Final Curtain Call The End of the Show

Ripple’s chief legal officer, Stuart Alderoty, confirmed that the U.S. Securities and Exchange Commission has not appealed the court’s ruling that XRP is not a security.
The lawyer’s comment was in response to the news that the SEC filed a Form C civil appeal. Ripple attorney James K. Filan
confirmed
that the
SEC
did indeed file documents with the Court of Appeals.
Form C, (“Civil Appeal Pre-Argument Statement”) is a document in which the SEC states its intention to appeal certain legal decisions made in a case. In Ripple case, the SEC asked the court to review the application of the law in a previous summary judgment. This means that the judge will analyze the legal aspects of the case, not just the final decision.
In the claim, the regulator asked to reconsider the court’s decision to sell Ripple (
XRP
) token on exchanges, as well as personal sales of the token by
Ripple
CEO
Brad Garlinghouse
and co-founder Chris Larsen.
Ripple is set to file its own cross-appeal to challenge the ruling on institutional sales, and both sides are bracing for a lengthy process that could change how digital assets are classified and regulated in the future. Alderoty urged to watch Ripple’s Form C filing this week.
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How did XRP react?
Amid the latest news on the case, the price of XRP remains relatively stable. The asset’s price has increased by 1.74% over the past week. At the time of writing, XRP is trading at $0.5468.
Source:
crypto.news
The token was a detriment to the overall crypto market growth, which increased by 0.59%, reaching a capitalization of $2.36 trillion in 24 hours.
SEC and Ripple disputes will continue until next year
According to Alderoty, the case could drag on until July 2025. In a conversation with Fox Business correspondent Eleanor Terrett, he
noted
that the crypto project will also file a Form C application, in which it will outline arguments for a counter-appeal.
The SEC will have 90 days to file an opening brief. Alderoty expects the regulator to use this time to prepare the most comprehensive presentation of its arguments.
Ripple will not conduct IPO because of SEC
Garlinghouse previously
commented
on the company’s possibility of entering the stock market, drawing attention to the position of the SEC and the financial stability of Ripple. When asked about a potential IPO after the expected clarification of regulatory standards, Ripple CEO said that this is not the main goal for the company.
Garlinghouse also shared his hopes for the future of the crypto market until 2025. Despite the current difficulties in the industry, he expressed optimism, noting the changes in the positions of the U.S. government and increased interest from major players such as
BlackRock
. This indicates growing interest from institutional investors in blockchain technologies and their capabilities.
He added that an improvement in the regulatory environment is important for entering the stock exchange, but Ripple has a strong financial foundation, which allows the company to continue its projects even without an IPO.
Back to the beginning: How the SEC and Ripple saga began
In December 2020, the SEC filed a lawsuit against Ripple Labs Inc. and its co-founders, Christian Larson and Jed McCaleb. The lawsuit was based on the accusation that they conducted unwarranted sales of an unspecified number of XRP tokens, which the SEC considered to be unregistered securities.
The SEC alleged that Ripple issued billions of XRP tokens and sold them for more than $1.3 billion without the appropriate registration collateral. According to the SEC, the XRP token should have been registered as a security. The SEC also emphasized that XRP creates an expectation of profit for investors, which meets the criteria for classification as a security.
Ripple, in turn, argued that XRP should not be considered a security but a digital currency similar to Bitcoin (
BTC
) and Ethereum (
ETH
), which the SEC does not classify as securities. Thus, the company insisted that its actions comply with applicable law.
In July 2023, the court recognized that selling XRP to private investors cannot be equated to securities transactions. Still, the issue of large players purchasing tokens under a preliminary agreement remains open.
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