The legal confrontation between Ripple Labs and the Securities and Exchange Commission (SEC) continues to draw significant attention across various social media platforms. With frequent updates and emerging claims, observers remain engaged in the procedural nuances of this high-profile case.
Key Claims Regarding the SEC’s Civil Appeal
Recent discussions have highlighted a procedural requirement involving the SEC’s civil appeal. Under Local Rule (L.R.) 25.1, the SEC is mandated to submit a Form D and remit a docketing fee of $505 within a 14-day period following their civil appeal filing. Failure to adhere to this requirement could potentially result in the dismissal of the appeal.
The procedural intricacies have created a buzz, prompting clarifications from experts. Former SEC attorney Marc Fagel addressed these concerns, confirming that the SEC has indeed filed the necessary documents. He emphasized the importance of focusing on the broader aspects of the case rather than procedural technicalities, stating, “The parties are in compliance, and the appeal is not going anywhere. Don’t expect much of interest until briefing and argument, which are many months away.”
Cross-Appealing the District Court’s Ruling
In a strategic move, Ripple is cross-appealing a district court ruling that determined Ripple’s institutional sales of XRP did not constitute unregistered securities sales. This aspect is pivotal, as it could have far-reaching consequences for the future operations of Ripple and the status of XRP.
Conclusion
Ripple has a deadline until November 5th to acknowledge the appeal, while the SEC has already taken the necessary steps to file its appeal. CEO Brad Garlinghouse has been vocal in criticizing the SEC for its perceived lack of transparency and its aggressive posture towards the cryptocurrency industry.
Stuart Alderoty, Ripple’s Chief Legal Officer, commented on the potential outcomes of the appeal. He mentioned that the Second Circuit Court could either uphold Judge Torres’ ruling or build upon it, noting that the SEC’s best-case scenario would be a remand, which appears unlikely. The prevailing sentiment among observers is optimistic, with expectations leaning towards Ripple securing a favorable outcome in this appeal.
