As the Ripple vs. SEC case progresses, the SEC filed a notice of appeal in the Second Circuit Court a few days ago. The appeal focuses on three key points: the sale of XRP through exchanges, Ripple’s distribution of XRP to employees, and the sales made by executives Brad Garlinghouse and Chris Larsen. Advertisement

A recent post on X claimed that the court has not received the acknowledgment and notice of appearance by the due date of October 18, 2024, related to the case. The post suggested a dramatic outcome for the SEC, stating, “GAME OVER SEC.” However, former SEC lawyer Marc Fagel responded, clarifying that this situation is unrelated to the SEC. He noted that it concerns defendant/appellee Larsen, whose legal counsel has failed to make a timely appearance in the matter. Another user asked Marc for clarification, noting that the title of the case reads “Securities and Exchange Commission versus Ripple Labs,” and they didn’t see Chris Larsen’s name mentioned. They also pointed out that they believed the SEC had dropped its suit against Brad and Chris. Marc replied, confirming the user’s observation. He explained that while the letter itself doesn’t specify names, the details can be found in the docket sheet, which he shared. He clarified that although the SEC dropped certain claims against the individuals related to aiding and abetting Ripple’s illegal institutional sales, the remaining individual claims against them were still active.

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Growing Institutional Interest in XRP On another note, interest in XRP is growing among institutional investors. Recently, Bitwise filed to establish an XRP exchange-traded fund (ETF) in Delaware, although this filing is not with the SEC and could face delays due to the current appeal.

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