Following the recent SEC appeal of the Ripple Labs case, cryptocurrency journalist Eleanor Terrett has highlighted a significant development. The SEC has yet to file its Form C with the Second Circuit, a document that outlines the specific issues they intend to appeal. This omission leaves Ripple in a state of uncertainty as they await clarification on the SEC’s next steps.
Terrett noted that Ripple has a 14-day window from the date of the SEC’s appeal to file a cross-appeal if they choose to do so. In its notice of appeal, the SEC referenced August 7 as the date when the “final judgment” was reached. However, they have not explicitly stated which aspects of the ruling they plan to challenge. The SEC could appeal both the ruling on programmatic sales from July 2023 and the amount ordered Ripple to pay for institutional sales, or they could focus on only one of these issues.
Ripple’s Chief Legal Officer, Stuart Alderoty, has indicated that the company is considering a cross-appeal. This means Ripple may choose to appeal Judge Torres’ ruling on institutional sales or the imposed penalty of $125 million. If both parties file appeals, they will be consolidated into a single Second Circuit case.
