- To the United States Court of Appeals for the Second Circuit, Ripple submitted its “notice of cross-appeal” on Thursday.
- In 2020, the SEC asserted that Ripple had raised $1.3 billion through the sale of unregistered securities, or XRP.
Ripple Labs filed a cross-appeal in a lawsuit that was initiated more than four years ago by the US Securities and Exchange Commission.
Ripple sent the U.S. on Thursday, the Court of Appeals for the Second Circuit received its “notice of cross-appeal”. This occurs one week after the SEC announced that it will be appealing a previous ruling.
Stuart Alderoty, chief legal officer of Ripple, stated in a post on X that the company filed a cross-appeal today to make sure nothing is left unanswered. The point included in the appeal is that a contract must have all necessary rights and obligations in order for there to be a “investment contract.”
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of securities that it asserts are unregistered. A blind bid procedure was in place for some of Ripple’s XRP sales, which is why Judge Analisa Torres concluded more than a year ago that such sales did not violate securities laws. Nonetheless, she declared that additional token sales made directly to institutional investors qualified as securities. Judge Torres’ order to pay $125 million in penalty was later in August.
Judge Torres denied the SEC’s earlier motion to obtain an interlocutory appeal last year. A case is still pending when such an appeal is filed. According to Torres, the government failed to provide evidence that the appeal would significantly improve the case’s eventual settlement.
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