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The US Securities and Exchange Commission (SEC) has filed the Civil Appeal Pre-argument statement (Form C) in the Ripple lawsuit.
The filing is a last-minute appeal in the ongoing legal battle seeking to reverse U.S. District Judge Analisa Torres’ summary judgment in 2023. Flagged by Fox Business Journalist Eleanor Terrett, the regulator has detailed “issues they plan to seek appeal for in the Ripple case.”
The SEC’s initial lawsuit accused Ripple executives of violating the Securities Act of 1933 by selling XRP without proper registration.
The issues include Ripple’s programmatic sales of XRP on digital asset trading platforms. Additionally, the SEC appeal targets personal sales by Ripple executives Bradley Garlinghouse and Christian Larsen.
The Form C will also seek appeal for Ripple’s distribution of XRP to its employees and others.
“They are not appealing the monetary penalty of $125M or Judge Torres’s decision not to grant disgorgement,” Terrett wrote.
In an interview with Fox Business, Ripple Chief Legal Officer Stuart Alderoty set a timeline for the SEC’s appeal against the crypto payments giant.
On Thursday, the crypto community speculated whether the regulator missed the filing deadline since the appellate timeline was October 16.