Ripple filed a cross-appeal, challenging a $125 million fine related to unregistered XRP sales.
The SEC is appealing the court's ruling that XRP sales on secondary markets aren't considered securities.
Rippleâs CEO remains confident in winning both appeals and aims to resolve the legal dispute with the SEC.
Ripple Labs has filed a cross-appeal in its ongoing case against the U.S. Securities and Exchange Commission (SEC). The legal action, submitted to the U.S. Court of Appeals for the Second Circuit, follows the SEC's recent appeal, challenging parts of an earlier court ruling.
https://twitter.com/BSCNews/status/1844462184245379116
Ripple's Response to SEC's Appeal
In August, the court ruled that Ripple should pay a $125 million fine related to unregistered XRP sales. The SEC initially sought a much higher amount, but the court reduced the penalty. Ripple, however, contests this fine and aims to address certain legal points before the final ruling. This cross-appeal seeks to settle the legal dispute and ensure that key aspects of the case are fully examined.
SECâs Continued Challenge
Just this week the SEC filed its appeal which centers on how the court ruled the sale of XRP on secondary markets. The foregoing decision held the question of whether: XRP sales in such markets were not securities. This was a significant win for Ripple because it cleared resistance that had slowed the progress of the company. However, the SEC is now trying to reverse this ruling to argue against the categorization of XRP as non-securities on secondary markets.
Suddenly, the world has seen Ripple showing an incredible amount of confidence in its case against the SEC.
Rippleâs CEO, Brad Garlinghouse still firmly believes in the companyâs legal matters. They seem to think that they found enough evidence and strong grounds to challenge what the SEC has claimed. Not only does it continue to argue against the fine, but maybe more importantly, it wants to fight for the classification of XRP. Chief Legal Officer Stuart Alderoty has further pointed out that cross-appeal is also crucial for Ripple to get legal issues, such as what constitutes an investment contract, discussed.
Preparing for the Next Phase
Should both the SEC and Ripple file appeals then it would mean that the U.S. Court of Appeals will move to hear cases from different dimensions. Ripple has set its sights on requesting a sweeping win on every legal front. Both are remaining expectant for the next process in the continuous litigations.
