The ongoing legal battle between Ripple and the SEC has captured significant attention on social media, with new claims emerging almost daily. Recently, some discussions have centered around procedural aspects of the case.
Key Claims Regarding the SEC’s Civil Appeal
According to recent claims, the SEC is obligated under Local Rule (L.R.) 25.1 to file a Form D and pay a docketing fee of $505 within 14 days of their civil appeal. If they fail to comply, the appeal could potentially be dismissed.
However, this situation has prompted clarification from former SEC lawyer Marc Fagel. He said that the SEC has indeed filed the necessary documents, stating, “It’s filed.”
He wrote, “It’s filed. Note to XRP Twitter: Maybe chill out on the fixation with arcane filing minutiae; the parties are in compliance, and the appeal is not going anywhere. Don’t expect much of interest until briefing & argument, which are many months away.”
Cross-Appealing the District Court’s Ruling
In addition to procedural updates, Fagel revealed that Ripple is cross-appealing the district court’s ruling that Ripple’s institutional sales of XRP did not constitute unregistered securities sales. This aspect of the case remains critical, as it could significantly impact the future of XRP and Ripple’s operations.
Conclusion:
Ripple has until November 5th to acknowledge the appeal, while the SEC has already filed its appeal. CEO Brad Garlinghouse criticized the SEC for its lack of transparency and its aggressive stance towards the crypto industry.
However, Stuart Alderoty, Chief Legal Officer at Ripple, commented that the Second Circuit Court will either affirm Judge Torres’ ruling or expand upon it. He said that the SEC’s best-case scenario is a remand, which seems unlikely. The prevailing sentiment is that Ripple will likely win in this appeal.
