Ripple Files Cross-Appeal in SEC Case

2 hours ago

Ripple Labs has announced plans to file a cross-appeal in its ongoing legal case with the U.S. Securities and Exchange Commission (SEC).

Ripple's Cross-Appeal

Ripple aims to preserve its legal defenses as it continues to face the SEC, which filed an appeal to counter the July 2023 ruling stating that XRP is not a security. Ripple CEO Brad Garlinghouse tweeted their intent to put an end to the SEC's 'regulation-by-enforcement' approach.

As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law.Brad Garlinghouse

The Ongoing Battle

The SEC sued Ripple in December 2020, claiming XRP was sold as an unregistered security. Ripple argued XRP does not meet the criteria for a security under the Howey Test. The court's decisions have distinguished XRP from other cryptocurrencies like Bitcoin and Ethereum.

Significance of the Case

On July 13, 2023, Judge Analisa Torres ruled that XRP is not a security when sold to the public on exchanges. This marked a significant victory for Ripple and the crypto industry. However, Ripple's sales to institutional investors were ruled to violate securities laws, resulting in a $125 million fine.

The SEC lost on all key points—that’s why they appealed. 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.Stuart Alderoty

The Ripple vs. SEC case has significant implications for the U.S. legal system concerning cryptocurrencies. Its outcome could set a precedent for how digital assets are classified moving forward.

Other news

Изменения в руководстве MoonLabs и Klever: новые лидеры и объединение усилий

MoonLabs и Klever: изменения в руководстве и интеграция усилий для будущего развития

14 minutes ago

Leadership Changes at MoonLabs and Klever: New Leaders and Unified Efforts

MoonLabs and Klever: leadership changes and integration efforts for future growth

14 minutes ago

Fetch.ai и Imperial College London открывают AI-лабораторию

Fetch.ai и Imperial College London запускают лабораторию для исследований AI и машинного обучения, расширяя партнерство.

15 minutes ago

Fetch.ai and Imperial College London Open AI Lab

Fetch.ai and Imperial College London launch lab for AI and machine learning research, expanding their partnership.

15 minutes ago

Как инвестор заработал $3,37 млн на торговле Popcat

Инвестор заработал $3,37 млн на росте стоимости мемкойна Popcat, продав токены после значительного увеличения цены.

16 minutes ago

How Investor Made $3.37 Million Trading Popcat

Investor profited $3.37 million from the rise of meme coin Popcat by selling tokens after a significant price increase.