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Ripple to Counter SEC Appeal in XRP Case
Summary: Ripple Labs, the blockchain company facing a legal battle with the U.S. Securities and Exchange Commission (SEC), has announced plans to file a cross-appeal. This move comes in response to the SEC's appeal of a July 2023 court ruling that favored Ripple. The SEC has been pursuing legal action against Ripple since December 2020, alleging ...
Ripple Labs, the blockchain company facing a legal battle with the U.S. Securities and Exchange Commission (SEC), has announced plans to file a cross-appeal. This move comes in response to the SEC's appeal of a July 2023 court ruling that favored Ripple.
The SEC has been pursuing legal action against Ripple since December 2020, alleging that the company's sale of XRP tokens constituted an unregistered securities offering. In a significant victory for Ripple, a judge ruled in July that the sale of XRP to exchanges did not violate federal securities laws and that XRP itself was not a security.
Ripple's Chief Legal Officer, Stuart Alderoty, stated that the cross-appeal aims to preserve the company's arguments, particularly regarding the fundamental rights of investment contracts. The company will submit detailed arguments in the coming weeks, while the SEC's appeal brief is expected to be completed by the end of January.
Alderoty emphasized the need for legislative solutions rather than relying solely on court rulings to address the regulatory landscape for cryptocurrencies. This stance reflects the industry's growing desire for clear regulatory frameworks to foster innovation and protect investors.
