San Francisco-based enterprise blockchain company Ripple has filed a cross-appeal of the court’s final judgment.
As reported by U.Today, Ripple was ordered to pay a $125 million fine by Judge Analisa Torres in August.
The SEC filed its own notice of appeal in the Ripple case earlier this month.
For now, however, it is not clear what exactly the regulator is going to appeal. Many have speculated that the SEC might target the July 2023 ruling, which recognized secondary XRP sales as non-securities.
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The specifics of the SEC’s appeal and Ripple’s cross-appeal will become known once the two companies file their respective opening briefs.
The XRP price is currently changing hands at $0.54, according to CoinGecko data.
“Sealing the SEC’s fate”
According to Stuart Alderoty, chief legal officer at Ripple, the cross-appeal is meant to ensure that nothing is left on the table. At the same time, he has noted that the SEC is not going to appeal the ruling that the XRP token is a non-security.
Alderoty believes that Ripple will go after Ripple’s XRP sales on exchanges and the company’s other distributions of the token. “They’ll likely go after these again – and they will lose on both again,” he added.
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Ripple CEO Brad Garlinghouse has slammed the agency for “creating havoc,” adding that his company is looking forward to “sealing the SEC’s fate.” “Ripple was the industry leader in the first go-round in court and we look forward to leading the way in this round as well,” Garlinghouse said.
