XRP Lawsuit: Ripple Files Form C for Cross Appeal In SEC Lawsuit

Just ahead of the last minute dealine, blockchain firm Ripple has finally submitted Form C for the cross-appeal in the ongoing XRP lawsuit with the U.S. Securities and Exchange Commission (SEC). XRP Lawyer James K. Filan shared the document for the Civil Appeal Pre-Argument Statement (Form C) submitted by Ripple.

Ripple CLO Clarifies the Purpose of Cross Appeal in XRP Lawsuit

Following the filing of Form C, Ripple Chief Legal Officer Stuart Alderoty detailed key issues that the company plans to address in this Ripple cross-appeal. He further clarified that the XRP lawsuit is not just about proving whether XRP is a security or not.

Alderoty stressed that the court has clearly classified XRP, along with Bitcoin, as a non-security. Importantly, the SEC is not challenging this ruling, which remains intact. The Form C submission comes hours after the US SEC requested the court to extend the deadline of its principal brief to January 2025.

With the case now in the appeal court, the judge shall review the existing record. The Ripple CLO clarified that the US SEC cannot introduce new evidence or demand additional documents. “There won’t be the same level of drama as seen during earlier litigation,” he said. The recent cross-appeal from Ripple talks about four major issues as mentioned below.

Ripple’s cross appeal covers:

1. Essential ingredients issue;
2. Institutional sales;
3. Fair notice defence;
4. The injunction being insufficiently clear and specific. https://t.co/ThkICOYSNI

— bill morgan (@Belisarius2020) October 25, 2024

Alderoty also urged the community to stay focused as the SEC’s broader strategy is to create distractions and confusion. He reassured that the most challenging phase of the legal battle is over, while Ripple’s business continues to grow and strengthen despite the ongoing appeal process.

As a next step, the court will issue a scheduling order for all briefings and consolidate all filings. This includes those from the District Court, under case 24-2648 as the lead case.

Crypto Attorney John Deaton Weighs In

Following the Form C submission in the XRP lawsuit, crypto attorney John Deaton weighed in stressing that there’s no question over the legality of XRP. He pointed out the recent donation of one million XRP by Ripple co-founder Chris Larsen to the Kamala Harris campaign.

Deaton also slammed the SEC for its handling of the Coinbase case. Deaton noted that the SEC is currently suing Coinbase, alleging that its business model is illegal due to its facilitation of token transfers, including XRP, to third parties.

He said that the SEC’s stand appears contradictory considering that the regulator previously assessed Coinbase’s operations in detail and still approved its IPO. Now, two years later the SEC is filing the lawsuit.

In his recent statement, Ripple CEO Brad Garlinghouse stated that he expects a crypto reset irrespective of who wins the US elections. “I think no matter what happens, we’re going to see a reset, we’re going to see forward progress and I am certainly looking forward to that,” he said.