Last week, the SEC filed an appeal, and now Ripple is following suit with a counter-appeal. The California company is challenging an earlier ruling in the XRP case, which determined whether the sale of the cryptocurrency falls under the securities laws.

Today, Ripple filed a Form C - listing the issues we plan to raise on our cross appeal. A few things to keep in mind as we move forward:

The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being… https://t.co/AmFocAnbPx
— Stuart Alderoty (@s_alderoty) October 25, 2024

The original trial, which lasted more than three years, ended in August with a ruling that left both sides unsatisfied. The ruling stated that Ripple had not broken any laws in selling XRP to retail investors, but that sales to institutional investors did fall under securities laws. Ripple was fined $125 million in the process, while the SEC had initially demanded a $4 billion fine.

Stuart Alderoty, Chief Legal Officer at Ripple, announced on Platform X that Ripple has filed a so-called "Form C," outlining the issues the company intends to challenge in the appeal. In particular, Ripple is targeting institutional XRP sales, which Alderoty said should not have been considered securities trading. To date, Ripple has not paid the fine.

Alderoty emphasized that the case now no longer turns on the original question of whether XRP as such is a security. On this, the verdict fell in Ripple's favor, and the SEC is not further challenging this decision, which now stands as legal precedent.

The SEC is focusing its appeal primarily on XRP sales by Ripple to crypto exchanges and collaborators. According to Alderoty, the new process is likely to be faster than the previous one, which was delayed by lengthy discussions over documentation.

An exact start date for the new process is not yet known.