1 month ago
11 ARTICLE AD
Ripple files a cross-appeal against the SEC, sparking a 2% XRP price surge amid ongoing cryptocurrency regulatory battles.
Key Notes
Ripple Labs filed a cross-appeal in response to the SEC's appeal, escalating their legal battle to a higher court.Ripple CLO Stuart Alderoty emphasized the goal of ensuring no regulatory ambiguity remains around XRP's classification.XRP price surged over 2% following the cross-appeal, with trading volume increasing by over 50%.Ripple Labs filed a cross-appeal on Thursday in its ongoing case against the United States Securities and Exchange Commission (SEC). This move comes in response to the SEC’s notice of appeal filed earlier this month, and it is directed to the Court of Appeal for the Second Circuit.
Ripple’s Chief legal officer (CLO), Stuart Alderoty, stated on his X page that they are making the appeal to ensure ‘nothing is left on the table.’ Alderoty stated that the agency initially said it would not appeal the case and agreed that XRP is not a security.
According to him, the financial watchdog apologized in a separate legal case for suggesting that a token could be classified as a security. This further emphasizes that the SEC has acknowledged that digital assets like XRP are not automatically securities just by their nature, and this principle now stands in Ripple’s case.
Alderoty referred to how the SEC unsuccessfully tried to appeal the court rulings that determined Ripple’s sales of XRP on exchanges and other XRP distributions to employees and developers were not considered securities. He noted that if the SEC goes after these rulings, they will lose. The Ripple CLO ended the post by saying:
“We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry.”
Brad Garlinghouse, Ripple CEO, also commented on the appeal, saying if the SEC Chairman, Gary S. Gensler, and the agency cared about the court ruling, they would accept the recent losses in the Ripple case and stop pursuing further appeals.
He said that the SEC is not applying the law fairly, and, under the current chairman, the agency is only creating more confusion. Garlinghouse stated:
“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 or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only interested in creating havoc—US innovation and technology be damned.”
Garlinghouse was optimistic about the cross-appeal, saying it would end the SEC’s “regulation-by-enforcement agenda.” The company was successful in the early stages of the court battle, and he is confident that it will continue leading in this phase of the legal battle.
XRP Market Reaction: Price and Trading Volume Spike amid Legal Developments
The news of Ripple’s cross-appeal had an immediate impact on the price of XRP, which surged by over 2% in the last 24 hours. The price increase contradicts the market reaction after the SEC’s appeal earlier in the month, which caused more than a 12% drop in XRP’s value.
The positive market sentiment appears to be driven by confidence in Ripple’s legal strategy and the belief that a victory in the cross-appeal could lead to long-term gains for XRP.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
SEC Crypto News, Cryptocurrency News, News, XRP News
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
