The U.S. Securities and Exchange Commission (SEC) has filed a motion to appeal a ruling in the Ripple Labs lawsuit that declared XRP was not a security when sold to retail investors. The SEC argued that there are "knotty legal problems" surrounding the court's application of the law, specifically the Howey Test, which warrant a review.

The agency called for the U.S. District Court for the Southern District of New York to grant its motion for interlocutory appeal and "stay further proceedings until the resolution of that appeal." The SEC suggested that there is a legal gray area as to whether certain crypto assets fall under the classification of investment contracts via the Howey Test or not.