Ripple Labs is not giving up its fight against the US SEC as it has confirmed plans to file a cross-appeal in its ongoing case
Ripple Labs has officially confirmed plans to file a cross-appeal in its ongoing case with the US Securities and Exchange Commission (SEC). XRP is reacting positively to the update, surging over 4% in the past day.
Ripple Hits SEC With Cross-Appeal
In an X post, Ripple CEO Brad Garlinghouse said the firm aims to end the SEC’s regulation-by-enforcement agenda with the cross-appeal. Garlinghouse pointed out that Ripple led the industry in the SEC’s first round of court proceedings. As a result, the CEO believes the firm will emerge victorious again in the recent appeal proceedings.
As I said earlier this month, if Gensler and the SEC cared about the rule of law, they would accept their loss and move on. But they are not interested in faithfully applying the law or in providing clarity to industry players in the US. Under Chair Gensler, the agency is only… https://t.co/hFlkXw83s8
— Brad Garlinghouse (@bgarlinghouse) October 10, 2024
Garlinghouse did not give much detail about Ripple’s argument in the cross-appeal of the court’s final judgment. However, in an earlier post, Ripple’s CLO Stuart Alderoty said the cross-appeal would include the argument that XRP is not a security.
As reported by BGECrypto, Judge Analisa Torres ordered Ripple to pay a $125 million fine in August. Judge Torres ruled that XRP is not a security when trading on exchange platforms. The SEC filed its notice of appeal in the Ripple case earlier this month. At the moment, it is unclear what aspect of the suit the regulator intends to appeal.
In his recent post, Garlinghouse criticized the SEC for failing to accept its loss and move on. Garlinghouse argued that the SEC is not interested in providing regulatory clarity to crypto stakeholders in the United States.
“Under Chair Gensler, the agency is only interested in creating havoc – US innovation and technology be damned,” says Garlinhouse.
XRP Reacts Positively
XRP’s price is on a bullish momentum following Ripple’s cross-appeal announcement.
In the past 24 hours, XRP surged 1.02% to $0.566. The trading volume also increased by 44% in the past day to $1.2 billion. In a bullish forecast, crypto analyst EGRAG CRYPTO predicted that XRP might reach $13, $27, and $44 soon.
Meanwhile, the XRP price spike also coincides with expectations of an Exchange-Traded Fund (ETF) launch. Canary Capital, a new crypto investment firm, recently filed an S-1 with the US SEC to launch an XRP ETF.
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