SEC Removes Ripple Case from Website
SEC Removes Ripple Lawsuit from Website
The Securities and Exchange Commission (SEC) has removed Ripple-related civil actions from its website. This action coincides with the case's progression to the Court of Appeals for the Second Circuit, marking a significant development in the ongoing legal battle surrounding XRP's classification as a security.
Key Takeaways:
- The SEC has removed Ripple-related entries from its website.
- Ripple's legal team requested an April 16, 2025 deadline for its appeal brief.
While the SEC's website update is notable, it's important to understand that the appeal remains active. A legal professional on X clarified that the case remains ‘Active’ within the Court’s PACER system, highlighting the continued legal process.
As of January 23, 2025, Ripple officially requested a deadline extension to file its response brief. This follows the SEC’s January 15, 2025, opening brief, which aimed to overturn the lower court's ruling on XRP sales to retail investors.
The lower court's decision distinguished between different types of XRP sales. Direct sales to institutional investors were deemed securities transactions, while secondary market sales were not. The SEC is now arguing that retail investors also expected profits based on Ripple's promotional activity.
Ripple CEO Brad Garlinghouse commented on the appeal, stating, "Doing the same thing over and over and expecting different results." Ripple’s Chief Legal Officer, Stuart Alderoty, described the SEC's appeal as a "rehash of already failed arguments."
The $125 million civil penalty against Ripple, significantly less than the SEC's initial $1 billion demand, remains in effect. The appellate court's decision will significantly impact the regulatory landscape for digital assets and their classification in the US.
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