruling by the U.S. Securities and Exchange Commission (SEC). Ripple's Chief Legal Officer, Stuart Alderoty, confirmed the filing in a post on October 25, adding, "The SEC cannot submit new evidence nor require Ripple to provide additional evidence."
The filing follows an August ruling by the U.S. District Court for the Southern District of New York, which imposed a $125 million penalty on Ripple for conducting institutional XRP sales and determined that these sales constituted securities transactions.
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