- Ripple files cross-appeal, contesting $125M fine and ensuring key legal points are addressed in the SEC case.
- Ripple challenges SEC’s effort to overturn the ruling that XRP sales on secondary markets aren’t securities.
- CEO Brad Garlinghouse confident it will win both appeals, aiming to settle its legal dispute with the SEC.
Ripple Labs has filed a cross-appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission. The appeal was submitted to the U.S. Court of Appeals for the Second Circuit.
This action follows the SEC’s recent appeal challenging certain parts of the court’s decision. The move focuses on specific aspects of the August 7 ruling that it wishes to address further.
Ripple Fights $125 Million Fine
In the August decision, the court ordered Ripple to pay a $125 million fine. The fine stemmed from its’s unregistered institutional sales of XRP. While it proposed paying $10 million, the SEC had originally pushed for $2 billion.
The court’s decision was a significant reduction compared to the SEC’s demand. However, Ripple still challenges the fine, seeking to address issues before the final ruling.
SEC Challenges Previous Rulings
Earlier this month, the SEC filed its own appeal. The commission aims to challenge the court’s decision that XRP sold on secondary markets isn’t a security. This ruling had been a major win for Ripple. The SEC is now trying to overturn it.
The legal team, led by Chief Legal Officer Stuart Alderoty, expected the SEC’s move. Consequently, Ripple’s cross-appeal aims to ensure that key points, like the definition of an investment contract, are not left unresolved.
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Ripple’s Confidence in Legal Strategy
The leadership of the company has maintained their confidence. Brad Garlinghouse, the CEO, is confident that the company will come out on top in both appeals. Ripple’s legal team contends that the SEC’s case is not strong.
They believe that the commission is trying to create chaos without offering clear guidance to the cryptocurrency sector. Ripple anticipates achieving success and maintaining its position as the industry leader.
The Court of Appeals will now handle Ripple’s cross-appeal alongside the SEC’s. Both parties are getting ready for the upcoming phase of the legal procedure. its’s main goal is to achieve a complete and final victory.
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