Key Points:
- Ripple SEC lawsuit continues with the company’s civil appeal document today to contest the SEC’s claims regarding XRP’s institutional sales.
- The SEC has appealed multiple losses from the district court, while Ripple’s appeal focuses specifically on classifying XRP as an unregistered security.
Ripple plans to file today its civil appeal document that will outline key requests in its ongoing lawsuit with the U.S. SEC, as reported by Fox Business reporter Eleanor Terrett.
Read more: Ripple CEO Confident That A Spot XRP ETF Is Inevitable
Ripple SEC Lawsuit Ongoing: Company to Appeal
The filing represents the next step in the highly-watched Ripple SEC lawsuit, in which the company has been fighting the Commission’s claims of violations of securities laws.
The appeal comes after the SEC moved to challenge several rulings it lost at the district court level last week. Ripple, for its part, is expected to centre its appeal around a single issue from the case: the court’s decision that institutional sales of XRP were unregistered securities. Ripple’s partial victory in the original ruling last summer set a potential precedent for how other digital assets might be classified in future regulatory cases.
The Ripple SEC lawsuit was thought to be a key test case regarding the regulation of cryptocurrencies. The company’s defence, in turn, acts as a wider signal to the industry. In the middle of the debate, Ripple has continued to attest that its XRP token is not a security, while the SEC says the company engaged in unregistered securities sales through its institutional offerings.
Ripple’s Legal Team Optimistic About Upcoming Ruling
In the latest appeal, Ripple hopes to challenge the legal foundation of Judge Analisa Torres’s decision that predominantly classified XRP’s institutional sales. Lawyers said the case could now drag on another year as it winds its way through appeals.
Ripple Chief Legal Officer Stuart Alderoty said quite confidently that the recent decision by the US Second Circuit Court of Appeals could either reiterate or add to what it had declared earlier. The decision pretty much went in favour of Ripple and was hailed as a landmark for the crypto world.
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Source: Coincu
