Regulation
Ripple Files Cross Appeal In SEC Lawsuit
Ripple’s Chief Legal Officer has revealed that his company has filed a cross-appeal in its case against the US Securities and Exchange Commission (SEC). This provides a new twist to the legal battle that has been ongoing since December 2022.
Ripple Files Cross-Appeal Against SEC
Alderoty revealed in an X post that they filed a cross-appeal against the US SEC today. He stated that they took this step to ensure that “nothing’s left on the table,” including the argument that an investment contract cannot exist without essential rights and obligations.
The Ripple CLO noted that the SEC had already said they weren’t appealing the ruling that XRP isn’t a security. Therefore, their cross-appeal won’t border on this issue. He added that this remains the law and that an appeal on other issues doesn’t change it.
Meanwhile, Stuart Alderoty mentioned how the US SEC unsuccessfully tried to take an early appeal of Judge Analisa Torres’ rulings on Ripple’s XRP sales on exchanges and other distributions not being securities. He added that the Commission will likely appeal this ruling again. However, he is confident that they will lose again on both rulings.
Alderoty concluded by saying,
We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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