Breaking: Ripple Files Cross Appeal In SEC Lawsuit

Ripple’s Chief Legal Officer has revealed that his company has filed a cross-appeal in its case against the US Securities and Exchange Commission (SEC). This provides a new twist to the legal battle that has been ongoing since December 2022.

Ripple Files Cross-Appeal Against SEC

Alderoty revealed in an X post that they filed a cross-appeal against the US SEC today. He stated that they took this step to ensure that “nothing’s left on the table,” including the argument that an investment contract cannot exist without essential rights and obligations.

The Ripple CLO noted that the SEC had already said they weren’t appealing the ruling that XRP isn’t a security. Therefore, their cross-appeal won’t border on this issue. He added that this remains the law and that an appeal on other issues doesn’t change it.

Meanwhile, Stuart Alderoty mentioned how the US SEC unsuccessfully tried to take an early appeal of Judge Analisa Torres’ rulings on Ripple’s XRP sales on exchanges and other distributions not being securities. He added that the Commission will likely appeal this ruling again. However, he is confident that they will lose again on both rulings.

Alderoty concluded by saying,

We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry.

Cross-Appeal Will Put An End To SEC’s Enforcement Actions

Ripple’s CEO Brad Garlinghouse stated in an X post that, with the cross-appeal, they are looking forward to sealing the US SEC’s fate and finally ending the Commission’s regulation-by-enforecement agenda. He mentioned that his firm was the industry leader in the first go-round in court and that they also look forward to leading the way in this appeal round.

Garlinghouse again affirmed that the Commission made a mistake filing their appeal in the long-running lawsuit. He remarked that this shows that the Commission and its Chair Gary Gensler are not interested in faithfully applying the law or inprviding clarity to industry player in the US.

The Ripple CEO added,

Under Chair Gensler, the agency is only interested in creating havoc – US innovation and technology be damned.

The post Breaking: Ripple Files Cross Appeal In SEC Lawsuit appeared first on CoinGape.

Crypto Feed:
https://ift.tt/AFdtQqp
Boluwatife Adeyemi
CoinGape