SEC’s Latest Filing Does Not Appeal Court’s XRP Security Status Ruling, Says Ripple Legal Chief

Ripple
chief
legal
officer
Stuart
Alderoty
says
the
recent
filing
by
the
US
Securities
and
Exchange
Commission
(SEC)
in
its
case
against
Ripple
Labs
does
not
appeal
the
ruling
that
XRP
is
not
a
security.

Alderoty’s
comments
follow
an
Oct.
16
Form
C
filing
by
the
SEC
with
a
pre-judgement
statement
against
certain
aspects
of
the
court’s
summary
judgment. 

Alderoty
Says
Court
Decision
Regarding
XRP’s
Security
Status
“Stands
As
The
Law
Of
The
Land”

Ripple
defense
attorney
James
Filan
shared
the


filing

on
Oct.
17.
In
their
appeal,
the
SEC
asks
the
court
to
review
its
decisions
related
to
Ripple’s
XRP
sales
through
exchange
platforms.
It
also
requests
the
court
to
review
the
ruling
on
the
personal
sales
executed
by
Ripple
executives
Brad
Garlinghouse
and
Chris


Larsen.

The
SEC
went
on
to
argue
that
Larsen
and
Galinghouse
violated
securities
laws
by
offering
and
selling
XRP.
It
also
said
that
they
both
“aided
and
abetted
Ripple’s
violations
of
those
provisions.”

Alderoty
responded
to
the
SEC’s
request
by
saying
that
the
court’s
decision
regarding
XRP’s
security
status
“stands
as
the
law
of
the
land.”
He
added
that
the
fintech
firm
intends
to
file
its
own
Form
C
next
week.

No
surprises
here
—
once
again
it’s
been
made
clear.
The
Court’s
ruling
that
“XRP
is
not
a
security”
is
NOT
being
appealed.
That
decision
stands
as
the
law
of
the
land.

Stay
tuned
for
Ripple’s
Form
C
to
be
filed
next
week.

https://t.co/m9molUGSBv

—
Stuart
Alderoty
(@s_alderoty)

October
18,
2024

SEC
Ripple
Case
Expected
To
Continue
Through
July
2025

According
to
a
timeline
shared
by
Fox
Business
producer
Eleanor
Terret
on
X,
the
Ripple


SEC

case
could
carry
on
well
into
July
next
year.
After
Ripple
files
its
own
Form
C
next
week,
both
the
regulator
and
Ripple
Labs
will
need
to
“agree
on
a
briefing
schedule.” 

????NEW:
Just
had
a
great
chat
with

@s_alderoty
of

@Ripple
who
gave
me
a
rundown
of
the
appeals
timeline.

????The

@SECGov’s
last
day
to
file
Form
C
(which
will
give
some
level
of
detail
about
what
it
plans
to
appeal)
is
tomorrow.

????Seven
days
later,
Ripple
will
file
its
own
Form…

—
Eleanor
Terrett
(@EleanorTerrett)

October
15,
2024

Thereafter,
the
SEC
will
have
up
to
90
days
to
file
its
first
brief
according
to
Terrett,
who
cited
Alderoty.
She
added
that
Alderoty
believes
the
regulator
will
take
advantage
of
this
period,
and
try
to
only
make
its
filing
at
the
end
of
the
90
days.
Thereafter,
the
full
briefing
process
“will
go
through
July
2025,”
according
to
the
Ripple
legal
chief.

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