Ripple’s cross appeal feels like a critical moment in this whole SEC legal struggle. By filing Form C, Ripple isn’t just defending XRP, it’s questioning the court’s application of the Howey test on XRP’s sales and transfers.
They’re calling out the SEC’s statements on digital assets as “deliberately vague” and “inconsistent,” which sounds like Ripple is accusing them of creating confusion to target the crypto world unfairly.
What Ripple is really challenging here?
The SEC’s claim that XRP created investor expectations of profits. That’s a big lawsuit. If Ripple can argue they lacked “fair notice” on these sales, it may shift how crypto tokens are regulated. Ripple’s lawyer even says the case is beyond whether XRP is a security or not. It’s about setting a record.
It makes me wonder if this case could be the big moment that changes everything for digital assets in the U.S.?