SEC Files Appeal Against Ripple: Garlinghouse and Larsen Targeted by SEC
The court’s decision that XRP is not a security is upheld by the US Securities and Exchange Commission’s most recent appeal in its dispute against Ripple. A Form C civil appeal against some parts of the court’s summary judgment in favor of the defendants in its XRP rulings was submitted by the SEC on October 16 along with a pre-argument statement.
James Filan, the defense lawyer for Ripple, shared the appeal on October 17. It requests that the court reconsider its rulings on Ripple‘s XRP sales on exchanges and the individual XRP transactions of co-founder Chris Larsen and CEO Brad Garlinghouse. However, Stuart Alderoty, chief legal officer of Ripple, responded to the SEC’s appeal on X by stating that the decision that XRP is not a security is not appealed in the SEC’s Form C.
That decision stands as the law of the land,
Alderoty
SEC Appeals Court Ruling on Ripple Executives’ XRP Sales and Distributions
The document states that the SEC‘s appeal addressed accusations made against Garlinghouse and Larsen, claiming that the executives sold and offered XRP in violation of securities laws and that they helped Ripple violate such laws. The appeal challenges the court’s decision to award the defendants partial summary judgment, citing Ripple’s XRP distributions in exchange for non-cash value, personal sales by Garlinghouse and Larsen, and XRP sales on exchanges.
It is anticipated that Ripple will submit its own Form C within seven days of the SEC’s filing, as per a summary of the appeals schedule provided by Fox Business producer Eleanor Terrett.
Both parties will then agree on a briefing schedule, and the SEC then has up to 90 days to file its first brief,
Terrett
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