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Ripple

Ripple Pushes Back: Cross-Appeal Notice Filed Against SEC

Ronaldo Marquez
by Ronaldo Marquez
10 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant development in the ongoing litigation between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple announced the filing of a cross-appeal against the regulator. 

This move follows the SEC’s recent appeal of a 2023 ruling by Judge Analisa Torres, which determined that the XRP token, sold by Ripple on public exchanges, does not qualify as a security under current laws.

Alderoty Highlights SEC’s Struggles And Cross-Appeal Rationale

Stuart Alderoty, Ripple’s Chief Legal Officer, took to social media platform X (formerly Twitter) to explain the company’s position. He emphasized that the SEC lost on all the critical points in the case, which is why they are appealing. Alderoty said: 

Today, Ripple filed a cross-appeal to ensure nothing’s left  on the table, including the argument that there can’t be an “investment contract” without there being essential rights and obligations found in a contract.

Related Reading: Binance’s CZ Set To Leave US: Insights Into His Upcoming Plans For October 30

The company’s legal officer also noted that the Securities and Exchange Commission is not appealing the ruling that XRP itself is not a security, highlighting the agency’s recognition of the law in this regard.

Alderoty further stated that the regulator has struggled in its legal battles against Ripple. He highlighted last year’s attempt to appeal earlier rulings that deemed Ripple’s XRP sales on exchanges, as well as distributions to employees and developers, as non-securities. 

Alderoty expressed confidence that the SEC would likely pursue these issues again but believed they would ultimately fail once more. 

‘They Should Accept Their Loss And Move On’

Ripple’s CEO, Brad Garlinghouse, also weighed in on the situation, criticizing the SEC for its continued legal pursuit of the company. He stated: 

As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only interested in creating havoc – US innovation and technology be damned.

On Thursday, the CEO also disclosed that they intend to “seal the SEC’s fate” with their latest move in the case, and that they intend to put an end to the SEC’s regulation by enforcement agenda. 

Related Reading: Bitcoin To Hit $90,000 If Trump Wins: Bernstein Analysts

Garlinghouse had previously accused the SEC of creating chaos in the industry rather than providing clarity for market participants, asserting that the agency is more focused on enforcement than on fostering innovation.

In his remarks, Garlinghouse characterized the SEC’s approach as “irrational,” arguing that the regulator’s actions have undermined its credibility while harming the very investors it aims to protect.

Ripple
The 1D chart shows XRP’s sideways price action experienced over the past week. Source: XRPUSDT on TradingView.com

At the time of writing, XRP is trading at $0.5272, recording a slight loss of 0.6% in the 24-hour time frame, in contrast to the largest cryptocurrencies Bitcoin and Ethereum, which fell by over 2% in the same period.

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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