U.S. SEC files brief to challenge court ruling in Ripple case

Former federal prosecutor James K. Filan noted on X that the U.S. Securities and Exchange Commission (SEC) has filed its opening brief in the ongoing Ripple case. According to the brief, the financial regulator argues that the district court incorrectly ruled Ripple's distribution of XRP to its staff and business partners in exchange for non-cash consideration did not meet the investment contract criteria under the Howey Test. The SEC seeks to overturn these decisions.