XRP Lawsuit: Ripple Files Form C for Cross Appeal In SEC Lawsuit

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As a seasoned analyst with over two decades of experience in the financial sector, I find myself intrigued by Ripple’s latest move in the ongoing XRP lawsuit against the SEC. Having closely followed the cryptocurrency market’s evolution, I can confidently say that this is a significant step towards clarifying the legal status of XRP and setting a precedent for other digital assets.

Just under the wire, blockchain company Ripple has at last prepared the necessary Form C for their cross-appeal in the ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). XRP lawyer James K. Filan posted the document containing Ripple’s Civil Appeal Pre-Argument Statement (Form C) on his platform.

In response to the lawsuit by the Securities and Exchange Commission (SEC) against Ripple, a document known as the Civil Appeal Pre-Argument Statement (Form C) has been submitted by Ripple. A copy of the relevant pages can be found below.

— James K. Filan (@FilanLaw) October 25, 2024

Ripple CLO Clarifies the Purpose of Cross Appeal in XRP Lawsuit

After submitting Form C, Ripple’s Chief Legal Officer, Stuart Alderoty, outlined significant points that Ripple intends to tackle in their cross-appeal. He also emphasized that the XRP lawsuit encompasses more than merely establishing whether XRP is classified as a security or not.

Alderoty clearly stressed that the court has clearly classified XRP, along with Bitcoin, as a non-security. Importantly, the SEC is not challenging this ruling, which remains intact. The Form C submission comes hours after the US SEC requested the court to extend the deadline of its principal brief to January 2025.

In light of the ongoing appeal, the judge will examine the current case details. The representative from Ripple’s Legal Oversight Committee (CLO) made it clear that the U.S. Securities and Exchange Commission (SEC) is barred from presenting new evidence or requesting additional documentation. He stated that the intensity of the drama observed during previous litigation would be significantly reduced this time around.

Additionally, Alderoty emphasized the importance of maintaining focus amidst the SEC’s tactics to introduce distractions and chaos. He offered comfort that the hardest part of the legal struggle has been navigated, while Ripple’s enterprise persists in thriving and solidifying further during the ongoing appeals process.

In the coming phase, the court plans to release a timetable outlining deadlines for submissions by all parties, and gather all documents filed in this case. This encompasses filings made previously in the District Court, under case 24-2648, which will serve as the primary case.

Crypto Attorney John Deaton Weighs In

After the Form C submission in the XRP lawsuit, crypto lawyer John Deaton expressed his view, emphasizing that there’s no debate about the legality of XRP. He highlighted the recent charitable donation of one million XRP by Ripple co-founder Chris Larsen to the Kamala Harris campaign as evidence supporting this claim.

Additionally, Deaton criticized the Securities and Exchange Commission (SEC) for their management of the Coinbase situation. Deaton pointed out that the SEC is currently filing a lawsuit against Coinbase, claiming that their business practices are illegitimate because they enable token transfers, such as XRP, to external parties.

It’s puzzling that the SEC is taking this legal action against Coinbase, given they had thoroughly reviewed Coinbase’s business practices before and granted their IPO approval. This seems to be a shift in stance, as it has been about two years since the initial approval.

In his recent statement, Ripple CEO Brad Garlinghouse stated that he expects a crypto reset irrespective of who wins the US elections. “I think no matter what happens, we’re going to see a reset, we’re going to see forward progress and I am certainly looking forward to that,” he said.

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2024-10-25 06:54