On Thursday, enterprise blockchain company Ripple is supposed to file its pre-appeal statement (Form C), according to Fox Business.
The company is expected to appeal the part of the July 2023 ruling that recognized the company's institutional sales as non-securities.
As reported by U.Today, Ripple decided to cross-appeal shortly after the SEC filed its notice of appeal earlier this month.
Stuart Alderoty, chief legal officer at Ripple, remains confident that the company will be able to emerge victorious. "So I think that, again, I'm superstitious as a litigator, so I don't like to predict results, certainly not guarantee results, but I feel very good about the Second Circuit result," he told Fox Business.
Alex DovbnyaEarlier, attorney Fred Rispoli stated that the result would depend on the three judges who get assigned the case. However, Alderoty believes that the SEC will not be SEC-friendly.
In a tweet posted earlier this week, Alderoty predicted that the ruling issued by Judge Analisa Torres could end up being expanded, with a "remand" being the best possible option for the SEC.
The SEC recently revealed that it would not touch XRP's legal status in its own Form C, which was filed earlier this month. Instead, the regulator is going to target the company's sales of the controversial token. Notably, the $125 million penalty that Ripple was ordered to pay will also not be appealed.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov