The federal judge presiding over litigation between the Securities and Exchange Commission and the crypto firm Ripple said on Thursday that the SEC can file a motion to appeal a portion of her recent XRP in unregistered securities offerings will still go to trial. The SEC plans to appeal Torres’s judgment that institutional sales of XRP—or sales to investors like venture capital firms—are illegal securities offerings while secondary sales of the digital asset aren't.
Legal observers said the judge’s decision was a blow to the federal agency, which is in the midst of a broader crackdown on the crypto industry following the collapse of the now-bankrupt exchange FTX.
