According to U.Today, the United States Court of Appeals for the Second Circuit has mandated that the Securities and Exchange Commission (SEC) submit its brief in the ongoing case against Ripple by January 15, 2025. The SEC will present detailed legal arguments in this brief, supported by citations to legal authority. This opening brief is considered crucial for the appeal process, potentially determining the outcome for the agency.
Ripple has also filed a pre-argument statement (Form C) for its cross-appeal. It is important to note that the SEC will not challenge the regulatory status of the XRP token during the appeal. Stuart Alderoty, Ripple's chief legal officer, highlighted that XRP and Bitcoin (BTC) are not classified as securities, distinguishing them from many other cryptocurrencies facing regulatory uncertainty.
The record in the Ripple v. SEC case has already been set, meaning no new evidence can be introduced or requested. During the discovery phase, both parties frequently contested various documents. Legal expert Fred Rispoli anticipates that the Appeals Court will issue its ruling in early 2026.
The SEC's notice of appeal, filed last month, caused a significant drop in the price of the XRP token. This long-standing case, which began in December 2020, continues to be closely monitored by the cryptocurrency community.
