Ripple vs SEC Update: Appeal Docketed in Second Circuit Court, Case No. 24-2648
Vijay Gir5 Oct 20242 min read
The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.
SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.
Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.
Ripple’s Legal Team Responds
Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly. There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.
Ripple’s CEO Speaks Out
Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself. He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.
Internal Shake-ups in Commission
A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court. At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.
