In the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC), Ripple once again fought back and filed a "Cross-Appeal."
The lawsuit has been dragging on for nearly four years, and Ripple filed a "cross-appeal" notice with the U.S. Court of Appeals for the Second Circuit on Thursday, a strategic move to ensure it can protect its position during the SEC's appeal process.
The U.S. SEC first sued Ripple in December 2020, accusing the company of illegally selling Ripple (XRP) and treating it as an unregistered security. Ripple Chief Legal Officer Stuart Alderoty told CoinDesk that this cross-appeal is mainly to ensure that the company retains all available legal positions and arguments, adding:
We do this in order not to let any opportunity slip away, including emphasizing that if there are no rights and obligations conferred by the contract, it does not constitute an investment contract.
In a ruling last July, District Court Judge Analisa Torres ruled that XRP was a token rather than a security when sold on a retail digital asset exchange, and therefore did not violate federal securities laws; however, when it was sold to institutional investors At that time, it was a "securities" and violated the securities laws.
The SEC filed a notice of appeal earlier this month as it was dissatisfied with the ruling. Stuart Alderoty said both sides would be required to submit an overview document in the coming weeks outlining their arguments, but the details would be developed in a formal debate document.
The SEC’s brief is expected to be filed by the end of January next year, while Ripple’s defense documents and rebuttal to the SEC will be filed later. He said:
I don't think anyone following this case should be confused by these moves. I believe the judge's decision was correct, and I hope the Court of Appeal will use this opportunity to clarify the issues and bring the clarity we need.
However, he also emphasized that the U.S. legislature urgently needs to come up with policy solutions instead of blindly relying on court rulings. Stuart Alderoty concluded:
Until policies are in place, the courts will continue to shoulder this responsibility, and we are willing to continue fighting to bring more victories and clarity to the cryptocurrency industry through litigation.
"Resolutely not giving in! Ripple files a "cross-appeal" to fight back against the US SEC" This article was first published on (Block Guest).
