SEC's lawsuit against Ripple goes to the Second Circuit Court of Appeals, and the SEC has removed the related civil lawsuit from its website

PANews reported on January 29 that as the lawsuit between the US SEC and Ripple entered the Second Circuit Court of Appeals, the SEC has deleted the civil lawsuit related to Ripple from its website, marking the critical stage of the ongoing legal battle over the classification of XRP.

However, a user on X pointed out that "the SEC website is not important" and emphasized that the appeal is still valid in the court's national PACER system. The user, who claims to be a lawyer, said: "After I logged in, the last record was Ripple's request to extend the time to submit a brief. The case status is still "ongoing", but it may change soon."

According to documents submitted by Ripple's legal team, as of January 23, 2025, Ripple has formally requested to submit a response brief by April 16, 2025.

The SEC issued a brief for the opening of the court on January 15, 2025, in which the agency attempted to overturn key aspects of the previous ruling, especially regarding the sale of XRP to retail investors. The district court previously ruled that while XRP itself was not a security, Ripple's direct sales to institutional investors constituted securities transactions. Tokens sold through secondary trading platforms did not meet the standards of securities. The SEC now argues that retail investors expected profits based on Ripple's promotional activities.

"Doing the same thing over and over again, expecting different results," Ripple CEO Brad Garlinghouse said of the appeal. Ripple Chief Legal Officer Stuart Alderoty described it as "a rehash of an already failed argument."

The original $125 million civil penalty against Ripple remains in effect, far less than the $1 billion initially requested by the SEC. The outcome of the case at the appellate level is expected to affect the regulatory framework for digital assets and their classification in the United States. (Crypto Briefing)