"Ripple Withdraws Its Cross-Appeal "

"Ripple's legal battle against the US Securities and Exchange Commission has reached its final stage, as the cryptocurrency company has withdrawn its cross-appeal in the SEC case."

Since the SEC legal battle against Coinbase was settled, there have been speculations that the legal battle between the SEC and Ripple might also be settled soon.

Now, Ripple CEO Brad Garlinghouse’s announcement about his company’s decision to withdraw its cross-appeal in the ongoing case with the SEC confirms that the legal battle has reached its final stage.

The SEC, through Judge Analisa Torres, had secured an injunction against Ripple, restricting the company from selling XRP tokens to institutional players directly.

The ruling by Judge Analisa Torres in the US District Court in the Southern District of New York determined that during the period from 2013 to 2019, portions of Ripple’s institutional sales constituted an unregistered securities offering. However, the judge decided that the crypto company’s sales of XRP through programmable contracts were not deemed to be investment contracts.

The SEC had instituted an action against Ripple in December 2020, alleging that the crypto company sold XRP without registering its offerings as required by federal securities laws.

After a three-year legal battle, Judge Torres ruled in April that portions of Ripple’s institutional sales fell under the ambit of investment contracts, which are subject to registration with the SEC. However, the judge determined that the crypto company’s sales of XRP through programmable contracts were not deemed to be investment contracts.

Following this ruling, the SEC applied for a summary judgment, which was granted by Judge Torres.

After the summary judgment was made, both the SEC and Ripple applied for an appeal against Judge Analisa Torres’s ruling.

Now, Garlinghouse has announced that the crypto company is withdrawing its cross-appeal, rendering the SEC’s appeal the final stage of this legal battle.

If the SEC requests the court to cancel the injunction against Ripple and the request is granted, the crypto company will be able to commence institutional sales again.

After Judge Analisa Torres ruled in April that portions of Ripple’s institutional sales fell under the ambit of investment contracts, the SEC applied for a summary judgment, which was granted by Judge Torres.

After the summary judgment was made, both the SEC and Ripple applied for an appeal against Judge Analisa Torres’s ruling.

Now, Garlinghouse has announced that the crypto company is withdrawing its cross-appeal, rendering the SEC’s appeal the final stage of this legal battle.

If the SEC requests the court to cancel the injunction against Ripple and the request is granted, the crypto company will be able to commence institutional sales again.

According to Rispoli, the injunction, which was secured by the SEC and placed on Ripple, has affected the crypto company severely.

The ruling by Judge Analisa Torres in the US District Court in the Southern District of New York determined that during the period from 2013 to 2019, portions of Ripple’s institutional sales constituted an unregistered securities offering. However, the judge decided that the crypto company’s sales of XRP through programmable contracts were not deemed to be investment contracts.

The SEC had instituted an action against Ripple in December 2020, alleging that the crypto company sold XRP without registering its offerings as required by federal securities laws.

After a three-year legal battle, Judge Torres ruled in April that portions of Ripple’s institutional sales fell under the ambit of investment contracts, which are subject to registration with the SEC. However, the judge determined that the crypto company’s sales of XRP through programmable contracts were not deemed to be investment contracts.

According to Rispoli, the injunction, which was secured by the SEC and placed on Ripple, has affected the crypto company severely.