Ripple files notice of cross-appeal in SEC lawsuit
Key Takeaways
- Ripple Labs has filed a cross-appeal with the US Court of Appeals.
- The legal action could impact the regulatory framework for digital assets in the US.
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Ripple Labs has officially filed a notice of cross-appeal with the US Court of Appeals for the Second Circuit in a bid to challenge the court’s judgment on August 7, which ordered Ripple to pay $125 million to resolve charges over the institutional sales of XRP tokens.
The fine, although higher than Ripple’s proposed $10 million, is substantially less than the nearly $2 billion initially sought by the SEC, which included extensive disgorgement and prejudgment interest. The court also determined that XRP tokens sold on secondary markets are not securities.
The move comes after the SEC lodged an appeal against the same case ruling earlier this month, which marked a major development in the year-long legal battle between the two entities.
Ripple Chief Legal Officer Stuart Alderoty indeed said the company considered a cross-appeal in reaction to the SEC’s appeal against a court decision.
As previously reported, both potential appeals would be merged into a single case before the Court of Appeals.
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Author: Vivian Nguyen
