Ripple Files Cross-Appeal in Ongoing Legal Battle with SEC
Ripple, the Blockchain-based Payment platform, has recently made a significant move in response to the U.S. Securities and Exchange Commission’s (SEC) legal battle. Ripple filed a cross-appeal to ensure that all legal arguments are thoroughly addressed and resolved. This action comes after the SEC lost on critical points in previous attempts, prompting the regulatory body to appeal the ruling.
Ripple’s Chief Legal Officer, Stuart Alderoty, announced the cross-appeal on X (formerly known as Twitter), emphasizing the importance of leaving no legal stones unturned. Alderoty stated, “The SEC lost on all key points, that’s why they appealed. Today, Ripple filed a cross-appeal to ensure nothing’s left on the Table, including the argument that there can’t be an ‘Investment contract’ without there being essential rights and obligations found in a contract.”
Aim of the Cross-Appeal
The core of the legal dispute between Ripple and the SEC centers around whether Ripple’s sales and distributions of XRP, its native Digital asset, should be classified as securities. Previous rulings determined that XRP sales on Exchanges and other distributions were not securities. Ripple’s cross-appeal seeks to strengthen these points and prevent the SEC from revisiting failed arguments.
Alderoty expressed confidence in Ripple’s position, suggesting that the SEC may attempt to challenge the rulings again. He stated, “They'll likely go after these again – and they will lose on both again.” This bold stance reflects Ripple’s determination to resist what many view as a broader regulatory attack on the Cryptocurrency industry.
Ripple's Stance Against SEC's Regulatory Strategy
The outcome of the legal case holds significant implications for the Crypto sector as Ripple continues to challenge SEC Chairman Gary Gensler’s approach to regulating digital assets. Ripple’s CEO, Brad Garlinghouse, criticized the SEC’s appeal, accusing them of causing chaos by not adhering to the law. He vowed to lead the way and combat the SEC's Regulation-by-enforcement agenda that he believes hampers Innovation in the U.S. Tech industry.
Garlinghouse’s response underscores Ripple’s commitment to defending its position amidst ongoing regulatory challenges. As the appeal process unfolds, the Crypto community eagerly anticipates the next steps in this high-stakes legal battle.
Conclusion
With Ripple’s recent cross-appeal, the legal showdown between the company and the SEC continues to unfold. Ripple’s efforts to address all legal arguments and solidify its position demonstrate the company’s determination to navigate complex regulatory challenges in the Crypto industry.
Stay tuned for further updates on this evolving legal saga as Ripple and the SEC clash over the classification of XRP and the broader implications for the Cryptocurrency Market.
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