đđđ #Rippleđ° CLO: SEC Lost on All Key Points
In a notable development in the ongoing SEC lawsuit, Ripple has filed a cross-appeal challenging Judge Torres's final judgment, which was issued on August 7, 2024. The cross-appeal, submitted on October 10, 2024, to the United States Court of Appeals for the Second Circuit, names Ripple CEO Brad #Garlinghouse and Chairman Chris Larsen as defendants.
Earlier in October, the SEC had appealed the judgment, which imposed a $125 million civil penalty on Ripple's XRP salesâa much lower figure than the $2 billion the SEC had initially sought. Ripple's cross-appeal has sparked interest within the crypto community. In a tweet, Garlinghouse expressed optimism about the company's chances: "With our cross-appeal, weâre looking forward to ending the SECâs regulation-by-enforcement approach. Ripple led the way in court before, and we plan to do so again this time."
SECâs Losses Highlighted by Rippleâs Legal Team
- Ripple's Chief Legal Officer Stuart Alderoty emphasized that the SECâs appeal stems from its failure on key points in the initial ruling. "The SEC lost on all critical issues, which is why they chose to appeal," Alderoty wrote on X. He explained that Rippleâs cross-appeal ensures that no aspect of the case is overlooked, particularly regarding the claim that an "investment contract" requires certain rights and obligations.
- Alderoty pointed out that the SEC had previously agreed not to challenge the ruling that XRP itself is not a security. He noted that the SEC even apologized in a separate case for suggesting that a token could be a security, reaffirming that this aspect of the law remains unchanged despite the ongoing appeals.
- Last year, the SEC unsuccessfully tried to appeal the ruling that $XRP sales on exchanges weren't securities. Ripple's legal chief, Alderoty, expects the SEC to try again and believes theyâll lose both times. He looks forward to the Federal Court ending SEC Chair Gensler's campaign against crypto.
Source - u.today
