Ripple Labs filed a notice of cross-appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This move is a punch back to SEC, as it announced its own appeal last week.
The cross-appeal was filed to the U.S. The cross-appeal was filed to the U.S. Court of Appeals for the Second Circuit, aiming to ensure that all arguments, including those about the nature of investment contracts, are considered.
Staurt Alderoty, CLO Ripple said, We’re really doing that to make sure that we leave nothing on the table, including the argument that there cannot be an investment contract without there being the essential rights and obligations found in a contract
We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry.
The case dates back to 2020 when the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security. In a significant ruling last year, Judge Analisa Torres determined that Ripple’s programmatic sales of XRP did not violate securities laws, though direct sales to institutional investors did. Ripple was ordered to pay $125 million in fines.
This cross-appeal is part of Ripple’s strategy to leave no stone unturned in its defense and to challenge certain aspects of the court’s previous judgment.
