Breaking: Ripple Launches Cross-Appeal Against SEC’s Legal Maneuver in XRP Case

Ripple has officially filed a cross-appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The filing, submitted to the United States Court of Appeals for the Second Circuit, is Ripple’s latest move to counter the SEC's earlier appeal this month.

Ripple Fights Back with Cross-Appeal in SEC Lawsuit

Ripple’s Chief Legal Officer, Stuart Alderoty, revealed that the San Francisco-based fintech giant has lodged a cross-appeal to ensure all legal aspects are addressed. Specifically, Ripple aims to challenge the SEC’s argument about the concept of “investment contracts,” asserting that there cannot be an "investment contract" without the presence of essential rights and obligations within a contract.

Alderoty emphasized that the SEC had previously acknowledged it does not plan to contest the ruling that XRP is not a security. He further noted that the agency had been compelled to apologize for suggesting that a token alone could qualify as a security. According to Alderoty, even if the SEC presses other aspects of the case, XRP’s non-security status remains unchanged.

Previously, the SEC sought an interlocutory appeal concerning Ripple’s XRP sales and other distributions, a move that Alderoty believes the agency will likely repeat. He is confident that the SEC will lose on these issues once again.

“We’re eager for the federal appeals court to finally put an end to Gensler’s misguided crusade against our industry,” Alderoty stated.

In a previous court decision in August, Ripple was ordered to pay $125 million in penalties for unregistered institutional sales of XRP—significantly less than the SEC's initial demand of $2 billion, which included extensive disgorgement and interest. The judge also ruled that XRP tokens sold in secondary markets are not securities.

Ripple’s Stand Against the SEC’s Tactics

Reacting to the news of the cross-appeal, Ripple CEO Brad Garlinghouse asserted on social media that if SEC Chair Gary Gensler and his team respected the rule of law, they would accept their defeat and move forward. Instead, Garlinghouse accused the SEC of prioritizing disruption over providing regulatory clarity for the U.S. crypto industry.

“We’re ready to secure the final blow to the SEC’s agenda of regulation-by-enforcement,” Garlinghouse said. “Ripple led the charge in the initial court round, and we’re prepared to lead again in this battle.”

#XRPDumping #USRateCutExpected #BinanceLaunchpoolSCR #BTC60KResistance #HBODocumentarySatoshiRevealed