Ripple Labs Files Cross-Appeal

Ripple Labs has filed a cross-appeal as litigation proceeds in a case initiated by the U.S. Securities and Exchange Commission (SEC) nearly four years ago.

The "notice of cross-appeal" was submitted on Thursday to the U.S. Court of Appeals for the Second Circuit, following the SEC's announcement of its own appeal of an earlier judgment just a week prior.

Stuart Alderoty, Ripple's chief legal officer, stated on X, "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 essential rights and obligations found in a contract."

Back in 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, claiming it is an unregistered security. Over a year ago, Judge Analisa Torres ruled that some of Ripple’s XRP sales, known as programmatic sales, did not violate securities laws due to a blind bid process. However, she ruled that other direct sales to institutional investors were indeed securities. In August, Judge Torres ordered Ripple to pay $125 million in fines.

Previously, the SEC sought an interlocutory appeal last year, but Judge Torres rejected it, stating the agency failed to show that the appeal would “materially advance the ultimate termination of the litigation.”