XRP lawsuit Intensifies with New Appeal Timeline!

Ripple’s legal drama with the SEC just got a new chapter! Ripple’s Chief Legal Officer, Stuart Alderoty, has laid out a clear roadmap for the company’s high-stakes battle, revealing that the case could stretch into mid-2025. This comes hot on Ripple’s cross-appeal filed on October 10, as the SEC keeps pushing to classify XRP as a security. With this timeline in place, the showdown between Ripple and the SEC is set to continue, keeping the crypto world on edge!

Ripple’s Appeal Timeline: Insights from Stuart Alderoty

In an X post shared by FOX journalist Eleanor Terrett, Alderoty broke down the next steps in the appeal process. The SEC has until October 16, 2024, to submit Form C, a crucial document outlining the key points it intends to challenge. Ripple will follow up with its Form C seven days later, clarifying the aspects it seeks to address in its cross-appeal. After these filings, both parties will negotiate a briefing schedule for the subsequent legal proceedings.

Meanwhile, once the forms are submitted, the SEC will have up to 90 days to prepare and file its opening brief. This document will lay out its full legal arguments, and Alderoty expects the regulatory agency to take the entire 90-day period. Ripple will then file a response, followed by its brief, expanding on its legal stance and addressing the SEC’s claims.

Ripple’s Strategic Cross-Appeal

Ripple’s decision to file a cross-appeal is a key part of its strategy, ensuring that all legal arguments are fully addressed. As Alderoty noted, this move is designed to eliminate any unresolved legal questions. On X, he emphasized,

“We filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an ‘investment contract’ without essential rights and obligations found in a contract.”

The SEC had filed a Notice of Appeal on October 2, signaling its intent to contest certain aspects of the earlier court ruling. The entire legal process, according to Alderoty, is expected to continue until at least July 2025, with both sides locked in this protracted legal struggle.

As Ripple prepares for this long legal battle, the upcoming Ripple Swell conference is also anticipated to bring crucial updates, including potential new partnerships and developments in its Ripple USD (RUSD) stablecoin project. This conference could further shape Ripple’s trajectory amid its legal battle with the SEC.