Ripple Files a Cross-Appeal in SEC Lawsuit

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Ripple Labs has decided to appeal a recent ruling made by US District Judge Analisa Torres in their ongoing legal battle against the Securities and Exchange Commission (SEC) over the sale of their cryptocurrency, XRP.

The appeal will be heard by the US Court of Appeals for the Second Circuit. Judge Torres previously ordered the firm to pay a $125 million fine for violating securities laws with their XRP transactions, a significantly lower amount than the SEC’s initial request of $2 billion.

The SEC has accused Ripple of illegally raising $1.3 billion through unregistered securities offerings since 2013, with XRP being the alleged unregistered security.

XRP currently ranks as the seventh largest cryptocurrency in the industry by market capitalization.