SEC to Appeal Previous Judgment in Ripple Lawsuit
The US Securities and Exchange Commission has taken the next steps in its ongoing legal battle with Ripple Labs, filing a “Civil Appeal Pre-Argument Statement” or Form C on Thursday.
The agency stated that it intends to review the decision made by the US District Court for the Southern District of New York and determine if any errors were made, particularly regarding Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The SEC also requested a “de novo” review, meaning the court would re-examine the decision and its application of the law.
The agency specified that it wants the court to look into various issues, including Ripple’s offers and sales of XRP on digital asset trading platforms, Garlinghouse and Larsen’s involvement in these offers and sales, and Ripple’s distribution of XRP in exchange for non-cash consideration.
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