🔥 Ripple’s Got Some Questions: The Company Filed an Appeal
posted 25 Oct 2024
Team Ripple requested the court to review some points in their previous ruling regarding the case against the SEC.
Stuart Alderoty, the Chief Legal Officer at Ripple, announced the company filed a Civil Appeal Pre-Argument Statement (Form C), which argues that “the SEC can’t submit new evidence or ask Ripple to provide any.”
The filing calls the SEC’s statements about how laws should apply to the case “inconsistent and deliberately vague.”
In the document, Ripple proposed the court review some issues based on the “de nuevo” standard, meaning completely re-examining those aspects.
The points Ripple mentioned include:
- Whether an investment contract should impose pre-sale obligations on the seller and give the buyer a right to demand profits from the seller’s activities
- Whether Ripple sold XRP as an investment contract in the first place, and if XRP meets the requirements of the Howey test. Note that if an asset passes the criteria set by the test, it’s considered a security.
- Whether the SEC provides clarity on why XRP should be considered a security.
According to Stuart Alderoty, the SEC’s broader strategy is to create distraction and confusion for Ripple and the crypto industry. He added that the hard part of the fight is already behind and that Ripple’s business is growing despite the legal uncertainties.
Related: SEC vs Ripple: The Next Chapter
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