Ripple Labs has escalated its ongoing legal fight with the U.S. Securities and Exchange Commission (SEC) by filing a notice of cross-appeal. This move signals Ripple’s intent to challenge a previous ruling from a lower court.
In an October 10 filing with the U.S. District Court for the Southern District of New York, Ripple confirmed its plans to take the case to the Court of Appeals for the Second Circuit. The cross-appeal follows the SEC’s own appeal, filed on October 2. Both appeals aim to address whether there were any legal mistakes in the court’s earlier ruling from August 7, which ordered Ripple to pay a $125 million civil penalty for violating securities laws.
The SEC had initially pushed for a $2 billion penalty, but Ripple argued that any fine should be limited to $10 million. The upcoming appeals court review will determine whether the previous legal decisions need to be adjusted or upheld.
Summary Review: Ripple Labs has filed a cross-appeal in its legal dispute with the U.S. Securities and Exchange Commission (SEC), taking the case to the Court of Appeals for the Second Circuit. This follows the SEC’s appeal from earlier this month. Both parties are challenging the lower court’s decision from August, which ordered Ripple to pay a $125 million penalty for violating securities laws. The SEC had initially sought a much higher fine of $2 billion, while Ripple argued for a significantly lower penalty. The appeals court will now review these claims.
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