Ripple Labs has declared its intent to file a cross-appeal in the ongoing litigation against the U.S. Securities and Exchange Commission (SEC), aiming to uphold its legal arguments as the SEC's appeal progresses in court.

The SEC initiated an appeal earlier this month in its long-standing case against Ripple, initiated in December 2020. According to Chief Legal Officer Stuart Alderoty, this cross-appeal is crucial for the preservation of Ripple’s legal strategies, although details on specific arguments remain undisclosed.

Context on Ripple's Legal Journey

"We are focused on ensuring we leave no stone unturned, particularly concerning the argument regarding the absence of an investment contract without essential rights and obligations."

[Translation: “We are focused on ensuring we leave nothing on the table, including the argument that there cannot be an investment contract without there being the essential rights and obligations found in a contract.”]

In a ruling by District Judge Analisa Torres in July 2023, it was concluded that Ripple's sales of XRP do not violate federal securities laws, as XRP was not classified as a security.

Ripple's initial filing serves as a notification of intent to provide a more comprehensive argument subsequently. Alderoty indicated that both parties are expected to outline a general overview of their arguments in the near future.

The SEC's formal documentation is anticipated towards the end of January, with Ripple's response following subsequently.

Alderoty emphasized that observers should not be thrown off by attempts to create confusion around the case, asserting, "I believe the judge made the right call, and there is a pressing need for expedited clarity from the appeals court on this issue," while urging for policy resolutions from lawmakers over judicial outcomes.

"In the absence of a legislative framework, we are ready to persevere in the courts to achieve victories and provide clarity through the litigation process."

[Translation: “In the absence of that, and while we don’t have one, it’s going to be up to the courts, and we’re willing to continue to fight that fight and collect victories and bring clarity to the industry through the litigation process.”]