{"id":40177,"date":"2024-10-25T13:07:48","date_gmt":"2024-10-25T13:07:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ripple-files-cross-appeal-challenging-secs-xrp-institutional-sales-ruling\/"},"modified":"2024-10-25T13:07:48","modified_gmt":"2024-10-25T13:07:48","slug":"ripple-files-cross-appeal-challenging-secs-xrp-institutional-sales-ruling","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ripple-files-cross-appeal-challenging-secs-xrp-institutional-sales-ruling\/","title":{"rendered":"Ripple files cross-appeal challenging SEC\u2019s XRP institutional sales ruling"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690392498650-96d2a614-3f11-41c9-bfcc-04f2cc0e8674-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690392498650-96d2a614-3f11-41c9-bfcc-04f2cc0e8674-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690392498650-96d2a614-3f11-41c9-bfcc-04f2cc0e8674-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1690392498650-96d2a614-3f11-41c9-bfcc-04f2cc0e8674-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stuart Alderoty, Ripple\u2019s chief legal officer, said \u201cthe SEC can\u2019t submit new evidence or ask us to produce more\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ripple\u2019s Form C requests that each issue is subjected to a <\/span><i><span style=\"font-weight: 400;\">de novo<\/span><\/i><span style=\"font-weight: 400;\"> standard of review<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ripple\u2019s cross-appeal follows a week after the SEC filed its cross-appeal against a previous ruling that partially favored Ripple<\/span><\/li>\n<\/ul>\n<p>Ripple Labs has filed a Form C cross-appeal in the US Court of Appeals for the Second Circuit contesting issues in a ruling in its legal battle with the US Securities and Exchange Commission (SEC).<\/p>\n<p>Stuart Alderoty, Ripple\u2019s chief legal officer, posted the news on <a href=\"https:\/\/x.com\/s_alderoty\/status\/1849618428560064679\" target=\"_blank\" rel=\"noopener\">X<\/a>, adding \u201cthe SEC can\u2019t submit new evidence or ask us to produce more.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, Ripple filed a Form C \u2013  listing the issues we plan to raise on our cross appeal. A few things to keep in mind as we move forward:<\/p>\n<p>The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being\u2026 <a href=\"https:\/\/t.co\/AmFocAnbPx\">https:\/\/t.co\/AmFocAnbPx<\/a><\/p>\n<p>\u2014 Stuart Alderoty (@s_alderoty) <a href=\"https:\/\/twitter.com\/s_alderoty\/status\/1849618428560064679?ref_src=twsrc%5Etfw\">October 25, 2024<\/a><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ripple filed its notice of what exactly it&#8217;s appealing, WHICH IS:<\/p>\n<p>1. Whether an &#8220;investment contract&#8221; must actually be a legal contract. IMO, Ripple is bringing this issue to the appeals court mainly for the benefit of the crypto space in general because Ripple&#8217;s direct sales of\u2026 <a href=\"https:\/\/t.co\/8xrNNdyylK\">https:\/\/t.co\/8xrNNdyylK<\/a> <a href=\"https:\/\/t.co\/Hv6YufCK3u\">pic.twitter.com\/Hv6YufCK3u<\/a><\/p>\n<p>\u2014 Jeremy Hogan (@attorneyjeremy1) <a href=\"https:\/\/twitter.com\/attorneyjeremy1\/status\/1849630310238949765?ref_src=twsrc%5Etfw\">October 25, 2024<\/a><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/coinjournal.net\/search\/Ripple\">Ripple\u2019s<\/a> Form C lays out the issues in its appeal, requesting that each is subjected to a <em>de novo<\/em> standard review of the case. A <em>de novo<\/em> is when a court may look over court documents, as if for the first time, without referring to previous decisions.<\/p>\n<p>Ripple\u2019s appeal focuses on whether it should have labeled its <a href=\"https:\/\/coinjournal.net\/search\/XRP\">XRP<\/a> institutional sales as registered securities, which resulted in US District Judge Analisa Torres\u2019s <a href=\"https:\/\/coinjournal.net\/news\/ripple-labs-files-notice-of-cross-appeal-in-ongoing-battle-against-the-sec\/\">$125 million fine against the company last August<\/a>.<\/p>\n<p>The appeal also has issues with applying the Howey Test to Ripple\u2019s XRP transfers. This is a legal framework to determine if a transaction is an investment contract.<\/p>\n<h2>The SEC\u2019s appeal<\/h2>\n<p>Ripple\u2019s move comes after the SEC filed a last-minute appeal last week that questioned an August 2023 ruling handed down by Judge Torres, partially favoring Ripple.<\/p>\n<p>Last July, Judge Torres ruled that <a href=\"https:\/\/coinjournal.net\/news\/ripple-wins-sec-case-xrp-not-a-security\/\">XRP wasn\u2019t a security<\/a> when it came to sales to the public, its employees, and developers, marking a huge win against the SEC. Yet, with direct sales to institutional investors, Torres found that these sales were securities, hence the $125 million fine.<\/p>\n<p>The SEC isn\u2019t contesting the court\u2019s ruling that XRP isn\u2019t a security to retail investors on digital asset platforms; however, the agency is focusing on whether <a href=\"https:\/\/coinjournal.net\/search\/brad+garlinghouse\">Brad Garlinghouse<\/a>, Ripple\u2019s CEO, and <a href=\"https:\/\/coinjournal.net\/search\/chris+larsen\">Chris Larsen<\/a>, co-founder of Ripple, violated securities laws by offering, what it believes are, unregistered sales.<\/p>\n<p>In 2020, the SEC sued Ripple, Larsen, and Garlinghouse, after <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2020-338\" target=\"_blank\" rel=\"noopener\">alleging that they raised $1.3 billion<\/a> through the sale of XRP, an unregistered securities offering, according to the regulator.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/ripple-files-cross-appeal-challenging-secs-xrp-institutional-sales-ruling\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Stuart Alderoty, Ripple\u2019s chief legal officer, said \u201cthe SEC can\u2019t submit new evidence or ask us to produce more\u201d Ripple\u2019s Form C requests that each issue is subjected to a de novo standard of review Ripple\u2019s cross-appeal follows a week after [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":40178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40177"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=40177"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40178"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}