Ripple has filed a cross-appeal in its lawsuit against the U.S. Securities and Exchange Commission, adding a new twist to the long-running case.
Alderoti said in a post by X that they had filed a cross-appeal against the US SEC today. He said they had taken the step to ensure that “nothing was left on the table,” including the argument that an investment contract cannot exist without substantial rights and obligations.
Ripple CLO noted that the SEC has already said it will not appeal the ruling that XRP is not a security. Therefore, their cross-appeal will not be limited to that issue. He added that this remains the law and that appealing other issues does not change that.
Meanwhile, Stuart Alderothy mentioned how the SEC unsuccessfully tried to appeal Judge Analisa Torres’s early rulings on Ripple’s XRP sales on exchanges and other non-securities distributions. He added that the SEC will likely appeal the ruling again. However, he is confident that they will lose on both rulings again.
In conclusion, Alderoti said:
We look forward to the federal appeals court finally putting an end to Gensler's misguided attacks on our industry.
