Ripple responded to the US Securities and Exchange Commission’s (SEC) recent Civil Appeal Pre-argument statement (Form C) filing in their ongoing legal dispute, stating that there were no surprises in the document.
The SEC submitted Form C to the US Court of Appeals for the Second Circuit to appeal specific aspects of Judge Analisa Torres’s ruling in the Ripple case. The ruling last year favored Ripple in part, stating that the company’s sales of XRP to retail investors were not in violation of US securities laws, while sales to institutional investors were deemed non-compliant.
Key Points of the Appeal
The SEC’s filing indicates that it is appealing Ripple’s programmatic sales of XRP on digital platforms and the distribution of XRP to various parties. The regulator also plans to challenge Ripple executives Brad Garlinghouse and Chris Larsen for their involvement in XRP sales on digital platforms.
The SEC aims to review these issues “de novo,” meaning the court will address legal questions without deferring to the trial court’s judgment. Notably, the SEC did not mention appealing the monetary penalty or denial of disgorgement imposed by the court.
Community speculation has arisen regarding the timing of the SEC’s appeal, coming two weeks after the initial indication to challenge the ruling.
Ripple’s Response
Ripple’s Chief Legal Officer, Stuart Alderoty, reiterated that the court’s ruling affirming XRP as not a security remains unchallenged. He emphasized that the decision stands as the law of the land and confirmed that Ripple plans to submit its cross-appeal in the following week.
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Original Article: SEC Form C Filing