Ripple submitted Form C for a cross-appeal in its SEC case, confirming XRP is not a security, a stance the SEC has not contested.
In the ongoing case about XRP with the United States Securities and Exchange Commission (SEC), the blockchain company Ripple has finally submitted Form C for the cross-appeal.
Just before the last-minute deadline, Ripple made this submission. XRP Lawyer James K. Filan distributed the document that Ripple submitted for the Civil Appeal Pre-Argument Statement (Form C).
Ripple CLO Clarifies the Purpose of Cross Appeal in XRP Lawsuit
Immediately after the submission of Form C, Ripple Chief Legal Officer Stuart Alderoty provided a comprehensive overview of the primary concerns that the firm intends to address in this Ripple cross-appeal.
Upon further elucidation, he clarified that the case concerning XRP extends beyond the mere determination of its security status. Alderoty emphasized that the court has unequivocally determined that XRP, similar to Bitcoin, requires categorization as a non-security.
Most importantly, the SEC is not challenging this ruling, which will remain in effect. The United States Securities and Exchange Commission (SEC) submitted its Form C shortly after requesting that the court extend the deadline for its major brief until January 2025.
Now that the case has transferred to the appeal court, the judge will review the previous record. The Chief Legal Officer of Ripple clarified that the United States Securities and Exchange Commission cannot present any new evidence or request any additional documents.
He asserted that the theatrics witnessed in the earlier case would not recur.In addition, Alderoty asked the community to maintain their concentration, acknowledging that the SEC’s overarching objective is to generate uncertainty and distractions.
Despite the ongoing appeal process, he assured the community that Ripple’s business is continuing to expand and improve, having completed the most difficult aspect of the legal struggle. The court will then proceed to consolidate all of the submissions and issue a scheduling order for all of the briefings at the subsequent stage.
The District Court heard these cases, with case 24-2648 serving as the primary case. Following the submission of Form C in the XRP case, crypto attorney John Deaton chimed in on the matter, stating that there is no doubt about the legitimacy of XRP.
Crypto Attorney John Deaton Weighs In
Specifically, he brought up the fact that Chris Larsen, one of the co-founders of Ripple, had recently contributed one million XRP to the Kamala Harris campaign. Additionally, Deaton criticized the Securities and Exchange Commission (SEC) for the way it handled the Coinbase issue.
According to Deaton, the Securities and Exchange Commission (SEC) is presently pursuing legal action against Coinbase, saying that the company’s business model violates the law since it allows third parties to transfer tokens, including XRP.
Considering that the SEC had previously conducted an in-depth analysis of Coinbase’s operations and still gave its approval for the company’s initial public offering, he stated that the SEC’s position looks to be contradictory.
Now, after a period of two years, the Securities and Exchange Commission is initiating legal action. Ripple CEO Brad Garlinghouse recently expressed his anticipation of a cryptocurrency price reset, irrespective of the outcome of the US elections.
He expressed his anticipation by saying, “I believe that regardless of what occurs, we are going to witness a reset, we are going to witness forward progress, and I am certainly looking forward to that.”
