PANews reported on October 24 that Fox Business reporter Eleanor Terrett wrote on the X platform that today, Ripple will submit its Form C (civil appeal document) to outline its main appeal in the Second Circuit Court against the US SEC case. Given that we saw the SEC appeal almost everything it lost at the district court level last week, Ripple is expected to appeal only the only matter it lost: the district court ruling that the XRP tokens sold by its institutions constituted the sale of unregistered securities.
When I spoke to Brad Garlinghouse (Ripple CEO) and Stuart Alderoty (Ripple Chief Legal Officer) in Miami last week, they stressed their strong confidence that Ripple will prevail in the Second Circuit. Alderoty said, "I feel very good about our case at the district level. And I feel even better about our case in the Second Circuit for a number of reasons. The Second Circuit traditionally doesn't like the SEC. They don't like overregulation. Statistically, if you lose, the chance that the Second Circuit will overturn the original decision is about 10% or less. So, I think, as a litigator, I'm a little bit superstitious, I don't like to predict outcomes, and certainly don't guarantee outcomes, but I feel very good about the outcome in the Second Circuit. I think they will not only support Judge Torres, I think they will even go further. I think they will strengthen her ruling. At that point, the SEC will be in a losing position again, and it will be up to them to decide whether to appeal the case to the Supreme Court."
When I asked Garlinghouse about the possibility that the case would make it all the way to the Supreme Court, he told me, “I’m very confident that we will win on appeal, and that will really deal a death blow to Gary Gensler’s whole crypto regulatory agenda.” He added, “I’m not worried about it at all, to be honest with you. I’m confident about it because I believe we’re on the right side of the law. I think we’re on the right side of history.”
