Ripple Targets Key Legal Arguments with Cross-Appeal Against SEC
Ripple, the Blockchain-based Payment Protocol, is taking proactive steps to solidify its legal stance against the U.S. Securities and Exchange Commission (SEC) with a cross-appeal. Despite facing regulatory challenges, Ripple's positive trading Data for its Cryptocurrency XRP indicates strong support from the community and Market confidence in the company's ongoing legal battle.
Legal Battle Intensifies
Speculation surrounding the SEC vs. Ripple case has been on the rise, especially after recent coverage by CoinNewsFlash (CNF). In response, Ripple has decided to escalate the conflict by filing a cross-appeal against the SEC's regulatory actions.
Stuart Alderoty, Ripple's Chief Legal Officer, disclosed this Development on X, emphasizing that the aim of the cross-appeal is to ensure that all critical legal arguments are thoroughly considered. One key point of contention revolves around the question of whether an Investment contract can exist in the absence of certain fundamental rights and obligations.
Ripple's CEO Speaks Out
Ripple's CEO, Brad Garlinghouse, also weighed in on the situation, expressing his frustration with the SEC's approach to the matter. In a tweet, he criticized SEC Chair Gary Gensler and the agency for what he perceives as a lack of commitment to upholding the rule of law and providing clarity to industry players in the U.S.
Garlinghouse reiterated his belief that the SEC's actions are creating unnecessary disruption in the market, adversely affecting U.S. Innovation and Technology. He emphasized that Ripple remains steadfast in its commitment to tackling these regulatory challenges and ensuring a favorable outcome in court.
Ripple's Cross-Appeal Strategy
According to Alderoty, Ripple's cross-appeal is not aimed at contesting the court's ruling that XRP is not a Security. Since the SEC did not appeal this decision, it remains unchanged, and Ripple is focusing on addressing other critical aspects of the case.
Alderoty pointed out the SEC's unsuccessful attempt to appeal Judge Analisa Torres' rulings on Ripple's XRP sales, which were not deemed securities. While he acknowledged the possibility of the SEC trying again, he expressed confidence in Ripple's legal position.
He remains hopeful that the federal court of appeals will bring an end to what he described as Gensler's misguided regulatory campaign against the Crypto industry. In light of recent developments, Ripple's XRP is currently trading at $0.5339, with a 1.42% increase in the past day and a 1.45% increase over the past week, signaling positive community sentiment.
