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Ripple’s Chief Legal Officer (CLO) Stuart Alderoti shared the expected timeline for the appeals process in a high-profile case with the US Securities and Exchange Commission (SEC).
As the SEC prepares to appeal a federal judge’s decision over XRP, Alderoti provides insight into the steps both parties will take, and the full clarification process could drag until July 2025. He suggested that there was.
How will SEC appeals play out?
In a post on Wednesday’s X, Fox Business journalist Eleanor Terret revealed a fascinating conversation she had with Ripple’s head of legal affairs, Stuart Alderroti. Alderoti said the last day to file a Form C detailing exactly what the SEC plans to appeal was yesterday (October 16). After seven days, Ripple will file Form C, which should provide more information about the cross-appeal.
In August, Judge Torres ordered Ripple to pay a $125 million fine for trading XRP in violation of securities laws. The SEC had alleged that Ripple had raised $1.3 billion through unregistered securities offerings since 2013, and had subsequently sought a $2 billion fine.
Although Ripple executives applauded the ruling, the SEC filed a notice of appeal earlier this month in its long-running case against Ripple. Ripple subsequently filed a counter-appeal, aiming to ensure that the blockchain company holds its claims and claims in the lawsuit.
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After Ripple’s Form C filing, the parties will agree on a briefing schedule and the SEC will file an initial brief within 90 days.
Alderoti reportedly said he expected it to take the full 90 days. The opening brief will fully enumerate all legal arguments that the SEC may raise. Ripple then returns a response, followed by a summary of Ripple itself.
Ripple’s legal battle with the SEC has been going on for four years, and a controversial SEC appeal will make it even longer. According to Alderoty, “the full briefing process is expected to be completed by July 2025.” This means a decision could be reached as early as early 2026, by the time both sides have submitted the necessary briefs and held oral arguments.
Extension of legal battle could impact XRP price
Some commentators argued that the SEC may have missed the 14-day deadline to appeal Annalisa Torres’ August ruling.
If this egregious regulatory error is confirmed, it could lead to the dismissal of the appeal and significantly weaken the case against Ripple.
I think so. It’s not possible that they intentionally exceeded the filing deadline to finalize the appeal, but it seems like really strange behavior.
— David “JoelKatz” Schwartz (@JoelKatz) October 17, 2024
It would definitely be super bullish for XRP price if the litigation could lose momentum rather than drag on for many more years. In any case, Fox Business’ Terret said the SEC has until October 18 to file, given that the regulator’s appeal was filed on October 2 but was not documented until October 4. It is argued that it may be possible. form.
Founded in 2012, XRP is currently the seventh-largest cryptocurrency by market capitalization and remained in the top three until the SEC filed suit in December 2020. Aiming to strengthen the international financial system through crypto-based cross-border transactions, Ripple yesterday announced a list of crypto exchanges and market makers as it prepares for the public launch of its RLUSD stablecoin. announced.
XRP changed trading at $0.5528 at the time of publication.
