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COINTURK NEWS > Ripple (XRP) > Ripple Labs Shares Next Steps in Legal Battle with SEC
Ripple (XRP)

Ripple Labs Shares Next Steps in Legal Battle with SEC

In Brief

  • Ripple's legal battle with the SEC progresses into the appeals phase.

  • Ripple prepares to contest the SEC's classification of XRP sales.

  • The outcome could influence other companies in the cryptocurrency market.

İlayda Peker
İlayda Peker 8 months ago
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Stuart Alderoty, Chief Legal Officer of Ripple $2 Labs, shared the next steps regarding the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). This legal battle addresses the classification of XRP as a security and whether Ripple sold this token without registering it under U.S. laws.

Contents
Steps in the Appeals ProcessRipple’s Cross-Appeal Points

Steps in the Appeals Process

The case, which began in 2020, is entering the appeals phase, with expectations that the process could extend until 2026. As legal preparations continue, both parties are bracing for what lies ahead in the lengthy litigation journey.

Alderoty elaborated on the SEC’s reasons for its appeal and Ripple’s cross-appeal during the company’s Swell conference. He pointed out that the SEC needs to submit Form C by October 16, 2024, detailing the topics it intends to pursue in the lawsuit.

Ripple’s Cross-Appeal Points

In the following two weeks, Ripple will initiate its cross-appeal by submitting its Form C. The company plans to contest the ruling that designated certain institutional XRP sales as unregistered securities transactions.

Alderoty expressed confidence that the appeal will result in a favorable outcome for Ripple, emphasizing that most appeals in the Second Circuit Court of Appeals uphold district court decisions.

Ripple’s focus in its cross-appeal will be on specific provisions of Judge Analisa Torres’ ruling, which concluded that institutional XRP sales violated securities laws. The company argues that these sales did not involve “investment contracts” and therefore should not be deemed securities.

Alongside its legal battles, Ripple continues to expand its global operations and has introduced a new stablecoin, RLUSD. Designed to facilitate faster and cheaper cross-border payments, RLUSD will be issued under New York’s stringent regulatory framework.

The lawsuit between Ripple and the SEC holds significant implications for the cryptocurrency market, potentially setting legal precedents. The outcome of the appeals process could provide guidance for other cryptocurrency companies facing similar challenges.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
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.

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İlayda Peker 16 October, 2024 - 3:04 pm 16 October, 2024 - 3:04 pm
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