Better Markets, a nonprofit, has filed an amicus curiae brief in support of the Securities Exchange Commission's (SEC) appeal against Ripple Labs. The brief asks the 2nd Circuit Court of Appeals to overturn a 2023 district court ruling that held that Ripple Labs' sales of XRP to retail investors were not governed by U.S. securities laws. The nonprofit organization argued in its complaint that the court had mistakenly applied the Howey Test, undermining the integrity of investor protection.