Ripple Files Cross-Appeal in Legal Battle with SEC
In a significant legal move, Ripple has officially filed a cross-appeal in its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). This comes after the SEC’s partial victory in classifying Ripple’s “Institutional Sales” of XRP as securities. Legal expert Fred Rispoli commented on the development, highlighting the increased stakes for both Ripple and the SEC.
Although obvious, Ripple has officially cross-appealed. Stakes are super high now. SEC views New York as its fiefdom. If it gets reversed on it’s trial court win on “Institutional Sales,” it’s f*cked. https://t.co/B1ed7g93GC
— Fred Rispoli (@freddyriz) October 10, 2024
“Although obvious, XRP has officially cross-appealed. Stakes are super high now,” Rispoli tweeted, noting that the SEC views New York as its “fiefdom.” He emphasized the potential impact of the cross appeal on the SEC’s case, stating, “If it gets reversed on it’s trial court win on “Institutional Sales,’ it’s f*cked.”
The Stakes are High for Ripple and SEC
The SEC has faced multiple setbacks in the case, and Ripple’s cross-appeal could potentially overturn the previous ruling regarding institutional sales of XRP. If XRP succeeds, it could significantly weaken the SEC’s position and alter the regulatory landscape for cryptocurrencies in the U.S.
The stakes are particularly high for the SEC, as its jurisdiction and authority over crypto markets may be questioned further if XRP’s final push to ensure a more favorable outcome for the broader crypto industry, which has closely followed the case.
With the legal battle intensifying, this development will be crucial not only for Ripple but also for the future of regulatory oversight on digital assets. The case is expected to continue making headlines as it moves through the appeal process.
Implications of Ripple’s Cross-Appeal
Ripple’s decision to file a cross-appeal has significant implications for both the company and the SEC. Here are some key points to consider:
- If Ripple’s cross-appeal is successful, it could potentially invalidate the SEC’s classification of XRP as a security, setting a precedent for other cryptocurrencies.
- A victory for Ripple could lead to greater clarity and certainty in the regulatory framework for cryptocurrencies, which could benefit the entire industry.
- On the other hand, if the SEC prevails in the cross-appeal, it could solidify its position as a regulatory authority over digital assets, with implications for how other cryptocurrencies are viewed and regulated.
What’s Next for Ripple and the SEC?
As Ripple’s cross-appeal moves forward, all eyes will be on the outcome of this legal battle. The implications of this case extend beyond Ripple and the SEC, affecting the broader crypto industry and regulatory landscape.
Stay tuned for more updates on this developing story as Ripple and the SEC continue to navigate the complex legal terrain surrounding cryptocurrencies.
