Ripple files notice of cross-appeal in ongoing litigation with the SEC
2024-10-11

Ripple Labs filed a cross-appeal as litigation continues in a case brought by the U.S. Securities and Exchange Commission almost four years ago.
Ripple filed its "notice of cross-appeal" on Thursday to the U.S. Court of Appeals for the Second Circuit. This comes a week after the SEC said it was appealing an earlier judgment.
"Today, Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an 'investment contract' without there being essential rights and obligations found in a contract," said Stuart Alderoty, Ripple's chief legal officer in a post on X.
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it says is an unregistered security. Over a year ago, Judge Analisa Torres ruled that some of Ripple’s sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct sales of the token to institutional investors were securities. Later in August, Judge Torres ordered Ripple to pay $125 million in fines.
The SEC also previously moved to secure an interlocutory appeal last year, which was rejected by Judge Torres. That kind of appeal is filed while a case is still going on. Torres said the agency did not demonstrate that the appeal would “materially advance the ultimate termination of the litigation.”
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