SEC

Ripple Labs plans to file a "cross-appeal" in the case against the SEC

ChainCatcher news, according to CoinDesk, Ripple Labs announced on Thursday that the company will appeal the ongoing case against the U.S. Securities and Exchange Commission (SEC) as part of maintaining its legal defense while the SEC's appeal in the case is under review by the appellate court.Earlier this month, the SEC filed a notice of appeal regarding the long-standing case against Ripple, which the regulatory agency first sued in December 2020. Chief Legal Officer Stuart Alderoty stated that Ripple's appeal aims to ensure that the company retains its views and arguments in the case, but he did not elaborate on what the company might argue in its motion. He said, "We are doing this to ensure that we leave no room for arguments, including the argument that an investment contract cannot exist without the fundamental rights and obligations in the contract."Similar to the documents submitted by the SEC last week, Ripple's initial filing is merely a notice indicating that a more comprehensive argument will be submitted in the future. Alderoty stated that both parties will fill out a form in the coming weeks to provide "a fairly high-level description" of their arguments, but neither the regulatory agency nor the company will disclose specific details before submitting their opening statements. The SEC's brief may be released around the end of January, while Ripple's opening brief (which will be combined with its opposition to the SEC's brief) will be released at a later time.
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