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Ripple Labs has stepped up its legal battle with the U.S. Securities and Exchange Commission after filing its Civil Appeal Pre-Argument Statement, also known as Form C.
Ripple’s second point is challenging the lower court’s ruling that its XRP transfers met the criteria established in SEC vs. W.J. Howey Co. This case, which gave rise to the Howey Test, defined the conditions under which something is considered an investment contract. This point is key to Ripple’s defense because it suggests that the SEC and other concerned agencies failed in their mandate to give clear guidance on the legality of the crypto company’s actions.
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