Ripple Cross-Appeals XRP Case, Tackles Key SEC Issues

The blockchain firm Ripple submitted a cross-appeal in the ongoing XRP lawsuit with the U.S. Securities and Exchange Commission (SEC). This filing, known as Form C, marks Ripple’s latest step to address crucial legal points as the case advances to the U.S. Court of Appeals.

Noted XRP attorney James K. Filan shared the document, known as the Civil Appeal Pre-Argument Statement, on social media, creating a ripple of interest within the crypto community.

Ripple’s Chief Legal Officer Stuart Alderoty took to Twitter to clarify Ripple’s stance on the cross-appeal. He emphasized that the case isn’t simply about whether XRP qualifies as a security. Alderoty noted that the court has classified XRP, along with Bitcoin, as a non-security.

Crucially, the SEC has not challenged this ruling, allowing it to stand. He further highlighted that the SEC won’t be able to introduce new evidence or request additional documents in the appeals process, stating, There won’t be the same level of drama as seen during earlier litigation.

As the case progresses, the court will set a briefing schedule and consolidate filings, with Case 24-2648 taking the lead. Alderoty urged the XRP community to remain focused, suggesting that the SEC’s strategy may be to sow confusion and divert attention from Ripple’s successes. 

Adding to the discourse, attorney John Deaton shared his insights on the broader implications of the SEC’s actions. He emphasized that there’s no doubt over XRP’s legality and criticized the SEC’s handling of the Coinbase lawsuit. 

The regulator previously approved Coinbase’s IPO, even after a detailed assessment of its operations, only to file a lawsuit against it two years later, citing its role in facilitating token transfers like XRP as illegal. Deaton’s comments echoed frustrations over the SEC’s contradictory stances on crypto.

Ripple co-founder Chris Larsen recently made headlines with his donation of one million XRP to Kamala Harris’s campaign, showcasing his active involvement in political spheres despite Ripple’s ongoing legal battle. 

Meanwhile, Ripple CEO Brad Garlinghouse remarked on the potential for a “crypto reset” regardless of the upcoming U.S. elections, predicting “forward progress” for the industry as regulatory clarity continues to evolve.