SEC’s XRP Lawsuit Continues as Ripple’s Legal Chief Reveals Appeal Timeline

Ripple and the SEC are poised for the next phase in their ongoing legal dispute. According to Eleanor Terrett, who spoke with Ripple's Chief Legal Officer Stuart Alderoty, the SEC is scheduled to file its Form C tomorrow, outlining the scope of its intended appeal.

Ripple will follow suit by submitting its own Form C seven days later, delineating its cross-appeal. The appeals process is projected to extend through July 2025.

Eleanor Terrett (@EleanorTerrett) tweeted on October 15, 2024:

"NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline. @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…"

SEC Faces Upcoming Deadline for Form C Filing

The SEC's Form C filing date holds significance in the ongoing litigation between Ripple and the SEC. This form provides an initial understanding of the SEC's legal strategy for the appeal.

According to Terrett, the lawsuit will shed light on the SEC's arguments and the basis of its challenge to previous rulings. Ripple's legal team, led by Alderoty, will respond by submitting its own Form C, detailing the extent of Ripple's cross-appeal.

Cross-appeals allow both parties to address specific issues they wish to contest. Ripple may focus on particular rulings or interpretations that have been central to the legal proceedings thus far.

Briefing Schedule and Timeline Expectations

Following the submission of both forms, Ripple and the SEC are expected to establish a briefing schedule. Alderoty has indicated that the SEC will likely utilize the full 90 days allocated to submit its opening brief. The SEC's legal arguments will be outlined in this brief, setting the stage for the next phase of the lawsuit.

Ripple will then have an opportunity to respond to the SEC's brief and present its case before the courts. The entire appeals process is expected to continue until mid-2025, given the complexity of the case and the stakes involved for both parties.

Ripple appears prepared for a protracted legal battle, based on Alderoty's comments. Ripple and the SEC will present their positions in a series of filings over the next year and a half, with the comprehensive briefing process likely involving multiple rounds of arguments from both sides.

The legal dispute will likely have implications for the price action of XRP. At press time, the token trades at $0.538, according to CoinGecko. XRP has experienced a 1.50% decline over the past day but has gained 1.40% over the past week.