Fox Reporter: Ripple to file appeal papers in US SEC case today, its executives confident of victory

On 24 October, Fox Business reporter Eleanor Terrett posted on the X platform that today, Ripple will file its Form C (civil appeal document) outlining the main claims it will appeal in the Second Circuit in the US SEC case. Given that we saw last week that the SEC appealed almost everything it lost at the district court level, Ripple expects to appeal only the only matter it lost: the district court's ruling that the sale of XRP tokens by its institution constituted the sale of unregistered securities.

When I interviewed Brad Garlinghouse (Ripple CEO) and Stuart Alderoty (Ripple's chief legal officer) in Miami last week, they emphasised their strong confidence in Ripple's victory in the Second Circuit, with Alderoty stating, ‘I'm feeling good about our district-level case feels good. 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, and they don't like regulatory overreach. Statistically speaking, the likelihood of the Second Circuit reversing a case if it loses is about 10% or less. So, I think, as a litigator, I'm a little bit superstitious, and I don't like to predict outcomes, and I certainly don't guarantee them, but I have a very good feeling about the outcome in the Second Circuit. I think they're not only going to uphold Judge Torres, I think they're even going to go further. I think they will strengthen her ruling. At that point, the SEC will once again be in a position to lose, and it will be up to them to decide whether or not to appeal the case to the Supreme Court.’

When I asked Garlinghouse about the likelihood of the case going all the way to the Supreme Court, he told me, ‘I'm very confident that we'll win the appeal, which would really deal a death blow to Gary Gensler's whole cryptocurrency regulatory agenda.’ He added: ‘I'm honestly not worried about it. 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.’