The U.S. Securities and Exchange Commission (SEC) has revealed its intent to file an “interlocutory appeal” against a judge’s recent ruling on Ripple’s programmatic sales of the XRP token.

Russia’s central bank, the Bank of Russia, has revealed it will start testing its central bank digital currency (CBDC) project, the digital ruble, on August 15. The tests will include 13 prominent banks and a select group of their clients in this initial phase.

The layer-1 blockchain created by former Meta employees, Aptos Labs, has partnered with tech giant Microsoft to explore digital payments, asset tokenization, and digital currencies.

Top stories in the Crypto Roundup today:

• SEC to Appeal Judge’s Ruling on Ripple’s XRP Sales
• Bank of Russia to Launch Digital Ruble Pilot with 13 Banks
• Microsoft Partners With Aptos to Explore Digital Payments, Asset Tokenization

SEC to Appeal Judge’s Ruling on Ripple’s XRP Sales

The U.S. Securities and Exchange Commission (SEC) has revealed its intent to file an “interlocutory appeal” against a judge’s recent ruling on Ripple’s programmatic sales of the XRP token.

This move comes as the regulator seeks approval to challenge particular aspects of the decision even as other facets of its case against Ripple head to trial. The SEC noted in a court filing that it could potentially circumvent the necessity of two separate trials.

Central to the SEC's appeal request is the attempt to challenge the court’s determination regarding the nature of Ripple's XRP transactions.

The SEC is particularly keen to clarify the court's interpretation of whether certain sales and offers of XRP by Ripple, especially over cryptocurrency trading platforms and in exchange for services, fell within the parameters defined by the Howey test, a standard for defining securities.

Last month, Judge Analisa Torres of the U.S. Southern District Court made a landmark ruling determining that Ripple’s direct sales of XRP to institutional investors violated securities law, while its programmatic sales to retail investors through exchanges did not.

The SEC noted Ripple now has to respond by August 16, and if the appeal proceeds the regulator plans to present its opening brief by August 18, to which Ripple would have two weeks to respond.

Bank of Russia to Launch Digital Ruble Pilot with 13 Banks

Russia’s central bank, the Bank of Russia, has revealed it will start testing its central bank digital currency (CBDC) project, the digital ruble, on August 15. The tests will include 13 prominent banks and a select group of their clients in this initial phase.

Olga Skorobogatova, the bank's First Deputy Governor, has said that the pilot with digital rubles isn’t just a technical step, but a pivotal phase within the project as it facilitates the CBDC’s platform functionality within an industrial context.

Skorobogatova further emphasized the bank's vision of mainstreaming the digital ruble, with its operation expected to start in 2025. Initially, the tests will focus on basic tasks like setting up digital wallets, transferring digital rubles between users, and using QR codes for shopping.

The initial phase will see participants use digital rubles in 30 stores across 11 cities, with the central bank planning to involve more businesses and clients in the test before the end of the year.

Microsoft Partners With Aptos to Explore Digital Payments, Asset Tokenization

The layer-1 blockchain created by former Meta employees, Aptos Labs, has partnered with tech giant Microsoft to explore digital payments, asset tokenization, and digital currencies.

Aptos is set to use Microsoft’s artificial intelligence (AI) service, Azure OpenAI., with the partnership in an initial stage focusing on using Microsoft’s AI to ease the process of onboarding users into Web3 and supporting developers in the creation of decentralized applications.

Using Microsoft’s AI, Aptos is set to introduce a digital helper called Aptos Assistant, which will answer questions regarding the Aptos blockchain.

Microsoft notably invested $10 billion in OpenAI, the firm behind ChatGPT, and is said to be developing a cryptocurrency wallet for its Edge browser.

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