Ripple has announced its intention to file a cross-appeal to the Court of Appeals for the Second Circuit, challenging the decision of the US District Court for the Southern District of New York in the SEC vs Ripple case.

The Nature of Cross-Appeal

A cross-appeal is a request to a higher court to hear a case. It differs from a standard appeal as it is filed in response to the opposing party's appeal. In this instance, both Ripple and the SEC are appealing Judge Analisa Torres's ruling.

Ripple's Stance on the Case

According to Stuart Alderoty, the SEC will not appeal the ruling that XRP isn’t a security. Nevertheless, Alderoty notes that the SEC might appeal the judgement that programmatic XRP sales are not securities.

Context and Case Background

The SEC sued Ripple Labs in 2020, accusing it of unlawfully raising $1.3 billion through XRP sales. In 2024, Judge Torres ruled that direct institutional sales of XRP might qualify as unregistered securities offerings, unlike programmatic sales.

The appeals by Ripple and the SEC will be reviewed by the Court of Appeals for the Second Circuit, marking a significant step in the ongoing legal battle over the XRP token.