NewsXRP News: Gensler’s Exit Won’t Stop SEC’s Appeal, What Form C and Jan 15 Mean for the Case
Anjali Belgaumkar13 Nov 20242 min read
Pro-XRP lawyers John Deaton, Jeremy Hogan and James Murphy sat down for a detailed discussion about Ripple and what’s next for the lawsuit. Now that Donald Trump has won the elections, speculations about SEC Chair Gary Gensler’s resignation have started making rounds on the internet. Here’s an understanding about the events that recently shaped the appeals process.
What is a Form C?
Jeremy explained the “Form C” filing, which is a legal document used during the appeals process. In this case, it’s related to the SEC’s appeal of the Ripple lawsuit. This form helps keep track of appeals and requires the party appealing (the SEC) to explain what happened in the case, the ruling they disagree with, and what they want to change.
What is the SEC Appealing?
The SEC is mainly appealing the ruling on programmatic sales. The court decided that XRP sales on exchanges are not securities transactions, which the SEC disagrees with. They’re also appealing the involvement of individual defendants in the case and the aiding and abetting claims. However, they are not appealing the disgorgement ruling, which was unexpected.
Why is this Important?
This appeal is important because the court’s decision could impact how future cases about digital assets like XRP are handled. If the SEC wins, it could lead to stricter rules for crypto sales on exchanges. Everyone is waiting to see what happens next in the case.
Deaton shared his perspective on how the outcome of the U.S. presidential election could impact the ongoing SEC vs. Ripple case. He said that if Vice President Harris had won, the whole situation, including the Electoral College, could have been flipped, which might change the course of the appeal. However, Jeremy acknowledged that this is speculation.
The real “elephant in the room,” according to Jeremy, is the potential shift in leadership once Donald Trump takes office again. If that happens, the SEC’s appeal could take a different direction. He joked about how tough it would be for an SEC lawyer working on the appeal right now, knowing that leadership changes in January could halt the entire process. That lawyer could be working hard on a brief only to find out that, come January 15, the appeal may no longer be relevant.
