Ripple to Show Its Cards with New Filing

On Thursday, enterprise blockchain company Ripple is supposed to file its pre-appeal statement (Form C), according to Fox Business. 

The company is expected to appeal the part of the July 2023 ruling that recognized the company’s institutional sales as non-securities. 

As reported by U.Today, Ripple decided to cross-appeal shortly after the SEC filed its notice of appeal earlier this month.   

Stuart Alderoty, chief legal officer at Ripple, remains confident that the company will be able to emerge victorious. “So I think that, again, I’m superstitious as a litigator, so I don’t like to predict results, certainly not guarantee results, but I feel very good about the Second Circuit result,” he told Fox Business. 

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Earlier, attorney Fred Rispoli stated that the result would depend on the three judges who get assigned the case. However, Alderoty believes that the SEC will not be SEC-friendly.  

In a tweet posted earlier this week, Alderoty predicted that the ruling issued by Judge Analisa Torres could end up being expanded, with a “remand” being the best possible option for the SEC. 

The SEC recently revealed that it would not touch XRP’s legal status in its own Form C, which was filed earlier this month. Instead, the regulator is going to target the company’s sales of the controversial token. Notably, the $125 million penalty that Ripple was ordered to pay will also not be appealed.