By Key Points
- SEC’s formal appeal filed against Ripple in Second Circuit.
- Ripple executives Garlinghouse, and Larsen were included in the appeal.
- Appeal challenges Judge Torres’ August 2024 ruling.
- Potential impact on the crypto industry awaits outcome.
The ongoing Ripple SEC lawsuit appeal has entered a critical new phase, with the U.S. Securities and Exchange Commission (SEC) officially filing its appeal against Ripple Labs in the Second Circuit’s court system.
This legal battle, which has captivated the crypto community for years, took a dramatic turn as Brad Garlinghouse and Chris Larsen, Ripple’s top executives, are again involved in the proceedings.
The formal appeal, listed under docket number 24-2648, challenges the landmark ruling made by Judge Analisa Torres in August 2024. That decision had been a significant win for Ripple, determining that the XRP token sales did not classify as securities on public exchanges.
However, the Ripple SEC lawsuit appeal is set to review whether the ruling was in error, leaving the door open for potential changes in the regulatory treatment of digital assets.
SEC Makes Progress With Its Appeal Against Ripple: Details https://t.co/u9Bz9XkCZc
— 🇳🇱 MackAttackXRP® 🇳🇱 (@MackAttackXRP) October 5, 2024
Key Players in the Ripple SEC Lawsuit Appeal
Famed defense lawyer James K. Filan revealed the details of the Ripple SEC lawsuit appeal via X (formerly Twitter).
Filan’s screenshots confirmed the appeal was docketed in the PACER system, marking the beginning of the formal appellate review. The SEC’s appeal not only includes Ripple but also continues to name Garlinghouse and Larsen as defendants.
In addition, several notable intervenors, such as John Deaton, a senatorial candidate from Massachusetts, are part of the appeal.
Representing individuals like Jordan Deaton, James LaMonte, and Roslyn Layton, these supporters have long argued in Ripple’s favor and are actively involved in defending the outcome of Judge Torres’ ruling.
The SEC, having dropped its direct charges against Ripple’s top executives in the past is now fighting for a broader reinterpretation of how digital tokens, such as XRP, should be regulated in the U.S. financial system.
The Ripple SEC lawsuit appeal could lead to new legal precedents that might reshape the landscape for blockchain technology and cryptocurrency regulations.
Impact and Future of the Ripple SEC Lawsuit Appeal
With the appeal now moving through the Second Circuit, both Ripple and the SEC are preparing for another lengthy legal battle.
Should the SEC succeed in overturning the ruling, it could place Ripple and other crypto firms under increased regulatory scrutiny.
Conversely, if Ripple wins, it would not only secure XRP’s position but also set a precedent that could benefit the broader crypto industry.
The outcome of the Ripple SEC lawsuit appeal could take months, or possibly longer, to materialize. Both parties are bracing for a complex legal battle that could ultimately influence the future of digital asset classification in the U.S. and beyond.
Crypto enthusiasts and legal experts alike will closely monitor the next steps as this pivotal case develops, with significant implications for blockchain and cryptocurrency.
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