Ripple Appeals Court Ruling On XRP Institutional Sales

Ripple
Labs
is
appealing
a
2023
court
ruling
that
said
institutional
sales
of
the
XRP
token
are
unregistered
security
offerings.

The
company
filed
a
so-called
Form
C

on
Oct.
25
in
the
Court
of
Appeals
for
the
Second
Circuit,
said
Ripple’s
chief
legal
officer
Stuart
Alderoty
in
a

post
on
X.
The
form
lays
out
the
legal
basis
for
Ripple’s
challenge.

Questioning
The
Court’s
Application
Of
The
Howey
Test

Ripple
is
specifically
challenging
the
court’s
application
of
the
Howey
test,
which
is
a
legal
standard
used
to
gauge
whether
a
transaction
qualifies
as
an
investment
contract
or
not.

#XRPCommunity

#SECGov
v.

#Ripple

#XRP

@Ripple
has
filed
the
Civil
Appeal
Pre-Argument
Statement
(Form
C).
The
relevant
pages
are
below.

pic.twitter.com/usm3fCjG20

—
James
K.
Filan
????????????????
(@FilanLaw)

October
25,
2024

Ripple

Labs
is
also
calling
for
a
reassessment
of
what
“essential
ingredients”
are
needed
for
a
transaction
to
be
classified
as
an
investment
contract.

The
“Hard
Part”
Of
The
SEC
Lawsuit
Is
Behind
Ripple

Alderoty
said
that
the
hard
part
of
Ripple’s
legal
battle
with
the
Securities
and
Exchange
Commission
(SEC)
over
the
matter
is
behind
the
company
now.

He
said
that
the
regulator’s
“broader
strategy”
is
to
create
“distraction
and
confusion
for
Ripple
and
the
industry,”
and
is
just
background
noise. 

The
SEC
can
no
longer
submit
new
evidence
or
ask
Ripple
Labs
to
produce
more
evidence,
added
Alderoty.
He
subsequently
said
that
“all
the
drama”
the
company
had
in
the
litigation
when
the
two
parties
fought
over
documents
is
now
over.

According
to
Ripple’s
legal
chief,
XRP
is
“uniquely
situated”
as
having
clarity
in
not
being
classified
as
a
security.
This


ruling,
which
stands
as
“the
law
of
the
land,”
is
not
being
challenged
by
the
SEC,
he
said. 

Following
the
Form
C
filing
by
Ripple
Labs,
the
company’s
remittance
token
XRP
recorded
a
slight
24-hour
loss
to
trade
at
$0.5266
as
of
8:10
a.m.
EST.

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