In a significant legal move, Ripple has officially filed a cross-appeal in its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). This comes after the SEC’s partial victory in classifying Ripple’s “Institutional Sales” of XRP as securities. Legal expert Fred Rispoli commented on the development, highlighting the increased stakes for both Ripple and the SEC.
Although obvious, Ripple has officially cross-appealed. Stakes are super high now. SEC views New York as its fiefdom. If it gets reversed on it’s trial court win on “Institutional Sales,” it’s f*cked. https://t.co/B1ed7g93GC
— Fred Rispoli (@freddyriz) October 10, 2024
“Although obvious, XRP has officially cross-appealed. Stakes are super high now,” Rispoli tweeted, noting that the SEC views New York as its “fiefdom.” He emphasized the potential impact of the cross appeal on the SEC’s case, stating, “If it gets reversed on it’s trial court win on “Institutional Sales,’ it’s f*cked.”
The Stakes are High for Ripple and SEC
The SEC has faced multiple setbacks in the case, and Ripple’s cross-appeal could potentially overturn the previous ruling regarding institutional sales of XRP. If XRP, succeeds, it could significantly weaken the SEC’s position and alter the regulatory landscape for cryptocurrencies in the U.S.
The stakes are particularly high for the SEC, as its jurisdiction and authority over crypto markets may be questioned further if XRP’s final push to ensure a more favorable outcome for the broader crypto industry, which has closely followed the case.
With the legal battle intensifying, this development will be crucial not only for Ripple but also for the future of regulatory oversight on digital assets. The case is expected to continue making headlines as it moves through the appeal process.
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