Ripple vs. SEC Update

- Ripple Takes Action: Form C Filed in XRP Lawsuit!

Oct 25, 2024

Ripple vs. SEC Lawsuit Update: SEC Appeal Deadline Confusion Explained

Ripple has filed a Form C in its legal battle with the U.S. Securities and Exchange Commission (SEC), aiming to clarify XRP's status as a non-security. This article explores key developments in the case and their implications for XRP.

Key Developments in the XRP Lawsuit

On a critical deadline, Ripple submitted its Form C for the cross-appeal against the SEC. This filing was shared by XRP lawyer James K. Filan and addresses major issues regarding XRP's classification.

Ripple's Legal Strategy

Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized that the cross-appeal is about more than proving XRP's status as a security. He pointed out that the court has classified XRP, along with Bitcoin, as a non-security—a ruling the SEC is not challenging.

With the case now in the appeals court, Alderoty noted that the judge will review existing records without allowing the SEC to introduce new evidence. This means there won’t be the same level of drama seen in earlier litigation.

The SEC’s Requests and Ripple’s Response

The SEC recently requested an extension on its principal brief, pushing the deadline to January 2025. Alderoty urged the community to stay focused, stating that the SEC's strategy often aims to create distractions. He reassured supporters that the toughest parts of the legal battle are behind them, and Ripple's business continues to thrive.

Insights from Legal Experts

Crypto attorney John Deaton weighed in on the situation after Ripple's Form C submission. He reiterated that there is no question about XRP's legality. Deaton highlighted the recent donation of one million XRP by Ripple co-founder Chris Larsen to Kamala Harris's campaign, underscoring XRP's legitimacy.

Deaton criticized the SEC for its lawsuit against Coinbase, alleging that the company’s operations, including XRP transfers, are illegal. He pointed out the contradiction in the SEC's stance, given that it had previously approved Coinbase’s IPO.

Looking Ahead

Ripple CEO Brad Garlinghouse expressed optimism, stating that regardless of the outcome of the U.S. elections, a "crypto reset" is coming. He believes this reset will lead to significant progress in the crypto space.

As of writing this article XRP was trading at $0.53 with 0.7% dip in last 24 hours as per Coinpedia Markets data.

For a deeper analysis of XRP’s price and ongoing developments, read our detailed article on XRP Price Prediction.

As the appeal process unfolds, Ripple's actions signal its commitment to clarifying XRP's legal status. The outcomes of these proceedings could have significant implications for the cryptocurrency market.