SEC’s Ripple Appeal Doesn’t Challenge XRP’s Non-Security Status
The United States Securities and Exchange Commission's latest appeal against Ripple does not challenge the court's ruling that XRP is not a security.
On October 16, the SEC filed a Form C civil appeal with preliminary arguments on some aspects of the court's summary judgment for the defendants in the XRP (XRP) decisions.
The appeal, shared by Ripple's defense attorney James Filan on October 17, asks the court to review the decision regarding Ripple's XRP sale on the exchange as well as Ripple CEO Brad Garlinghouse and co-founder Chris Larson.
The court's decision on the status of XRP remains intact
Ripple's Chief Legal Officer Stuart Alderotti commented on X's appeal of the SEC, not appealing the SEC's Form C ruling that XRP is not a security.
“This decision is according to the law of the land,” explained Alderoty, Ripple is preparing to submit its own Form C next week.
Source: Stuart Aderotti
According to the filing, the SEC's appeal cited allegations against Garlinghouse and Larson that the executives violated securities laws by offering and selling XRP and “aided and abetted Ripple's violation of those provisions.”
The appeal includes the court's decision to grant partial summary judgment to the defendants, the exchange's sale of XRP, personal sales by Garlinghouse and Larson, and Ripple's distribution of XRP for non-cash consideration.
“These matters must be reviewed,” the SEC said in the appeal.
Retrieved from SEC Form C Appeal on October 16 (page 5 of 180). Source: James Phelan
SEC vs. The Ripple issue will run until July 2025
Ripple is expected to file its own Form C within seven days of the SEC filing, according to a detailed report on the filing deadline shared by Fox Business producer Eleanor Terrett.
“Both parties will agree on a summary schedule, and the SEC will have up to 90 days to submit the initial brief,” Terrett wrote, adding that Alderotti expects the process to take the full 90 days.
RELATED: First major move into XRP ETFs: CME director
According to Alderoty, the finalization process could be extended until July 2025.
Source: Eleanor Terrett
As previously reported by Cointelegraph, US District Court Judge Annalisa Torres of the Southern District of New York ruled in favor of Ripple Labs in August 2023 that XRP is not a security when it is sold programmatically on a digital asset exchange.
In the year On August 7, the court issued a final judgment ordering Ripple to commit additional violations of Section 5 of the Securities Act of 1933 and a civil penalty of $125 million.
Magazine: Fake Rabi Wallet Scam Linked To Dubai Crypto CEO And Many Other Victims
