United

Dubai

James

The United States Securities and Exchange Commission’s latest appeal in its case against Ripple doesn’t challenge to the court’s ruling that XRP is not a security.
On Oct. 16, the SEC filed a Form C civil appeal with a pre-argument statement against certain aspects of the court’s summary judgment in favor of the defendants in its XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) rulings.
The appeal, <a data-ct-non-breakable="null" href="https://www.dropbox.com/scl/fi/crwpyc21zreohtj33opxt/SEC-Form-C.pdf?rlkey=a8lphikodtuh7ihz5eulgrln2&amp;e=1&amp;dl=0" rel="null" target="null" text="null" title="null">shared</a> by Ripple’s defense attorney James Filan on Oct. 17, asks the court to review its decisions regarding Ripple’s XRP sales on exchanges, as well as personal XRP sales by Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
<h2 id="court-ruling-on-xrp-s-status-remains-intact">Court ruling on XRP’s status remains intact </h2>
Ripple’s chief legal officer, Stuart Alderoty, commented on the SEC’s appeal on X, emphasizing that the SEC’s Form C doesn’t appeal the ruling that XRP is not a security.
“That decision stands as the law of the land,” Alderoty wrote, adding that Ripple is preparing to file its own Form C next week.
<figure>
 <img alt="Ripple, SEC, XRP, Court, Policy" src="https://s3.cointelegraph.com/uploads/2024-10/01929ead-d537-784b-832f-b233ca64b913" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/s_alderoty/status/1847065095580332223" rel="null" target="null" text="null" title="https://x.com/s_alderoty/status/1847065095580332223">Stuart Alderoty</a>
 </figcaption>
</figure>
According to the filing, the SEC’s appeal addressed allegations against Garlinghouse and Larsen, arguing that the executives violated securities laws by offering and selling XRP and that they “aided and abetted Ripple’s violations of those provisions.”
The appeal questions the court’s decision to grant partial summary judgment in favor of the defendants, including XRP sales on exchanges, personal sales by Garlinghouse and Larsen, and Ripple’s XRP distributions in exchange for non-cash consideration. 
“These issues are to be reviewed de novo,” the SEC stated in the appeal.
<figure>
 <img alt="Ripple, SEC, XRP, Court, Policy" src="https://s3.cointelegraph.com/uploads/2024-10/01929ead-7860-7f9d-b963-c4db05cf0a49" title="">
 <figcaption style="text-align: center;">
 An excerpt from the SEC’s Form C appeal filed on Oct. 16 (page 5 of 180). Source: James Filan
 </figcaption>
</figure>
<h2 id="sec-vs-ripple-case-will-go-through-july-2025">SEC vs. Ripple case will go through July 2025</h2>
According to a rundown of the appeals timeline shared by Fox Business producer Eleanor Terrett, Ripple is expected to file its own Form C in seven days following the SEC’s filing.
“Both parties will then agree on a briefing schedule, and the SEC then has up to 90 days to file its first brief,” Terrett wrote, adding that Alderoty expects the process to take the full 90 days.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/first-step-paved-xrp-etfs-cme-director" rel="null" target="null" text="null" title="null">First major step taken toward XRP ETFs: CME director</a>
The briefing process will likely extend through July 2025, according to Alderoty. 
<figure>
 <img alt="Ripple, SEC, XRP, Court, Policy" src="https://s3.cointelegraph.com/uploads/2024-10/01929ead-0d31-710b-b933-784a98349588" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/EleanorTerrett/status/1846295141792825569" rel="null" target="null" text="null" title="https://x.com/EleanorTerrett/status/1846295141792825569">Eleanor Terrett</a>
 </figcaption>
</figure>
As Cointelegraph previously reported, Judge Analisa Torres of the US District Court for the Southern District of New York, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ripple-wins-case-against-sec-as-judge-rules-xrp-is-not-a-security">ruled partially in favor of Ripple Labs</a> in July 2023, deciding that XRP is not a security when sold programmatically on digital asset exchanges.
On Aug. 7, the court <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-ripple-labs-liable-civil-penalty" rel="null" target="null" text="null" title="null">entered a final judgment</a> enjoining Ripple from further violations of Section 5 of the Securities Act of 1933 and imposing a $125 million civil penalty.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/rabby-scammer-konpyl-crypto-ceo-mountain-victims/" rel="null" target="null" text="null" title="null">Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims</a>

SEC’s Ripple appeal doesn’t challenge XRP non-security status

Table of Contents

Cointelegraph

Other articles published on Oct 18, 2024

US has 26M strong ‘crypto voting bloc’ ahead of elections — Survey

Invest $100 Now—See It Multiply to $100K with Qubetics Post-Launch Gains, as Forecasted, While AP...

These Under-$1 Altcoins Could Be Bigger Than Cardano by 2026

Self-Proclaimed Satoshi Craig Wright Clashes Again With XRP Community, What Happened?

Wintermute Becomes Third Largest Holder of GOAT Token

How Bitcoin Mining Has Evolved: Top 7 Best Free Bitcoin Cloud Mining Sites for 2024

Join our free newsletter for daily crypto updates!