Ripple Labs will file Form C today detailing key aspects of its appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) in the Second Circuit Court of Appeals, according to a social media post by FOX reporter Eleanor Terrett.
The filing comes as the SEC is appealing nearly all of the issues it recently lost in district court, with Ripple challenging the court’s decision that deemed institutional sales of XRP to be unregistered securities sales.
Ripple chief legal officer Stuart Alderoty expressed optimism about the appeal. “I feel better about our case in the Second Circuit for a number of reasons,” Alderoty said. He noted that the Second Circuit has historically not supported the SEC or regulatory overreach. “Statistically, if you lose in district court, your chances of coming back in the Second Circuit are about 10% or less,” he added.
Ripple CEO Brad Garlinghouse also expressed confidence in their chances. “I am very confident that we will win the appeal that will completely blow up Gary Gensler’s entire plan for crypto regulation,” Garlinghouse said, referring to the SEC Chairman’s push for stricter crypto oversight.
*This is not investment advice.