Both Ripple lawyers and CLO have weighed in on the most recent developments in the XRP vs SEC case. Since XRP has a huge community on X, formerly Twitter, their statements quickly gained traction and sparked widespread discussion.
The SEC has filed an appeal challenging the July 2023 ruling that partially favored Ripple. The agency is specifically contesting the court’s decision regarding Ripple’s XRP sales on digital asset platforms, executive sales, and other distributions, which were previously ruled not to constitute investment contracts. This move from the SEC signals their unwavering position on digital asset regulation.
The legal timeline is now set in motion. By October 16, 2024, the SEC must file Form C, detailing their appeal specifics. Ripple will then have seven days to respond with their own Form C, potentially introducing a cross-appeal to address additional legal considerations. Following these initial filings, the SEC has a 90-day window to submit their initial legal brief, indicating that these proceedings will extend well into the coming months.
Read also: Analyst Predicts Ripple (XRP) Price Will Be Unstoppable – Key Resistance Levels to Watch!
Ripple’s legal representatives have been quick to address these developments. A Ripple lawyer confirmed that the SEC has submitted the Civil Appeal Pre-Argument Statement (Form C) with all necessary attachments, marking a procedural step in the appeal process.
More significantly, Stuart Alderoty, Ripple’s Chief Legal Officer, emphasized that the ruling declaring “XRP is not a security” remains unchanged and isn’t subject to the current appeal.
All in all, the appeal process, which could potentially extend until July 2025, adds another chapter to a legal battle that began in December 2020. This ongoing case continues to shape how digital assets might be regulated in the U.S.
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