Ripple and the SEC are gearing up for the next stage in their ongoing legal dispute. According to Eleanor Terrett, who spoke with Ripple’s Chief Legal Officer Stuart Alderoty, the SEC is set to file its Form C, detailing the scope of its planned appeal, by tomorrow.
Ripple will follow suit by submitting its own Form C seven days later, outlining its cross-appeal. The appeals process is expected to continue through July 2025.
NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline. The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.Seven days later, Ripple will file its own Form…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
SEC Faces Upcoming Deadline for Form C Filing
The Form C filing date of the litigation case between Ripple and the SEC looms. This form is absolutely vital since it will provide the initial understanding of the SEC’s legal approach for the appeal.
According to Terrett, the lawsuit will offer some degree of information on the SEC’s claims and the foundation of its challenge to earlier rulings. Led by Alderoty, Ripple’s legal team will next reply by submitting their own Form C, which will specify the extent of Ripple’s cross-appeal.
The cross-appeal mechanism lets both sides handle particular areas they want to question. In Ripple’s case, it may focus on specific rulings or interpretations that have been central to the legal proceedings thus far.
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Briefing Schedule and Timeline Expectations
Once both forms are submitted, Ripple and the SEC are expected to agree on a briefing schedule. Alderoty has indicated that the SEC will likely take the full 90 days allowed to submit its opening brief. The SEC’s legal arguments will be succinctly outlined in this brief, therefore preparing the basis for the next stage of the lawsuit.
After that, Ripple will have the chance to answer the SEC’s brief and present its own case before courts. The complete appeals process is expected to run till mid-2025 given the complexity of the case and the stakes for both sides.
Based on Alderoty’s remarks, Ripple seems ready for a protracted legal fight. Ripple and the SEC will present their positions in a sequence of files over the next year and a half, and the thorough briefing process is expected to comprise several rounds of debates from both parties.Besides, this legal dispute will have an impact on XRP price action. The token at press time trades at $0.538 per CoinGecko data. Moreover, XRP has dipped by 1.50% in the last day but risen by 1.40% over the week.
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