The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) continues to unfold as the SEC recently filed the Civil Appeal Pre-Argument Statement (Form C) with attachments. This filing comes in response to the July summary judgment ruling in favor of Ripple, a decision that has been viewed as a significant milestone for the cryptocurrency industry.
The SEC’s appeal focuses on several key aspects, including Ripple’s XRP sales through exchanges, the distribution of XRP to employees and others, as well as sales of XRP by Ripple executives Brad Garlinghouse and Chris Larsen on exchanges. It is important to note that the appeal does not contest the ruling that XRP is not considered a security.
However, there has been some speculation surrounding the exact filing date of the appeal. While the SEC’s document was dated October 16, the court’s file stamp indicates that it was received on October 17. This discrepancy has raised questions about whether the SEC met the deadline for its appeal.
Former SEC regional director Marc Fagel has weighed in on the matter, asserting that the difference in dates is inconsequential. He explains that regardless of whether a document is filed early or on the deadline, the subsequent deadlines for opposing briefs and hearings remain unchanged. Fagel emphasizes that the timing of the filing does not impact the overall proceedings.
In response to speculation about the SEC’s filing, an SEC spokesperson clarified that the submission was indeed made on time, despite the timestamp discrepancies on Form C. Fagel further dismisses concerns about the delay in the document appearing on the docket, stating that it is irrelevant to the legal process.
As the legal battle between Ripple and the SEC continues, all eyes are now on Ripple for their response to the appeal. The outcome of this appeal will have significant implications for the cryptocurrency industry and how regulatory bodies approach the classification of digital assets. Stay tuned for updates as this story unfolds.