tl;dr
Ripple Labs has moved to cross-appeal a federal judge's decision in its legal battle with the SEC over XRP sales. The appeal, filed with the U.S. District Court for the Southern District of New York, follows a ruling that ordered Ripple to pay a $125 million fine for XRP transactions that allegedly ...
Ripple Labs is set to cross-appeal a federal judge's decision in the ongoing legal battle with the SEC over XRP sales. The appeal, filed with the U.S. District Court for the Southern District of New York, follows a ruling that ordered Ripple to pay a $125 million fine for alleged XRP transactions that violated securities laws.
Ripple's CEO initially declared the ruling a victory, as the fine was significantly lower than the SEC's request. The SEC had accused Ripple of raising $1.3 billion through unregistered securities offerings, specifically citing XRP. However, the judge ruled that XRP was not necessarily a security on its face, and that the circumstances of its sale were relevant. The SEC has moved to appeal that ruling, claiming it conflicts with Supreme Court precedent.
Ripple's cross-appeal is seen as an effort to ensure all issues are addressed. The price of XRP has risen about 1% following the news.
Bitwise also filed for a spot XRP ETF with the state of Delaware, testing the token's regulatory status in a different way. Ripple's Chief Legal Officer aims to "ensure nothing's left on the table" with the cross-appeal.
Ripple Labs did not immediately respond to requests for comment.
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Industry: REAL ESTATE & CONSTRUCTION, LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES)
Market Cap: 1068847000
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Volume: 4886.56
Relative Strength Index (RSI): -0.0507
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Dividend Yield: 15
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Technical Analysis Report: Market Trends and Insights
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