Canary

Pro-XRP lawyer Fed Rispoli has outlined what to expect in the US Securities and Exchange Commission’s (SEC) Form C filing. The form is expected to provide insight into the regulator’s appeal plans in its ongoing case with Ripple Labs. 
While many community members speculate about the SEC filing its pre-argument statement, Rispoli is certain the SEC will appeal. 
<h2 class="wp-block-heading" id="h-the-latest-in-ripple-vs-sec-lawsuit">The latest in Ripple vs. SEC Lawsuit</h2> 
Earlier this month, the SEC <a href="https://www.thecoinrepublic.com/2024/10/06/ripple-lawsuit-us-sec-appeal-now-official-impact-on-xrp-price/">filed its notice of appeal</a> against Judge Torres’s final judgment and entered on Aug. 7, 2024. The SEC filed the appeal after the court ordered Ripple Labs to pay a $125 million civil penalty on its institutional XRP sales. 
In retaliation, Ripple filed its cross-appeal against the agency. Ripple’s CEO Brad Garlinghouse said the firm is <a href="https://www.thecoinrepublic.com/2024/10/12/ripple-ceo-promises-to-end-secs-regulation-amid-xrp-case-cross-appeal/">seeking to seal</a> the SEC’s fate and end the SEC’s regulation-by-enforcement agenda. 
Ripple’s Chief Legal Officer Stuart Alderoty added that the firm is disputing the SEC’s claim to “investment contracts.” Alderoty also noted that the SEC’s appeal lacks a strong legal foundation. He expressed confidence that Ripple would win the case. 
The SEC has until October 17 to file Form C. Ripple will then have seven days to submit its Form C, including further details about its cross-appeal. Following that, both parties will shake hands on a briefing schedule. The SEC’s first brief is expected to arrive within 90 days, and Ripple will then provide the agency with its brief. 
<h2 class="wp-block-heading" id="h-the-fred-rispoli-take-on-us-sec-form-c-content">The Fred Rispoli Take on US SEC Form C Content</h2> 
While commenting on the ongoing case, Rispoli said the SEC’s Form C will include four basic arguments against Judge Torres’ ruling. According to Rispoli, the agency’s first argument is that Torres’ ruling on programmatic sales is wrong. In the July 2023 judgment, the Judge ruled that secondary sales of XRP did not constitute securities sales. 
Secondly, Rispoli expects the SEC’s Form C to argue about XRP’s “Other Distributions” classification by the Judge. The ruling clarified that Other Distributions of XRP did not involve a “security.” 
Rispoli added that the SEC will also argue about Judge Torres’ decision to disallow disgorgement. Finally, Rispoli claims the SEC will argue against a $125 million penalty, a fraction of the $2 billion initially requested. 
Furthermore, the attorney said SEC’s attorneys might even appeal that “XRP in and of itself isn’t a security” dicta/holding. 
“SEC assuredly won’t win on this, but nothing stops it from throwing a few paragraphs at it in an appellate brief,” Rispoli concluded. 
<h2 class="wp-block-heading" id="h-xrp-gaining-etf-traction">XRP Gaining ETF Traction</h2> 
Meanwhile, expectations regarding the launch of an XRP Exchange-Traded Fund (ETF) continue to gain widespread attention in the market. This follows <a href="https://www.thecoinrepublic.com/2024/10/02/bitwise-files-for-xrp-etf-heres-nate-geracis-hot-take/">Bitwise’s XRP ETF</a> application to the US SEC earlier this month. 
Shortly after, Canary Capital filed a similar application to the regulator. The proposed Canary XRP ETF aims to track XRP’s value and data on the trading of assets from major crypto exchanges. 
Nate Geraci, President of the ETF Store, believes Donald Trump’s victory in the U.S. elections could propel XRP ETFs. Geraci admitted that Trump’s victory won’t necessarily lead to approval for XRP ETFs. 
However, he acknowledged it would help build favorable conditions for such projects. 
The post <a href="https://www.thecoinrepublic.com/2024/10/17/ripple-lawsuit-attorney-reveals-what-to-expect-in-us-sec-form-c-filing/">Ripple Lawsuit: Attorney Reveals What To Expect In US SEC Form C Filing</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Ripple Lawsuit: Attorney Reveals What To Expect In US SEC Form C Filing

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