Ripple Pushes Back on SEC Latest Move With Cross Appeal

• Ripple submitted the filing for Form C of a Cross appeal ahead of the deadline coming to an end. 
• The Ripple Vs. SEC lawsuit has been prolonged for more than four years, having started in 2020.

The crypto market has shown positive price actions in the past 24 hours much to the relief of community members. On the other hand, today’s spotlight was cast on a US government-related wallet compromise and the subsequent loss of funds. Meanwhile, the Ripple Vs. SEC lawsuit has taken yet another interesting turn. 

Notably, Ripple has submitted Form C for Cross Appeal after the SEC’s last-minute appeal filing a few days ago. The cryptocurrency firm got in the filing as the deadline was coming to an end as per sources. Ripple’s lawyer, James K. Filan shared the documents on his X account. 

According to the cross appeal pre-argument statement, Ripple has raised several issues that request for cross-examination of previous court verdicts passed. As one crypto lawyer Bill Morgan elucidated, it addresses the essential ingredients issues, institutional sales, and other issues. 

Moreover, the filing has caught the attention of several crypto attorneys and lawyers who expressed their views. John Deaton, a prominent senator and crypto attorney, also discussed several key instances of Ripple and SEC’s lawsuit over the years. 

What Does the Recent Filing Mean for Ripple Vs. SEC Lawsuit? 

Ripple’s Chief Legal Officer, Stuart Alderoty provided clarity on the filing. He stated on his X account that the cross appeal would prevent the case from going to litigation. Further, Alderoty also highlighted how the SEC cannot submit new evidence for the case or ask the firm to produce more. He also clarified that the filing is not regarding XRP’s position as a security.

Stuart Alderoty stated in his X post:

“The hard part of the fight is behind us. Ripple’s business is growing and getting stronger every day even as this appeal process plays out.”

On the other hand, the SEC has not altered its crypto approach. Only recently, the regulator’s chair Gary Gensler stated that their regulation through enforcement would go on undeterred. The regulator is still battling against one of the largest crypto exchanges, Coinbase. 

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