Ripple Labs is filing a cross-appeal against the SEC in order to preserve its arguments, following the SEC's appeal of a prior ruling favoring Ripple.
Chief Legal Officer Stuart Alderoty emphasized that their appeal aims to solidify the stance that an investment contract requires essential rights and obligations, as outlined in contracts.
District Judge Analisa Torres previously ruled that Ripple's XRP sales to exchanges did not violate federal securities laws, determining that XRP is not a security.
Both parties will submit high-level descriptions of their arguments soon, with further detailed briefs anticipated for early 2024, clarifying their legal positions.
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