2024-10-18 20:10 |
Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), has shared his anticipated timeline for the appeals process in the high-profile lawsuit with the US Securities and Exchange Commission (SEC).
As the SEC prepares to appeal a federal judge’s decision involving XRP, Alderoty has provided insight into the procedural steps that both parties will take and suggested that the full briefing process could drag on until July 2025.
How SEC’s Appeal Will Play OutIn a Wednesday X post, Fox Business journalist Eleanor Terrett revealed her wonderful conversation with Ripple’s legal head, Stuart Alderoty. According to Alderoty, the SEC’s last day to file a Form C, which should give more details about what exactly it plans to appeal, was yesterday (Oct. 16). Seven days later, Ripple will submit its Form C, which should provide more information about its cross-appeal.
In August, Judge Torres ordered Ripple to pay a $125 million fine for XRP transactions that violated securities laws. The SEC had alleged that Ripple raised $1.3 billion via unregistered securities offerings since 2013 and later demanded a $2 billion fine.
While Ripple executives lauded the ruling, the SEC filed a notice of appeal earlier this month in the prolonged case against Ripple. Ripple later struck with a cross-appeal as it aims to ensure that the blockchain firm retains its points and arguments in the lawsuit.
After Ripple’s Form C filing, both parties will then agree on a briefing schedule, with the SEC supposed to file its first brief within 90 days.
Alderoty reportedly said he expects them to take the complete 90 days. That opening brief will be a full recitation of all the legal arguments that the SEC will be bringing forth. Ripple will then follow with a response and then its own brief.
While Ripple’s legal tussle with the SEC has lasted four years, the SEC’s controversial appeal will further prolong it. Per Alderoty, “the full briefing process will go through July 2025”. This means that by the time each side has submitted the necessary briefs and made oral arguments, a decision could come as late as early 2026.
Extended Legal Battle Could Impact XRP’s PriceSome commentators claimed that the SEC may have missed the 14-day deadline to file its appeal against Analisa Torres’ August ruling.
The formidable regulator’s mistake, if confirmed, might lead to the dismissal of the appeal and considerably weaken its case against Ripple.
I would think so. It's not impossible that they deliberately blew a filing deadline to end their appeal, but that does seem like a really bizarre move.
— David "JoelKatz" Schwartz (@JoelKatz) October 17, 2024The possibility of the case losing momentum instead of dragging on for more years would undoubtedly be ultra-bullish for the XRP price. Regardless, Fox Business’ Terrett claims that the SEC might still have until Oct. 18 to file, given the regulator’s appeal was filed on Oct. 2 but wasn’t docketed until Oct. 4, which gives it two more days to file the necessary forms.
Launched in 2012, XRP is currently the seventh largest cryptocurrency by market cap — and held a steady position in the top three before the SEC initiated the lawsuit in December 2020. Aiming to enhance the international financial system through crypto-based cross-border transactions, Ripple yesterday unveiled the list of crypto exchanges and market makers as the company gears up toward the public rollout of its RLUSD stablecoin.
XRP changed hands at $0.5528 as of publication time.
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