In a significant move in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), Ripple has filed a Form C for a cross-appeal, seeking to clarify the status of XRP as a non-security. This filing addresses four major issues related to securities sales, aiming to solidify Ripple’s position in the legal battle.
Key Highlights of Ripple’s Filing
Clarification of XRP Status: Ripple’s submission seeks to reaffirm that XRP should be classified as a non-security. This is pivotal, as the appeals court will review the case without allowing the SEC to introduce new evidence.
Existing Court Rulings: Ripple Chief Legal Officer Stuart Alderoty emphasized that the court has already classified XRP as a non-security, a ruling the SEC has not contested. This clarity aims to prevent any misunderstandings regarding XRP’s legal standing.
Focus on Major Issues: The cross-appeal will address four significant issues, although details on these issues were not disclosed in the initial statement.
No New Evidence: Alderoty confirmed that the appeals process will not allow the SEC to present new evidence or request additional documentation, indicating a streamlined legal battle ahead.
Ripple’s Strategy and Community Guidance
Following the Form C submission, Alderoty urged the community to remain focused, cautioning against distractions that may arise from the SEC’s broader strategy. He reassured stakeholders that the most challenging aspects of the legal battle have been overcome, and Ripple’s business continues to thrive amidst the ongoing appeal.
Insights from Crypto Attorney John Deaton
Crypto attorney John Deaton commented on Ripple’s Form C submission, asserting that the legality of XRP is unquestionable. He highlighted a recent donation of one million XRP by Ripple co-founder Chris Larsen to the Kamala Harris campaign as evidence of XRP’s legitimacy.
Deaton also criticized the SEC’s actions against Coinbase, alleging that the regulator’s current lawsuit contradicts its prior approval of Coinbase’s IPO. He pointed out that the SEC had previously evaluated Coinbase’s operations thoroughly, only to later label its business model as illegal for facilitating token transfers, including XRP.
Ripple CEO’s Outlook
Ripple CEO Brad Garlinghouse expressed optimism for the future, stating that a reset in the cryptocurrency landscape is expected, regardless of the outcome of the upcoming U.S. elections. He remains hopeful for progress in the industry and anticipates forward movement, reflecting confidence in Ripple’s position and the broader crypto market.
Next Steps in the Appeal Process
As the case transitions to the appeals court, a scheduling order for all briefings will be issued, consolidating all filings under case 24-2648 as the lead case. This development marks a critical step in the ongoing legal proceedings surrounding Ripple and XRP’s status within the regulatory framework.
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