SEC Form C Reveals Appeal Against Programmatic Sales Ruling

Despite the missed deadline rumors, pro-crypto lawyer James ‘MetaLawMan’ Murphy shared the SEC’s Form C filing, saying, “This is weird. The SEC’s Form C is dated October 16. The court’s stamp on the document is October 17. We should find out soon whether the Second Circuit concludes that the SEC has missed the deadline.”

The United States Securities and Exchange Commission (SEC) has filed a Form C with the 2nd Circuit Court to appeal against the Summary Judgment and Final Judgment in the SEC v. Ripple Labs case.

Pro-crypto lawyer James ‘MetaLawMan’ Murphy highlighted the filing, which is dated October 16th, and shared the SEC’s Form C.

The Addendum B to Form C states the following, which will be reviewed de novo:

“Whether the district court erroneously granted partial summary judgment in favor of defendants with respect to Ripple’s offer and sales of XRP on digital asset trading platforms (and Garlinghouse’s and Larsen’s aiding and abetting of those offers and sales), Garlinghouse’s and Larsen’s personal offers and sales of XRP, and Ripple’s distributions of XRP in exchange for consideration other than cash. These are the issues to be reviewed de novo.”

However, the SEC did not challenge the disgorgement ruling, where the Final Judgment ordered Ripple to pay $125 million in civil penalties. Judge Analisa Torres rejected the SEC’s request for a $1.1 billion disgorgement.

As previously reported by LawStreetMedia, the 2nd Circuit’s docket, which was recently updated, showed that the SEC is appealing against the Summary Judgment relating to the Programmatic Sales of XRP ruling, and the Final Judgment.

The docket also showed that the SEC filed a Form C on October 16th, which is challenging the Summary Judgment relating to the XRP airdrop and PayID sales, and the Final Judgment.

Moreover, the SEC is appealing against the Summary Judgment relating to Good Faith Defense and Third-Party Sales ruling, and the Final Judgment.

As highlighted in the SEC’s Notice of Appeal, which was filed on October 2nd, the SEC is seeking to overturn the Summary Judgment and Final Judgment, which relate to XRP sales.

The SEC is arguing that the lower court erred in concluding that Ripple’s XRP sales were not subject to registration under federal securities laws.

The regulator also highlighted that the court applied an “unduly narrow” interpretation of the “offer” and “sale” provisions in the証券法.

The SEC also argued that the lower court erred in rejecting its request for a preliminary injunction, which was filed in December 2020.

The regulator highlighted that the court “failed to consider the峻烈性 of the irreparable harm that will occur if the injunction is not granted.”

The SEC concluded its Notice of Appeal by arguing that the lower court erred in denying its motion to strike the defendants’ Good Faith Defense.

The regulator highlighted that the defendants failed to demonstrate that they acted in good faith and that their belief that XRP was not a security was objectively reasonable.

As reported, Judge Torres rejected the SEC’s request for an extension to file a Form C, which is a concise statement of the points to be raised on an appeal.

The SEC filed its Notice of Appeal on October 2nd, which was the final day for the regulator to file an appeal at the 2nd Circuit Court.

However, the SEC filed its Form C on October 16th, which is beyond the 30-day deadline from the filing of the Notice of Appeal.

Some members of the crypto community have highlighted this fact and suggested that the 2nd Circuit Court may reject the SEC’s appeal.

As stated in the docket, the SEC filed 3 Forms C, which are challenging the Summary Judgment relating to the XRP airdrop and PayID sales, and the Final Judgment.

The SEC is also challenging the Summary Judgment relating to Good Faith Defense and Third-Party Sales ruling, and the Final Judgment.

The regulator is challenging the Summary Judgment relating to the Programmatic Sales of XRP ruling, and the Final Judgment.

The SEC filed a Form C on October 16th, which is challenging the Summary Judgment relating to the Summary Judgment relating to Ripple’s offer and sales of XRP on digital asset trading platforms, and the Final Judgment.

The SEC filed 3 Forms C on October 16th, which is challenging the Summary Judgment relating to Garlinghouse’s and Larsen’s aiding and abetting of those offers and sales, and the Final Judgment.

The SEC is also challenging the Summary Judgment relating to Garlinghouse’s and Larsen’s personal offers and sales of XRP, and the Final Judgment.

Moreover, the SEC filed a Form C on October 16th, which is challenging the Summary Judgment relating to Ripple’s distributions of XRP in exchange for consideration other than cash, and the Final Judgment.

The SEC filed 3 Forms C on October 16th, which is challenging the Summary Judgment relating to Good Faith Defense and Third-Party Sales ruling, and the Final Judgment.

The SEC is also challenging the Summary Judgment relating to the Programmatic Sales of XRP ruling, and the Final Judgment, which