The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. continues as the SEC has filed a Civil Appeal Pre-argument statement, known as Form C. This move has raised discussions in the cryptocurrency community about the future of XRP.
Civil Appeal Pre-Argument Statement (Form C) Source: US SEC
SEC’s Latest Filing
The SEC's recent filing of Form C suggests that the case is far from over. After Judge Torres imposed a $125 million penalty on Ripple in August, many thought this might conclude the litigation. However, the SEC's appeal indicates that it intends to challenge the court's summary judgment and other decisions.
Key Issues in the Appeal
Fox Business journalist Eleanor Terrett highlighted several points the SEC aims to contest:
Programmatic Sales of XRP: The SEC will dispute the legality of XRP's programmatic sales on secondary exchanges.
Involvement of Ripple Executives: The roles of Ripple's CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, in promoting XRP sales will also be contested.
XRP Offers to Employees: The SEC may examine the specifics surrounding XRP offers made to Ripple's employees.
Notably, the SEC has chosen not to contest the $125 million civil penalty, complicating the case further.
What’s Next for Ripple?
As the SEC formalizes its appeal, Ripple Labs is expected to submit its own Form C soon. The company had previously filed a notice of cross-appeal in response to the SEC’s claims. Ripple's Chief Legal Officer, Stuart Alderoty, emphasized that this cross-appeal challenges the SEC's “regulation by enforcement” approach.
As of Writing this article XRP was trading at $0.54 with 2.66% dip in last 24 hours as per Coinpedia Markets data.
For more insights and detailed XRP price prediction, check out our comprehensive article.
Looking Ahead
The legal landscape for Ripple and XRP remains uncertain. Some analysts predict that Ripple may face challenges in its appeal, particularly given the SEC's strong position and Ripple's limited success rate in the Second Circuit Court.
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