Ripple Labs, the company behind XRP, has officially launched its appeals in its case with the U.S. Securities and Exchange Commission (SEC), filing a Form C petition with the court. In the Form C, which was filed to outline the grounds for the appeals to be filed with the court of appeals, Ripple asks the court to reconsider the way the law is applied when making decisions on certain issues.
One of these issues was the way Ripple’s XRP transfers were applied to the standard, also known as the “Howey test.” As will be recalled, the court considered Ripple’s XRP sales to institutional firms as securities sales. Secondary exchange sales to small investors were not included in this category.
Ripple also requested a reconsideration of what basic elements are required for a transaction to be classified as an investment contract and the scope of the SEC’s injunction against Ripple.
The company behind XRP has asked the court to determine whether the SEC’s “inconsistent actions” have also been taken into consideration for fair reporting.
“No old long processes”
Ripple’s legal counsel Stuart Alderoty said the court will review existing documents, so there will be no long-term arguments in the case:
“We already have a good record. The SEC did not even appeal the decision that XRP was not a security. That’s fine. There will be no old long processes”
Last week, the SEC formally filed a Form C with the court of appeals, alleging that Ripple’s sales of companies on exchanges and the personal sales of executives Brad Garlinghouse and Chris Larsen were securities.
According to information provided by Lookonchain, a whale that was seen opening a new wallet bought $5.5 million worth of Solana on the Binance exchange and spent it on 3 meme coins. In fact, the whale bought many coins, but spent very small amounts on the rest except for the 3 tokens.
The whale spent $3.4 million on GOAT, $2 million on GIGA, and $460,000 on FWOG, the most talked-about meme coins of recent days. Other tokens were spent in amounts ranging from $10 to less.
As is known, GOAT, which was released on the Solana blockchain about 10 days ago, has entered the radar of traders, and some influencers have stated that they bought this meme token. The profits made in thousands of times also attracted the attention of the meme coin community.