The appeal of the SEC mentioned accusations by saying that the officials didn’t comply with the securities laws by providing and selling XRP.
Ripple is also looking ahead to file its own Form C in the upcoming week keeping the SEC’s filing in mind.
In July 2023, Judge Analisa Torres has passed the judgment by supporting the view that XRP is not a security.
In the recent appeal from SEC in a case against Ripple does not confront the decision of the court that XRP is not a security. On Wednesday, the United States Securities and Exchange Commission filed a Form C civil appeal in the court.
The appeal comes with a controversial statement against specific areas that the judgment of the court has passed giving support to the accused in its XRP ruling.
On Thursday, James Filan, the defense lawyer of Ripple, shared the appeal which requests the court to go through its judgment once again. The judgment was related to XRP sales on exchanges of Ripple along with individual XRP sales stemmed by the chief executive officer of Ripple as well as its co-founder.
Ripple will file Form C
The main lawyer of Ripple, Stuart Alderoty has mentioned the appeal of SEC over a social media platform X, and said that the Form C presented by SEC does not confront the decision that XRP is not a security.
He further went on to say that the decision is due process of law and Ripple is also planning to file Form C by its side in the upcoming week.
If we take a dive into the filing, we get to know that the appeal of the SEC mentioned accusations against the CEO as well as the co-founder of Ripple, by saying that the officials didn’t comply with the securities laws by providing and selling XRP. Also, the claim went on by adding that they helped and assisted the breach of Ripple of those supplies.
The appeal shows an issue regarding the decision of the court that it has granted partial summary judgment giving support to the accused. The SEC has highlighted the point in its appeal that, “these matters are to be scrutinized de novo.”
SEC can file its first brief
The producer of Fox Business, Eleanor Terrett has shared the analysis of the appeal and commented that Ripple is looking ahead to file its own Form C in the upcoming week keeping the SEC’s filing in mind.
The producer of the media outlet has also mentioned that Both litigants will conform with the briefing schedule and the Securities and Exchange Commission has 90 days in hand to file its first brief. He added that the attorney of Ripple anticipates the process to take complete 90 days.
In this matter the main lawyer of Ripple has commented that the briefing process is expected to extend till July of the next year. In July 2023, Judge Analisa Torres has passed the judgment by supporting the view that XRP is not a security.
