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Home»ADOPTION NEWS»Ripple has filed a cross-appeal notice in its ongoing litigation with the SEC.
ADOPTION NEWS

Ripple has filed a cross-appeal notice in its ongoing litigation with the SEC.

By Crypto FlexsOctober 10, 20242 Mins Read
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Ripple has filed a cross-appeal notice in its ongoing litigation with the SEC.
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Ripple Labs has filed a cross-appeal as litigation continues from a lawsuit filed by the U.S. Securities and Exchange Commission nearly four years ago.

Ripple filed a “notice of cross-appeal” with the U.S. Court of Appeals for the Second Circuit on Thursday. This comes just a week after the SEC announced this. politics Previous ruling.

“Today, Ripple filed a cross-appeal to ensure that nothing is left, including the argument that there can be no ‘investment contract’ without the essential rights and obligations found in the contract,” Ripple CEO Stuart Alderoty said. legal officer mail At X.

In 2020, the SEC accused Ripple of raising $1.3 billion through sales. XRP

-0.65%
It says this is an unregistered security. More than a year ago, Judge Analisa Torres dominate Some of Ripple’s XRP sales, called programmatic, did not violate securities laws due to a blind bidding process. However, she determined that selling tokens directly to institutional investors is a security. In late August, Judge Torres ordered Ripple to pay $125 million in fines.

The SEC has also previously moved to secure the security. intermediate appeal Last year, Judge Torres overruled it. Such appeals will be filed while the case is pending. Torres said his agency said. It failed to demonstrate that an appeal would “substantially hasten the ultimate conclusion of the litigation.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Sarah is a reporter for The Block covering policy, regulation and legal events. Previously, Sarah was a reporter covering securities regulation at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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