Ripple’s cross-appeal ensures key legal arguments, including XRP’s status as a security, are thoroughly examined.
The SEC must submit its opening brief within 90 days, with Ripple responding afterward to defend its position.
Ripple’s legal battle may conclude by July 2025, while the company advances business initiatives like the Ripple USD (RUSD) project.
Stuart Alderoty, Ripple’s Chief Legal Officer, has revealed that the case against the United States Securities and Exchange Commission (SEC) is expected to run until mid-2025. It comes after Ripple filed a cross-appeal on October 10, a common procedure concerning whether XRP qualifies as a security in the United States.
https://twitter.com/EleanorTerrett/status/1846295141792825569 Appeal Timeline and Legal Steps
The SEC submitted a Notice of Appeal on October 2, indicating its intent to challenge parts of the earlier court ruling that had favored Ripple. By October 16, the SEC must submit Form C, outlining specific issues it plans to contest. Ripple will file Form C seven days later to address key points in its cross-appeal. Both filings are essential steps as the parties negotiate a schedule for subsequent briefs.
As Alderoty emphasized, Ripple’s cross-appeal ensures no legal arguments are overlooked. He explained that the company seeks clarity on whether XRP can be classified as an investment contract without the essential features of a formal agreement.
SEC's Brief Submission and Ripple's Response
After both sides complete their Form C submissions, the SEC will have 90 days to prepare and file its opening brief. This document will contain the SEC’s full legal arguments against Ripple. According to Alderoty, the SEC is expected to use the entire 90-day period for this filing.
Once the SEC submits its brief, Ripple will respond with its own, countering the SEC's claims and presenting arguments to support the earlier favorable rulings. The legal teams will exchange additional documents before reaching the final stages of the appeal process, which Alderoty estimates will conclude around July 2025.
The drawn-out legal fight comes as Ripple continues to pursue business initiatives, including developments in its stablecoin project, Ripple USD (RUSD). Meanwhile, the Ripple Swell conference, an annual event, is expected to offer key updates on potential new partnerships and product announcements.
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