Ripple files Form C to challenge SEC's definition of XRP as a security

Odaily News Ripple Labs has filed a Form C filing, a pre-trial statement for a civil appeal, in its ongoing legal dispute with the U.S. SEC. In the filing, Ripple asked the appellate court to review the application of the law with a "de novo" standard. The main focus of the appeal includes the Southern District Court of New York's ruling on the application of the Howey test to Ripple's XRP transfers, and the SEC's unfair notification of Ripple's behavior. Ripple also seeks to re-evaluate the "essential elements" of the transaction being classified as an investment contract and the scope of the SEC's ban on Ripple. Ripple's chief legal officer said XRP has been clarified as a non-security and the SEC has not challenged it. (The Block)