Ripple Labs has filed a cross-appeal in the U.S. Court of Appeals for the Second Circuit, contesting points of a key ruling in its legal battle with the Securities and Exchange Commission (SEC). This comes just after the SEC filed its own appeal regarding aspects of a 2023 court decision that partially favored Ripple concerning XRP sales. The appeals process is significant, with implications for the future regulation of digital assets in the U.S. Ripple argues that its institutional sales of XRP should not be classified as unregistered securities offerings, claiming that the definition of 'investment contract' was misapplied by the court. Ripple also asserts that the SEC did not provide fair notice regarding the legality of XRP sales under securities laws. Meanwhile, the SEC is appealing the dismissal of charges relating to Ripple’s programmatic XRP sales and its executives' actions. Notably, the SEC does not challenge the ruling that XRP itself is not classified as a security—a critical victory for Ripple.

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