Ripple Files Civil Appeal Pre-Argument Statement in the U.S. Court of Appeals for the Second Circuit

With the latest move, the appeals process might continue well into next year, with the crypto community eager for its outcome.

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In the latest development, Ripple has filed the Civil Appeal Pre-Argument Statement (Form C) in the U.S. Court of Appeals for the Second Circuit, challenging some elements of a key ruling in its legal struggle with the Securities and Exchange Commission.

The move comes a week after the SEC filed its Form C with attachments, challenging specific portions of a 2023 court judgment that partially favored Ripple in its sale of XRP to investors.

The Form C outlines the specific portions of the lower court ruling that each party is appealing. In its statement, the SEC is challenging the court’s finding that its definition of an “investment contract” is unconstitutionally vague. The agency is also appealing the court’s ruling that seven of the XRP transactions at issue in the case did not qualify as securities transactions.

Meanwhile, Ripple is appealing the court’s finding that some of the XRP transactions did qualify as securities transactions and is also challenging the court’s summary judgment ruling on the statute of limitations defense.

The appeals process is expected to take several months, with both parties filing their opening briefs and then having the opportunity to respond to each other’s briefs. The Second Circuit will then hear oral arguments in the case before issuing a final ruling.

XRP community reacts

The XRP community has reacted to the latest developments in the lawsuit. Several members of the community have expressed support for Ripple and are hopeful that the appeals process will conclude in favor of XRP.

However, some members of the community have also raised concerns about the length of time that the appeals process is taking. The lawsuit was first filed by the SEC in December 2020, and many in the XRP community are eager to see a resolution to the case.

One member of the XRP community highlighted the length of the appeals process and the impact that it is having on the XRP community:

"The community has waited patiently for nearly 3 years for the appeals process to begin in earnest. Now that it has finally started, the community is eager to see the appeals conclude as soon as possible."

Another member of the XRP community expressed concerns about the SEC's last-minute filings in the case:

"Keeping a close eye on the latest developments in the SEC vs. Ripple case. Notably, the SEC submitted its notice of appeal nearly at the end of the 60-day period following Judge Torres' Aug. 7 final judgment. The agency also filed its Form C late last week. Together with its earlier last-minute filings, this behavior is certainly interesting."

As reported by CryptoSlate, Judge Analisa Torres partially ruled in favor of Ripple in September 2023, concluding that the SEC failed to prove that XRP is a security at the time of sales. However, the court also ruled that seven of the XRP transactions did qualify as securities transactions.

Both parties filed notices of appeal in October 2023, setting the stage for the appeals process to begin. The Second Circuit will now review the arguments presented by both parties and issue a final ruling on the matter.

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