Ripple files a notice of cross-appeal in the SEC proceeding

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Ripple Labs has filed a notice of cross-appeal with the US Court of Appeals for the Second Circuit in an attempt to challenge the court’s August 7 ruling that ordered Ripple to pay $125 million to settle charges related to of institutional sales of XRP tokens.

The fine, while higher than Ripple’s proposed $10 million, is substantially less than the nearly $2 billion originally sought by the SEC, which included extensive prejudgment and prejudgment interest. The court also ruled that XRP tokens sold on secondary markets are not securities.

The move comes after the SEC filed an appeal against the same case ruling earlier this month, marking a major development in the year-long legal battle between the two entities.

Ripple’s chief legal officer, Stuart Alderoty, did say that the company was considering a cross-appeal in response to the SEC’s appeal of a court decision.

As previously reported, both potential appeals would be merged into a single case before the Court of Appeal.

This is a developing story.

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