Ripple Takes Bold Step Files Form C for Cross Appeal in Ongoing SEC Showdown
In a last-minute push, Ripple has submitted Form C for its cross-appeal in the ongoing legal battle against the U.S. Securities and Exchange Commission (SEC) regarding XRP. XRP attorney James K. Filan shared the Civil Appeal Pre-Argument Statement (Form C) that Ripple filed.
Ripple CLO Clarifies Cross Appeal Objectives
Ripple’s Chief Legal Officer, Stuart Alderoty, outlined the critical points the company aims to address in this cross-appeal. He emphasized that the litigation extends beyond merely resolving the classification of XRP as a security. Alderoty reiterated that the court has already recognized XRP, alongside Bitcoin, as a non-security a determination that the SEC is not contesting. This submission coincided with the SEC’s request to extend the deadline for its principal brief to January 2025.
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As the case now moves into appellate review, the judge will assess the existing record, with no opportunity for the SEC to introduce new evidence or request additional documentation. Alderoty remarked that this phase of the proceedings is expected to be less contentious compared to earlier stages of litigation. The cross-appeal addresses four primary issues.
Alderoty encouraged stakeholders to remain focused, noting that the SEC’s broader tactics seem designed to create distractions. He reassured that Ripple’s core operations are thriving despite the legal challenges.
Moving forward, the court will issue a scheduling order for all relevant briefings and consolidate the various filings, specifically under case 24-2648 as the lead case.
John Deaton Insight
Crypto attorney John Deaton also commented on the Form C submission, asserting the legality of XRP is not in question. He referenced Ripple co-founder Chris Larsen’s recent donation of one million XRP to the Kamala Harris campaign as a notable point.
Deaton criticized the SEC’s approach toward Coinbase, highlighting the contradiction in the SEC’s current lawsuit against the platform for its token transfer model, including XRP, given that it previously scrutinized Coinbase’s operational structure and approved its IPO just two years prior.
Brad Garlinghouse Take
Ripple CEO Brad Garlinghouse expressed his anticipation for a broader crypto reset, regardless of the outcome of the U.S. elections. “Irrespective of the results, I believe we will see a reset and forward progress in the crypto space, and I am looking forward to it,” he stated.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
