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The U.S. Securities and Exchange Commission (SEC) has made key progress in its lawsuit against Ripple, as its appeal is filed in the Court of Appeals for the Second Circuit’s PACER system.
As usual, famous defense lawyer James K. Filan shared the development yesterday on X, noting that the appeal has been docketed in the Second Circuit’s PACER docketing system.
It bears mentioning that the PACER system tracks federal cases being heard within the Second Circuit. Attorney Filan shared screenshots of the case, confirming that the SEC appeal is currently in the Second Circuit’s appellate court system.
#XRPCommunity #SECGov v. #Ripple #XRP The appeal has been been docketed on the United States Court of Appeals for the Second Circuit PACER docketing system. The case title is Securities and Exchange Commission v. Ripple Labs Inc. and the docket number is 24-2648. pic.twitter.com/WMqTDrX1PN
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 4, 2024
Details of SEC Appeal Against Ripple
The details show that the case was officially docketed yesterday under docket number 24-2648 and the title United States Securities and Exchange Commission v. Ripple Labs, Inc.
Despite dropping its case against Ripple executives Brad Garlinghouse and Chris Larsen last year, the SEC still included their names in the appeal as “Defendant-Appellee.”
Intervenors include Jordan Deaton, James LaMonte, Tyler LaMonte, and Roslyn Layton, who are represented by their legal representative, Massachusetts senatorial candidate John Deaton.
Other details docketed in the appellate court system include information about the lawsuit’s origin, such as the initial date of the case (December 22, 2020) and the date of the final judgment (August 7, 2024).
The filing of the Ripple lawsuit in the Second Circuit’s docketing system marks the formal beginning of the appellate process. This will enable the court to review Judge Analisa Torres’ decision to determine whether she erred in her landmark ruling.
Ripple Confident in Securing an Appeal Victory Against SEC
Meanwhile, Ripple has remained confident that it will emerge victorious in the appeal against the SEC. Through its CEO Garlinghouse, Ripple emphasized that it will prevail for the benefit of the company, the XRP community, and the broader crypto industry.
In a separate statement, Ripple CLO Stuart Alderoty noted that the company will demonstrate that the SEC lawsuit is misguided and irrational.
According to an X post yesterday, Alderoty reiterated the company’s confidence in the Second Circuit, recounting how the court rejected the SEC’s argument in the SEC v. Govil lawsuit. Notably, Alderoty highlighted some memorable statements from the case, demonstrating how the Second Circuit denied the SEC’s arguments.
They include, “We’re not persuaded by the SEC’s arguments,” “We do not agree with the SEC,” and that the SEC’s counterarguments are unavailing.”
Reacting, popular XRP community figure Ashley Prosper characterized the statements as the type that can be found in an order dismissing a case that lacks merit.