Ripple is making strategic moves in response to the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) concerning XRP. The latest development in this high-stakes crypto legal drama involves Ripple’s decision to file multiple cross-appeals if the SEC is granted permission for an interim appeal, indicating the company’s commitment to vigorously defend its position.
Ripple’s Chief Legal Officer, Stuart Alderoty, took to Twitter to confirm this significant development and encouraged the crypto community to closely examine the opposition filing. In his tweet, Alderoty emphasized the importance of paying attention to the footnotes, suggesting that there may be crucial details within the legal document that shed light on Ripple’s stance.
This move by Ripple has reignited the spirits of its passionate supporters, who have been closely following the legal proceedings. It’s apparent that the crypto industry is watching this case closely, as it could have far-reaching implications not only for Ripple and XRP but also for the broader cryptocurrency market.
The fact that prominent figures like Bill Morgan, a well-known proponent of XRP, believe that there is still a long road ahead in this legal battle underscores the complexity and significance of the case. Ripple’s opposition filing likely contains intricate legal arguments and strategies aimed at defending the company’s interests and the status of XRP.
As this legal saga continues to unfold, it remains a focal point for those interested in the intersection of cryptocurrencies and regulatory oversight. The outcome of this case could set important precedents for how cryptocurrencies are classified and regulated in the United States, making it a critical event to watch in the evolving crypto landscape.
Ripple to plans to file a cross-appealRipple plans to file a cross-appeal
In a significant legal move, Ripple has made it clear in court documents that it’s prepared to file a cross-appeal in response to the SEC’s request. This cross-appeal would primarily focus on challenging the portion of the court’s order that determined Ripple’s institutional sales of XRP as securities.
This stance signifies Ripple’s commitment to contest the SEC’s argument that its sales to institutional investors fall under the securities category. It’s a critical point of contention in this ongoing legal battle.
Notably, Ripple’s position extends beyond this specific issue. The company has expressed its intent to defend against any SEC attempts to classify its sales of XRP to On-Demand Liquidity (ODL) customers, a category that came under scrutiny following the SEC’s lawsuit against Ripple Labs.
Furthermore, Ripple is poised to cross-appeal on matters related to the statutory interpretation of the term “investment contract.” This aspect of the legal dispute delves into the classification of XRP and its potential designation as an investment contract, which holds significant implications for its regulatory status.
In essence, Ripple’s declaration to file a cross-appeal underscores its determination to contest multiple aspects of the SEC’s case. The legal battle between Ripple and the SEC remains complex and multifaceted, with each party vying to secure a favorable outcome that could set a precedent in the cryptocurrency industry.
Ripple plans to file a cross-appeal in its ongoing case with the SEC
In the context of an ongoing lawsuit, it’s important to note that parties typically cannot appeal specific court decisions until the entire case is concluded. This principle is what led the U.S. regulator, the SEC, to request permission from the court to appeal certain aspects of the Ripple victory ruling.
Ripple’s Chief Technology Officer further clarified this perspective in a tweet issued last month. In summary, Ripple intends to initiate a cross-appeal addressing multiple aspects of the court’s decisions if the SEC’s interlocutory motion is approved. This approach demonstrates Ripple’s commitment to thoroughly contesting and defending its position in the legal proceedings, ensuring that all relevant issues are addressed in due course.