- Ripple’s cross-appeal aims to address and solidify key legal arguments, demonstrating their proactive strategy against the SEC’s ongoing regulatory actions.
- Despite the legal challenges, positive trading data for XRP suggests strong community support and market confidence in Ripple’s ongoing legal stance.
Speculation around the SEC vs. Ripple case has intensified, as recently highlighted by CNF. In response, Ripple has escalated its legal battle with the U.S. Securities and Exchange Commission (SEC) by filing a cross-appeal.
Ripple’s Chief Legal Officer, Stuart Alderoty, shared the news on X, explaining that the move aims to ensure all key legal arguments are considered, particularly regarding whether an investment contract can exist without certain essential rights and obligations.
On the other hand, Ripple’s CEO Brad Garlinghouse stated in his tweet:
As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only interested in creating havoc – US innovation and technology be damned.
As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only… https://t.co/hFlkXw83s8
— Brad Garlinghouse (@bgarlinghouse) October 10, 2024
Garlinghouse echoed these sentiments, sharing that the cross-appeal aims to put an end to the SEC’s aggressive enforcement actions. He reiterated Ripple’s leadership role in the industry and its determination to prevail in court, accusing the SEC of prioritizing disruption over clarity for U.S. innovation.
Ripple’s Cross-Appeal Against the SEC
According to Alderoty, the cross-appeal does not challenge the court’s ruling that XRP is not a security, as the SEC did not appeal that decision. He affirmed that the court’s ruling on XRP remains unchanged, and Ripple is focused on addressing other aspects of the case.
Alderoty also highlighted the SEC’s failed attempt to appeal Judge Analisa Torres’ rulings on Ripple’s XRP sales and other distributions not being classified as securities. He believes the SEC may try again but is confident they will lose once more.
Alderoty expressed optimism, hoping the federal court of appeals will ultimately end what he described as SEC Chair Gary Gensler’s “misguided” regulatory campaign against the crypto industry.
As of today, with intense sentiments at play, CoinMarketCap data shows that Ripple (XRP) is trading at $0.5339, having surged by 1.42% in the past day and 1.45% in the past week, indicating positive community support in the XRP market.
