Ripple has filed a Form C for a cross-appeal just before the deadline, marking a new development in the ongoing lawsuit against the SEC, which has been dragging on since 2020. The crypto market experienced positive price movements over the past 24 hours, providing some relief to the community. However, attention was also drawn to a US government-related wallet compromise that led to a loss of funds. Amidst this, the Ripple vs. SEC case has seen another notable twist.
Recently, Ripple submitted its cross-appeal following the SEC’s last-minute appeal a few days earlier. Ripple’s legal team managed to file before the deadline, as confirmed by lawyer James K. Filan, who shared the documents on his X account.
The pre-argument statement for the cross-appeal indicates that Ripple is seeking a review of several issues from previous court rulings, including matters related to institutional sales and other core elements of the case. As explained by crypto lawyer Bill Morgan, the filing aims to address key legal aspects for further examination.
The move has attracted attention from various legal experts in the crypto space, including John Deaton, a well-known senator and crypto attorney, who has discussed pivotal moments in the Ripple vs. SEC lawsuit over the years.
Implications of Ripple’s Recent Filing
Ripple’s Chief Legal Officer, Stuart Alderoty, provided insight into the cross-appeal, explaining on his X account that it would prevent the case from entering a new phase of litigation. He emphasized that the SEC would not be able to introduce new evidence or demand further documentation from Ripple. He also clarified that the filing does not concern the status of XRP as a security.
In his post, Alderoty stated:
“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.”
Meanwhile, the SEC has maintained its regulatory stance on cryptocurrencies. Recently, SEC Chair Gary Gensler reaffirmed that the agency’s enforcement-led approach would continue. The SEC remains engaged in a legal battle with another major crypto platform, Coinbase.
