The U.S. Securities and Exchange Commission (SEC) said it may appeal part of a federal judge’s previous ruling against XRP, arguing that the decision was inconsistent with existing securities laws, Bloomberg reported. Foresight News previously reported that in mid-July, the U.S. District Court for the Southern District of New York ruled against the U.S. Securities and Exchange Commission (SEC) against Ripple, and believed that XRP, as a digital token, itself does not reflect the "contract, transaction or plan" required by the investment contract Howey. However, the sale of XRP by Ripple institutions constitutes an unregistered investment contract offer and sale.