A pivotal moment has surfaced in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding XRP. Ripple has taken steps to file a cross-appeal against the SEC, as shared by Stuart Alderoty, the company’s Chief Legal Officer. This move highlights a broader examination of the SEC’s claims beyond just the classification of XRP as a security.
What are Ripple’s Goals with the Cross-Appeal?
Ripple’s cross-appeal directly addresses the allegations brought forth by the SEC concerning XRP’s security status. Alderoty noted that during earlier court sessions, XRP was not categorized as a security, differentiating it from Bitcoin. This recent filing seeks to extend the discussion about the SEC’s claims.
The cross-appeal indicates Ripple’s firm response to the SEC’s accusations, with a request to prolong the court proceedings until January 2025. Ripple also asserted that the SEC would not introduce new evidence during the appeal, relying solely on existing documentation.
Will Ripple’s Legal Strategy Affect Crypto Regulations?
Legal expert John Deaton remarked on a substantial donation of one million XRP from Ripple’s founder, Chris Larsen, to Kamala Harris’s campaign. He commented on the SEC’s contradictory actions toward the crypto industry, especially regarding lawsuits against firms like Coinbase.
Ripple’s CEO, Brad Garlinghouse, is optimistic about a significant regulatory shift in the crypto landscape, irrespective of U.S. elections. He indicated, “Regardless of what happens, we will see a reset and make progress,” suggesting confidence in navigating regulatory challenges.
- Ripple’s cross-appeal aims to redefine the SEC’s claims.
- The company is requesting a delay in legal proceedings until January 2025.
- Ripple intends to expand its operations despite ongoing litigation.
- Community engagement is a key focus for Ripple amidst distractions from regulatory strategies.
As the legal proceedings advance to the appellate court, significant implications are likely for all stakeholders involved. The court is expected to release a timeline for consolidating documents and scheduling hearings, all under district court case number 24-2648. Ripple remains committed to assuring the crypto community of its growth trajectory despite the regulatory landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/ripple-challenges-sec-claims-in-xrp-case