Ripple has officially escalated its legal battle against the U.S. Securities and Exchange Commission (SEC) by filing a cross-appeal with the United States Court of Appeals for the Second Circuit. This bold move is aimed at challenging the SECâs ongoing efforts, following their appeal earlier this month.
đ„ Ripple Fires Back in the SEC Case! đ„
Rippleâs top legal mind, Stuart Alderoty, revealed today that the San Francisco-based fintech giant has filed a cross-appeal to ensure no loose ends remain. Specifically, Ripple is pushing back against the SECâs argument that an "investment contract" can exist without the key elements of rights and obligations found in a traditional contract.
Alderoty also highlighted that the SEC had previously admitted it wouldnât contest the ruling that XRP itself is not a security. The agency even had to backtrack and apologize for suggesting that a token alone could be classified as a security. Importantly, this ongoing appeal wonât alter XRPâs non-security status.
âïž SECâs Losing Streak Continues âïž
Last year, the SEC triedâand failedâto lodge an interlocutory appeal mid-case regarding Rippleâs XRP sales and other token distributions. Ripple's Chief Legal Officer is confident that the SEC will target these areas again, but they are bound to lose once more.
âWeâre ready for the federal court of appeals to finally put an end to Genslerâs misguided attack on our industry,â Alderoty said.
In a dramatic twist, Ripple was ordered to pay $125 million in fines for unregistered institutional XRP sales, far below the SECâs eye-watering $2 billion demand. The court also ruled that XRP sold on secondary markets does not qualify as a securityâa massive win for Ripple and the entire crypto space!
đ„ âSealing SECâs Fateâ â Brad Garlinghouse Speaks Out đ„
Rippleâs CEO Brad Garlinghouse didn't hold back on X (formerly Twitter), emphasizing that the SEC and its chairman, Gary Gensler, are more focused on creating chaos than bringing regulatory clarity. âIf they cared about the law, theyâd accept their crushing defeat and move on,â Garlinghouse stated.
He added, âWeâre eager to seal the SECâs fate and bring an end to their damaging regulation-by-enforcement strategy. Ripple has been leading the charge in this battle, and weâre prepared to win the next round as well!â
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