According to FOX Business reporter Eleanor Terrett’s tweet, the U.S. Securities and Exchange Commission (SEC) responded to the court’s ruling against XRP, saying that it was satisfied with part of the ruling, but would still review the court’s final decision, specifically: “We are pleased with the court’s ruling , in some cases, Ripple offered and sold XRP tokens in the form of an investment contract that violated securities laws. The court agreed with the SEC that the Howey test governs security analysis for crypto transactions and rejected Ripple’s ruling on what constitutes an investment contract. self-made test, emphasizing instead that Howey and subsequent cases have ruled that various tangible and intangible assets can be the subject of investment contracts. Furthermore, the court rejected Ripple's fair notice argument, stating that the Howey test is clear, claiming that ignorance cannot be Securities Act Violation Defense. The SEC will continue to review this determination.”