A cross-appeal happens when both parties contest a lower court\u2019s ruling. In this case, Ripple is not only responding to the SEC\u2019s appeal but is also challenging certain aspects of the prior judgment it disagrees with, suggesting they see room for improvement in their favor.<\/p>\n
The SEC\u2019s appeal stems from the lawsuit it launched against Ripple in December 2020, with the appeal<\/a> <\/strong>filed earlier this month. Ripple\u2019s Chief Legal Officer, Stuart Alderoty, explained<\/a> <\/strong>that the cross-appeal is meant to ensure every angle of the case is fully addressed. However, he didn\u2019t disclose specific details about the arguments Ripple intends to present.<\/p>\n Alderoty emphasized the importance of covering all bases, including the notion that without clear contractual rights and obligations, there can\u2019t be an investment treaty. This comes after District Judge Analisa Torres ruled in July 2023 that Ripple\u2019s sales of XRP<\/a> <\/strong>to exchanges and its resale to retail investors did not breach federal securities laws, determining that XRP is not a security.<\/p>\n