**Ripple Labs Files Cross-Appeal in SEC Legal Battle**

Ripple Labs has taken a significant step in its ongoing legal tussle with the SEC by filing a notice of cross-appeal. This move, disclosed on October 10 in the US District Court for the Southern District of New York, aims to elevate the case to the Court of Appeals for the Second Circuit.

- The cross-appeal follows the SEC's own appeal filed on October 2.

- Both appeals will scrutinize the August 7 decision, which fined Ripple $125 million for securities violations.

- The SEC initially sought a $2 billion penalty, while Ripple argued for a cap of $10 million.

The legal battle began in 2020 when the SEC accused Ripple of conducting an unregistered securities offering through its XRP token. In a pivotal July 2023 ruling, Judge Analisa Torres found that Ripple’s sales to institutional investors violated securities laws, but its broader public sales did not.

Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized the importance of the cross-appeal to ensure all arguments are considered, particularly the notion that an "investment contract" requires specific rights and obligations.

The timeline for further developments remains uncertain, with both parties expected to present additional arguments in the coming weeks. The SEC's focus, whether on disputing fines or challenging broader rulings, is still unclear.