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Highlights
- The US SEC has filed its Form C in the Ripple lawsuit
- This filing negates the assumption that the case is over
- Ripple Labs is now expected to submit its own filing in the coming weeks
The US Securities and Exchange Commission (SEC) has officially filed the Civil Appeal pre-argument statement (Form C) in its ongoing lawsuit with Ripple Labs Inc. This filing comes amid confusion in the broader community regarding the market regulator’s missed deadline to file Form C.
SEC and Ripple Lawsuit Appeal Enters Next Phase
The SEC versus Ripple securities lawsuit is one that came with a lot of controversies. After Judge Torres ordered Ripple to pay a $125 million penalty in August, many thought the case would end there.
However, the regulator filed a Notice of Appeal to contest the ruling. At the time, no one knew the aspect of the lawsuit the US SEC planned to appeal. With this Form C filing, the regulator noted that it want to contest the summary judgment or the decision of the court in general.
As highlighted by Fox Business Journalist Eleanor Terrett, some of the issues the regulator is contesting include the programmatic sales of XRP on secondary exchanges. Additionally, the SEC aims to contest the role of Brad Garlinghouse and Chris Larsen Ripple lawsuit per the boost of XRP sales.
🚨NEW: The @SECGov has filed its Form C, detailing issues they plan to seek appeal for in the @Ripple case. Those issues are:
📌@Ripple’s programmatic sales of $XRP on digital asset trading platforms
📌@bgarlinghouse and @chrislarsensf alleged aiding and abetting of those… https://t.co/EArrDrbkBr
— Eleanor Terrett (@EleanorTerrett) October 17, 2024
While the SEC has already closed its case against both Garlinghouse and Chris Larsen, the US SEC may also contest their personal offers and sae of XRP. Lastly, the markets regulator is also contesting the offer of XRP to Ripple’s employees.
One aspect of the recent ruling the regulator is not contesting is the civil penalty of $125 million. It remains unclear how this case will play out considering this aspect of this ruling might complicate it all.
The Next Steps To Watch
With the US SEC lawsuit appeal now formalized, Ripple will file its own Form C in the coming days. The blockchain payments firm is required to make this filing since it submitted a notice of cross-appeal to the SEC’s claims in the lawsuit. Ripple Labs CLO Stuart Alderoty hinted that the essence of this cross-appeal is to put an end to the regulator’s regulation by enforcement tactics
Already, there are growing permutations about how the case will play out moving forward. However, a number of projection hints that the Ripple may lose the appeal again. This is based on the premise that it has limited success rate at the 2nd Circuit Court.
Read More: Ripple CEO Brad Garlinghouse Provides Clarity On RLUSD, XRP ETF, SEC Lawsuit, IPO
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