Saltık 
Ripple has filed a “notice of counter-appeal” against the U.S. Securities and Exchange Commission (SEC) in the ongoing litigation process with the U.S. Second Circuit Court of Appeals.
The SEC accused Ripple in 2020 of raising $1.3 billion through XRP sales, claiming that these sales were an unregistered securities offering. In the four-year-long case, Ripple is now seeking to strengthen its defense by filing a counter-appeal.
“Today, we filed a counter-appeal so that nothing is left on the table. This includes the argument that in order for there to be an investment contract, there must be a contract that contains fundamental rights and obligations,” Ripple’s chief legal officer Stuart Alderoty said in a statement on the X platform.
Might interest you: What is BabyDoge?
In 2022, Judge Analisa Torres ruled that Ripple’s programmatic XRP sales did not violate securities laws due to the auction process. However, she ruled that sales made directly to institutional investors were considered securities. In August, Judge Torres ordered Ripple to pay a $125 million fine.
The SEC had previously filed an interlocutory appeal while the case was still ongoing, but Judge Torres rejected the appeal.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.