Ripple Files Cross-Appeal in SEC Legal Battle

Ripple’s Legal Battle with the SEC

Ripple Labs Inc. has taken a significant step in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) by filing a cross-appeal. This move is part of Ripple’s strategy to ensure that all crucial arguments are thoroughly addressed in court. The cross-appeal was submitted to the U.S. Court of Appeals for the Second Circuit.

Understanding the Cross-Appeal

Ripple’s Chief Legal Officer, Stuart Alderoty, explained that the cross-appeal is a strategic measure. It aims to preserve Ripple’s arguments and counter the SEC’s previous appeal. The SEC had appealed a court ruling that determined XRP, Ripple’s cryptocurrency, is not considered a security when sold to institutional buyers. This ruling was a significant win for Ripple, and the cross-appeal seeks to maintain this advantage.

SEC’s Position on XRP

Interestingly, the SEC has acknowledged that XRP itself is not a security. This acknowledgment plays a crucial role in Ripple’s defense strategy. By filing the cross-appeal, Ripple aims to reinforce this point and ensure that it remains a central part of the legal proceedings.

Market Movements: $100M in Stablecoins

In related market news, market makers have recently sent $100 million in stablecoins to various exchanges. This movement of funds could indicate potential market shifts or trading strategies being employed by these market makers. Stablecoins are often used to facilitate trading and provide liquidity in the cryptocurrency market.

Ripple’s legal strategy is focused on maintaining its favorable position and addressing all arguments comprehensively. Meanwhile, the movement of stablecoins suggests ongoing activity and potential volatility in the cryptocurrency market. Investors should stay informed and consider these developments when making decisions.