Ripple has taken another step in its ongoing legal battle with the SEC by filing a Form C cross-appeal. Through this action, Ripple aims to clarify that XRP is not a security. The appeals court is expected to review existing records without allowing the SEC to introduce new evidence. Meanwhile, pro-Ripple attorney John Deaton affirms that XRP sales on exchanges like Coinbase are entirely legal.
Ripple’s CLO Explains Purpose of the Cross-Appeal
Following the filing of Form C, Ripple’s Chief Legal Officer, Stuart Alderoty, provided insights into the key issues addressed in this cross-appeal. According to Alderoty, the move goes beyond proving XRP’s status as a non-security. He emphasized that the court has already classified XRP as a non-security alongside Bitcoin, a ruling that the SEC has not contested. Notably, this Form C submission came just hours after the SEC requested an extension until January 2025 for its main summary.
As reported by The Bit Journal, the case is currently in the appeals court, where the judge will examine the existing record. Ripple’s CLO confirmed that the SEC would be restricted from presenting new evidence or requesting additional documentation. Alderoty remarked, “There won’t be the same level of drama as in prior cases.” Ripple’s cross-appeal submission touches on four main issues:
- Core components issue
- Institutional sales
- Fair notice defense
- Ambiguity in the injunction ruling
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Ripple’s cross appeal covers:
1. Essential ingredients issue;
2. Institutional sales;
3. Fair notice defence;
4. The injunction being insufficiently clear and specific. https://t.co/ThkICOYSNI
— bill morgan (@Belisarius2020) October 25, 2024
Alderoty criticized the SEC’s broader strategy, describing it as a tactic aimed at distraction and confusion. He urged the Ripple community to stay focused, affirming that the most challenging phase of the legal battle is over. Ripple continues to grow and thrive despite the ongoing appeal process. The court’s next steps include issuing a scheduling order for all briefings, with plans to consolidate all filings under case number 24-2648.
Crypto Attorney John Deaton Affirms Legality of XRP Sales
After Ripple’s Form C filing, crypto attorney John Deaton weighed in, emphasizing that XRP’s legality is unquestionable. He pointed out that Chris Larsen, Ripple’s co-founder, donated one million XRP to Kamala Harris’s campaign. Deaton also criticized the SEC for its stance on Coinbase, alleging that the exchange’s business model is illegal for facilitating third-party token transfers, including XRP.
According to Deaton, the SEC’s position is contradictory, given that the regulator previously reviewed Coinbase’s operations and approved its public offering. Yet, two years later, the SEC is now filing suit against Coinbase.
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