Ripple Labs is poised to respond to the US Securities and Exchange Commission (SEC) with the filing of its Form C, outlining its appeal against the regulatory body’s efforts to overturn a pivotal ruling by Judge Analisa Torres in 2023. This filing comes as Ripple seeks to clarify its position following the SEC’s recent appeals regarding various aspects of the case.

Ripple Executives Project Optimism

The SEC’s appeal follows a district court ruling that Ripple’s institutional sales of XRP did not qualify as securities, a key point of contention in the ongoing litigation.

As FOX journalist Eleanor Terret pointed out, the SEC has attempted to challenge almost every aspect of its losses at the district court level. Still, Ripple intends to focus its appeal on this ruling, arguing that the SEC’s allegations misrepresent the nature of its sales.

In an interview in Miami last week by Terret, Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty expressed their strong confidence in a favorable outcome in the Second Circuit Court of Appeals. 

Alderoty further noted the statistical likelihood of reversal in such cases, indicating that when a party loses at the district level, the chances of a successful appeal are typically around 10% or lower.

Alderoty’s optimism is bolstered by his belief that the Second Circuit may uphold Judge Torres’s ruling and extend it further. “I think it will not only affirm Judge Torres; I think they will fortify her ruling,” he stated. Garlinghouse echoed this confidence, saying: 

I am so confident that we’re going to win the appeal, and that would really put a dagger in Gary Gensler’s whole agenda around crypto regulation.

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Author: Ronaldo Marquez