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Ripple’s chief legal officer, Stuart Alderoty, has stated that the recent motion filed by the US Securities and Exchange Commission (SEC) in its lawsuit against Ripple Labs does not challenge the court’s ruling that XRP is not classified as a security.
Alderoty’s remarks came after the SEC submitted a Form C filing on October 16, expressing a pre-judgment statement concerning specific elements of the court’s summary judgment.
Alderoty Affirms Court Ruling on XRP’s Security Status “Remains Law”
Ripple’s defense attorney, James Filan, publicly shared the filing on October 17. In the appeal, the SEC requests further examination of the court’s decisions related to Ripple’s XRP transactions on exchange platforms. They are also seeking a review of the ruling regarding personal sales made by Ripple executives Brad Garlinghouse and Chris Larsen.
The SEC contended that Larsen and Garlinghouse breached securities laws by offering and selling XRP, alleging that they “aided and abetted Ripple’s violations of these regulations.”
Responding to the SEC’s actions, Alderoty noted that the court’s decision concerning XRP’s status as a non-security “remains the law of the land.” He mentioned that Ripple is planning to submit its own Form C in the upcoming 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 Anticipated to Extend Through July 2025
According to a schedule shared by Fox Business producer Eleanor Terret on X, the Ripple SEC case may extend into July of the following year. After Ripple files its own Form C next week, both the SEC and Ripple Labs will need to “reach an agreement on a briefing schedule.”
🚨NEW: Just had a great chat with @s_alderoty of @Ripple who provided an overview of the appeals timeline.
📌The @SECGov’s deadline to submit Form C (which will outline its planned appeals) is tomorrow.
📌Seven days later, Ripple will present its own Form…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
Subsequently, the SEC will have up to 90 days to submit its initial brief, according to Terrett, referencing Alderoty. He suggested that the regulator might utilize this window, potentially delaying its filing until the end of the 90 days. Afterward, the complete briefing process “will extend through July 2025,” according to Ripple’s legal chief.
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