Ripple’s chief legal officer, Stuart Alderoty, announced on social media platform X on Thursday that Ripple has submitted Form C to outline issues for its cross-appeal against the U.S. Securities and Exchange Commission (SEC).
“Today, Ripple filed a Form C — listing the issues we plan to raise on our cross-appeal. A few things to keep in mind as we move forward,” Alderoty shared. He clarified:
The case is not about whether XRP, in and of itself, is a security. XRP is uniquely situated as having clarity (alongside BTC) in not being classified as a security. The SEC is not challenging that ruling which stands as the law of the land.
Alderoty emphasized that the Court of Appeals is limited to reviewing the existing case record, noting: “The Appeals Court reviews the record that has already been set…and we have a great record. The SEC can’t submit new evidence or ask us to produce more. (Meaning, there won’t be all the drama we had in the litigation when we fought over documents.)”
The ongoing Ripple vs. SEC legal battle, which began in 2020, saw a ruling in July 2023 where District Judge Analisa Torres determined that Ripple’s institutional sales of XRP constituted an unregistered securities offering, but retail sales did not meet the “security” criteria under the Howey test. The SEC filed its appeal last week, seeking to overturn some parts of the ruling.
In addressing the broader implications for the cryptocurrency industry, Alderoty urged observers to keep the SEC’s strategy in mind, saying: “As we go through this process, please remember the SEC’s broader strategy: try to create distraction and confusion for Ripple and the industry.” He concluded:
But honestly, it’s just background noise now. The hard part of the fight is behind us. Ripple’s business is growing and getting stronger every day even as this appeal process plays out.
