As a seasoned researcher with a knack for deciphering legal intricacies, I find myself intrigued by Ripple Labs’ latest move in their ongoing battle against the SEC. The cross-appeal, a strategic counterpunch if you will, is a testament to Ripple’s unwavering resolve and their commitment to upholding their stance on XRP‘s non-security status.
In response to the recent appeal by the U.S. Securities and Exchange Commission (SEC), Ripple Labs has countered by filing a cross-appeal in their ongoing legal dispute. Essentially, this action is Ripple’s way of hitting back after the SEC made its own appeal last week.
The cross-appeal was filed to the U.S. The cross-appeal was filed to the U.S. Court of Appeals for the Second Circuit, aiming to ensure that all arguments, including those about the nature of investment contracts, are considered.
Stuart Alderoty, CLO of Ripple, stated that they’re leaving no stone unturned to ensure all potential aspects are considered. This includes the point that it’s impossible for an investment contract to exist without the fundamental rights and duties as specified in any regular contract.
We eagerly anticipate the Federal Court of Appeals making a definitive ruling that effectively ends Gensler’s ill-advised assault on our sector.
The controversy surrounding Ripple originated in 2020 when the Securities and Exchange Commission (SEC) alleged that Ripple had amassed $1.3 billion by selling XRP, which they consider an unregistered security. In a notable decision last year, Judge Analisa Torres ruled that Ripple’s automated sales of XRP did not breach securities regulations, although direct sales to institutional investors were found to have violated them. As a result, Ripple was penalized $125 million.
In this appeal, Ripple is employing a tactic to ensure they thoroughly defend themselves and scrutinize specific elements of the earlier court ruling.
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2024-10-11 12:37