Last minute, blockchain company Ripple finally filed a Form C for cross-appeal in its ongoing XRP litigation with the U.S. Securities and Exchange Commission (SEC). XRP attorney James K. Filan shared the civil appeal pre-argument statement (Form C) filed by Ripple.
#XRPCommunity #SECGov v. #ripple #XRP @ripple filed a pre-argument statement (Form C) in the civil appeal. Related pages are below. pic.twitter.com/usm3fCjG20
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 25, 2024
Ripple CLO clarifies purpose of counter-appeal in XRP lawsuit
Following the filing of Form C, Ripple’s Chief Legal Officer Stuart Alderroti detailed the key issues that Ripple plans to address in this cross-appeal with Ripple. He further clarified that the XRP lawsuit is not just about proving whether XRP is a security.
Mr. Alderoti clearly emphasized that the court clearly classified XRP, along with Bitcoin, as non-securities. Importantly, the SEC has not challenged this ruling and it remains in place. The Form C filing came hours after the U.S. SEC asked the court to extend the lead briefing deadline until January 2025.
The case is currently before the Court of Appeals, where a judge will consider the existing record. Ripple CLO clarified that the US SEC cannot submit new evidence or request additional documents. “There’s not going to be the level of drama that we’ve seen in previous cases,” he said.
Alderoti also urged the community to stay focused, as the SEC’s broader strategy is to create distractions and confusion. He reassured that although the most difficult phase of the legal battle is over, Ripple’s business continues to grow and strengthen despite the ongoing appeal process.
As a next step, the court will issue an order to schedule all briefings and consolidate all motions. This includes District Court cases led by Case 24-2648.
Cryptocurrency lawyer John Deaton involved
Following the filing of Form C in the XRP lawsuit, crypto lawyer John Deaton emphasized that there is no question about the legality of XRP. He pointed out that Ripple co-founder Chris Larsen recently donated 1 million XRP to the Kamala Harris campaign.
Deaton also criticized the SEC for its handling of the Coinbase incident. Deaton noted that the SEC is currently suing Coinbase, alleging that its business model is illegal because it facilitates the transfer of tokens, including XRP, to third parties.
He said the SEC’s position appears contradictory given that regulators had previously assessed Coinbase’s operations in detail and still approved the IPO. Now, two years later, the SEC is suing.
Ripple CEO Brad Garlinghouse said in a recent statement that he expects a reset of the cryptocurrency regardless of who wins the US election. “I think whatever happens, we’re going to be reset and moving forward. I’m certainly looking forward to that,” he said.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
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