Ripple Labs Inc. has filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit in its ongoing legal battle with the Securities and Exchange Commission (SEC).
Ripple’s Stuart Alderoty Posts About the Appeal
According to Ripple Chief Legal Officer Stuart Alderoty, the cross-appeal aims to solidify the company’s position and ensure that all key arguments are addressed. “The SEC lost on all key points—that’s why they appealed,” Alderoty stated in a press release. “Today, Ripple filed a cross-appeal to ensure nothing’s left on the table.”
A cross-appeal is a legal maneuver where both parties in a lawsuit appeal the same judgment or order. It’s essentially a way for both sides to challenge different aspects of a court’s decision, even if they agree on some parts.
The SEC filed its notice of appeal earlier this month, challenging the court’s July ruling that XRP, Ripple’s digital asset, is not a security when sold to institutional buyers. Ripple’s cross-appeal is a strategic move to preserve its arguments and potentially address other aspects of the case, though the specific details of the company’s motion have not been disclosed.
Alderoty expressed confidence in Ripple’s legal position, emphasizing that the SEC has already acknowledged that XRP itself is not a security. “The SEC has already said they aren’t appealing the ruling that XRP itself isn’t a security,” he explained. “That’s the law, and an appeal on these other issues doesn’t change it.”
