Ripple Chief Legal Officer (CLO) Stuart Alderoty reacted as the U.S. Securities and Exchange Commission filed appeal Form C in the U.S. SEC vs Ripple Labs lawsuit. Alderoty shared the good news with the XRP community as the government agency decided to not appeal Judge Torres’ summary judgment on XRP classification as non-security. This has made the community upbeat on XRP price hitting $1.
Here’s What US SEC Appealed In Ripple Lawsuit
The U.S. SEC filed Appeal Pre-Argument Statement (Form C) in the XRP lawsuit, with the price moving in tandem. The government agency has appealed against the following decisions by the federal judges:
- SEC has appealed the summary judgment on XRP sales through crypto exchange by Ripple
- XRP distribution to employees and others by Ripple
- XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen
“Whether the district court erroneously granted partial summary judgment in favor of defendants with respect to Ripple’s offers and sales of XRP on digital asset trading platforms (and Garlinghouse’s and Larsen’s aiding and abetting of those offers and sales), Garlinghouse’s and Larsen’s personal offers and sales of XRP, and Ripple’s distributions of XRP in exchange for consideration other than cash. These issues are to be reviewed de novo.”
Lawyer James Murphy, aka MetaLawMan, was surprised that the government agency has not appealed the ruling on disgorgement in the remedies phase. The agency is also not contesting the $125 million in penalties.
Attorney Fred Rispoli and former SEC lawyer Marc Fagel affirmed that the final judgment is included in the notice of appeal. So, the SEC can still argue it in its briefing as it seeks to first focus on some part of XRP programmatic sales. However, the community noted a decline in XRP price.
Several lawyers such as Jeremy Hogan and Bill Morgan slammed the government agency for bringing back allegations against Garlinghouse and Larsen. Also, the SEC is accused of missing the Form C filing deadline and back dating the document.
Backdating is bad. I don’t think anyone would disagree (hell, I spent several years at the SEC on backdated stock option cases). But we can speculate all sorts of things which would be bad without benefit of evidence.
— Marc Fagel (@Marc_Fagel) October 18, 2024
Ripple CLO Shares Good News With XRP Community
Notably, Ripple CLO Stuart Alderoty took to X to share the good news with the community that “XRP is not a security” is NOT being appealed. He added that XRP has gained more clarity as the “decision stands as the law of the land.”
In a challenging way, he asked the community to await Ripple’s response to the SEC filing. The company will file its Form C next week. Traders anticipate a rebound in XRP price during Ripple filing.
XRP Price to Hit $1
The SEC not appealing XRP non-security status to fuel positive sentiment in the market. XRP price can even surpass $1 amid the renewed bull market. Moreover, Ripple CEO Brad Garlinghouse said Gary Gensler’s days are over, despite the outcome of the 2024 US presidential election.
XRP price fell 1% as the community speculates on Ripple vs SEC appeal. The price is currently trading at $0.55, with a 24-hour low and high of $0.540 and $0.564, respectively. Furthermore, the trading volume has decreased by 11% in the last 24 hours. Popular analyst Egrag Crypto predicts XRP price rally to $1.5 in the short term.
In the derivatives market, XRP buying remains strong despite a slight drop in price due to Friday’s crypto expiry. Total XRP futures OI jumped over 2% in the last 4 hours to 1.40 billion worth $770 million, as per Coinglass data.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
âś“ Share: