The ongoing legal battle between cryptocurrency payments company Ripple and the U.S. Securities and Exchange Commission (SEC) took another big step this week. The parties are preparing to take the appeal process to the next stage. This development could have far-reaching implications not just for Ripple, but for the XRP price and the crypto industry as a whole.
Next developments and key deadlines for Ripple and SEC litigation
According to Fox Business journalist Eleanor Terret, today is an important day for the future development of the Ripple vs. SEC legal battle. Pursuant to the court’s direction, the final deadline for the U.S. SEC to file Form C is October 16th. As part of the legal appeals process, Form C is a procedural filing outlining the details of what a party plans to appeal.
In a post on He said he would provide more details.
Similarly, Ripple will soon follow the SEC’s appellate efforts. The company plans to file a cross-appeal Form C within seven days of the regulatory filing. In other words, if the SEC files a Form C today, the crypto company will likely file a Form C within the next week.
Ripple’s filing will include a summary of its defense detailing the scope of the cross-appeal. After filing both Forms C, Ripple and the SEC will negotiate a briefing schedule, after which the regulator will have up to 90 days to file its first legal brief.
Extension of legal battle could impact XRP price
Terret revealed that the latest information on the timeline for Ripple and the SEC’s appeal process was provided during a lengthy conversation with Ripple’s chief legal officer, Stuart Alderroti.
Alderoti indicated that it will likely take the SEC a full 90 days to file its first legal brief. This suggests that regulators may aim to extend the appeal process for as long as possible. The opening brief will fully enumerate all legal claims the SEC intends to make against Ripple and the court’s favorable July 2023 ruling.
Following the SEC’s initial brief, Ripple will have an opportunity to respond and refute the SEC’s claims. The full clarification process between Ripple and the SEC is expected to take until July 2025, Alderoti said.
This means the legal battle is poised to drag on for more than four years starting in December 2020, when regulators first filed suit against Ripple, and could extend to five years if no resolution is reached. means. This long-running legal battle could have a serious impact on the XRP price, which has already been stagnant since the SEC filed its lawsuit.
The cryptocurrency has been trading at the $0.5 level for years, only rising slightly to $0.6 when market conditions become more favorable. However, this price increase is always short-lived as XRP often falls to the $0.5 level again.
XRP price fluctuates due to SEC issue | Source: XRPSDT on Tradingview.com
Featured image created by Dall.E, Charts from Tradingview.com
