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.
