Ripple hits back with ”cross appeal” one week after SEC appeal

The Block reported on the 10th (local time) that Ripple Labs has filed an appeal in the ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC) about four years ago.
Ripple reportedly filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit on the same day, a week after the SEC announced it would appeal its earlier ruling.
Ripple's Chief Legal Officer, Stuart Alderoty, told X, "Today, Ripple filed a cross-appeal to consider all options.
"This includes the argument that an 'investment contract' does not exist when essential rights and obligations are not found in the contract," the SEC said.
A year ago, Analisa Torres, a former CEO of Yahoo! Inc., filed a lawsuit against Yahoo! Inc., alleging that the company had raised $1.3 billion in cryptocurrencies, or Cryptocurrencies, which it claimed were unregistered securities.
Judge Torres found that Ripple's programmatic partial sale of XRP did not violate securities laws due to the nature of the bidding process.
The SEC also tried to get an interlocutory appeal last year while the appeal was pending, but the fine was dropped.
Judge Torres dismissed the motion, writing that the SEC "has failed to demonstrate that its appeal would materially advance the ultimate conclusion of the litigation."