US SEC Officially Files Form C Appeal in Ripple Case Last Minute
The US Securities and Exchange Commission (SEC) has filed the Civil Appeal Pre-argument statement (Form C) in the Ripple lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed the Civil Appeal Pre-Argument Statement (Form C) with attachments.https://t.co/LpSFIjMZhC
ā James K. Filan(@FilanLaw) October 17, 2024
The filing is a last-minute appeal in the ongoing legal battle seeking to reverse U.S. District Judge Analisa Torresā summary judgment in 2023.
Flagged by Fox Business Journalist Eleanor Terrett, the regulator has detailed āissues they plan to seek appeal for in the Ripple case.ā
ā Eleanor Terrett (@EleanorTerrett) October 17, 2024
NEW: The @SECGov has filed its Form C, detailing issues they plan to seek appeal for in the @Ripple case. Those issues are:
@Rippleās programmatic sales of $XRP on digital asset trading platforms@bgarlinghouse and @chrislarsensf alleged aiding and abetting of thoseā¦ https://t.co/EArrDrbkBr
The issues include Rippleās programmatic sales of XRP on digital asset trading platforms. Additionally, the SEC appeal targets personal sales by Ripple executives Bradley Garlinghouse and Christian Larsen.
The SECās initial lawsuit accused Ripple executives of violating the Securities Act of 1933 by selling XRP without proper registration.
The Form C will also seek appeal for Rippleās distribution of XRP to its employees and others.
āThey are not appealing the monetary penalty of $125M or Judge Torresās decision not to grant disgorgement,ā Terrett wrote.
The SEC Likely Missed the Appeal Deadline
On Thursday, the crypto community speculated whether the regulator missed the filing deadline since the appellate timeline was October 16.
In an interview with Fox Business, Ripple Chief Legal Officer Stuart Alderoty set a timeline for the SECās appeal against the crypto payments giant.
Per Alderoty, the regulator has until October 17th to file a Form C. He added that this āwill give some level of detail about what it plans to appeal.ā
Pro-crypto lawyer James āMetaLawManā Murphy called the delay in appeal as āweird.ā
āThe SECās Form C is dated October 16. The courtās file stamp on the document is October 17,ā said Murphy.
āWe should find out soon whether the 2nd Circuit concludes that the SEC has missed the deadline.ā
Terrett first wrote that it is hard to believe that the SEC would just let this important deadline sail by. However, in a follow-up post, she updated from the Rippleās spokesperson,
āThe appeal is proceeding normally, and the documents will be filed publicly soon.ā
In July 2023, Ripple secured a partial victory after the court ruled that XRP sales on digital trading platforms are not considered securities. However, it determined that Rippleās sales of XRP to institutional investors were unregistered securities.
On August 7, the Judge issued a final ruling, requiring Ripple to pay $125,035,150 in civil penalties for the breach.
The post US SEC Officially Files Form C Appeal in Ripple Case Last Minute appeared first on Cryptonews.
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US SEC Officially Files Form C Appeal in Ripple Case Last Minute
The US Securities and Exchange Commission (SEC) has filed the Civil Appeal Pre-argument statement (Form C) in the Ripple lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed the Civil Appeal Pre-Argument Statement (Form C) with attachments.https://t.co/LpSFIjMZhC
ā James K. Filan
The filing is a last-minute appeal in the ongoing legal battle seeking to reverse U.S. District Judge Analisa Torresā summary judgment in 2023.
Flagged by Fox Business Journalist Eleanor Terrett, the regulator has detailed āissues they plan to seek appeal for in the Ripple case.ā
ā Eleanor Terrett (@EleanorTerrett) October 17, 2024
@Rippleās programmatic sales of $XRP on digital asset trading platforms
The issues include Rippleās programmatic sales of XRP on digital asset trading platforms. Additionally, the SEC appeal targets personal sales by Ripple executives Bradley Garlinghouse and Christian Larsen.
The SECās initial lawsuit accused Ripple executives of violating the Securities Act of 1933 by selling XRP without proper registration.
The Form C will also seek appeal for Rippleās distribution of XRP to its employees and others.
āThey are not appealing the monetary penalty of $125M or Judge Torresās decision not to grant disgorgement,ā Terrett wrote.
The SEC Likely Missed the Appeal Deadline
On Thursday, the crypto community speculated whether the regulator missed the filing deadline since the appellate timeline was October 16.
In an interview with Fox Business, Ripple Chief Legal Officer Stuart Alderoty set a timeline for the SECās appeal against the crypto payments giant.
Per Alderoty, the regulator has until October 17th to file a Form C. He added that this āwill give some level of detail about what it plans to appeal.ā
Pro-crypto lawyer James āMetaLawManā Murphy called the delay in appeal as āweird.ā
āThe SECās Form C is dated October 16. The courtās file stamp on the document is October 17,ā said Murphy.
āWe should find out soon whether the 2nd Circuit concludes that the SEC has missed the deadline.ā
Terrett first wrote that it is hard to believe that the SEC would just let this important deadline sail by. However, in a follow-up post, she updated from the Rippleās spokesperson,
āThe appeal is proceeding normally, and the documents will be filed publicly soon.ā
In July 2023, Ripple secured a partial victory after the court ruled that XRP sales on digital trading platforms are not considered securities. However, it determined that Rippleās sales of XRP to institutional investors were unregistered securities.
On August 7, the Judge issued a final ruling, requiring Ripple to pay $125,035,150 in civil penalties for the breach.
The post US SEC Officially Files Form C Appeal in Ripple Case Last Minute appeared first on Cryptonews.
Read More