Bitrabo Editorial
Stuart Alderoty, the Chief Legal Officer at Ripple Labs, shared insights into the anticipated timeline for the appeal process in the case against the US Securities and Exchange Commission (SEC). He suggested that the various steps involved could extend the briefing period all the way to July 2025.
Anticipated Timeline for Ripple vs. SEC Appeal
On October 15, FOX Business journalist Eleanor Terrett revealed details from her discussion with Alderoty. She mentioned that he highlighted the upcoming deadline for the SEC to file Form C, a document that must outline areas of the case it wants to appeal, which is due by October 16.
Following this, Alderoty indicated that within a week, Ripple will submit its own Form C concerning its cross-appeal. Subsequently, both parties will establish a schedule for their briefings. The SEC will have a maximum of 90 days to present its first brief, which Alderoty anticipates will use the entire allotted time. This initial brief will comprehensively detail the SEC’s legal arguments, followed by Ripple’s response and its own brief. Alderoty noted that the complete briefing process might extend into July 2025.
The SEC’s decision to appeal comes after a ruling on August 7, 2024, where Judge Analisa Torres issued a permanent injunction against Ripple Labs and its executives, imposing a $125 million penalty for unregistered XRP transactions. Earlier, on July 13, 2023, Torres determined that Ripple’s institutional XRP sales breached federal securities regulations, categorizing them as unregistered security offerings. However, she ruled that Ripple’s sales to the general public and distributions to employees and third parties did not qualify as securities transactions.
On October 2, the SEC officially notified its intent to appeal by filing a “notice of appeal” to the Second Circuit Court of Appeals, although it hasn’t yet specified the grounds for its appeal. The upcoming Form C is expected to clarify the SEC’s proposed legal arguments.
In response to the SEC’s actions, Ripple announced on October 10 its decision to file a cross-appeal. Alderoty remarked on X, stating, “The SEC lost on all key points—that’s why they appealed. Today, Ripple 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 specified in a contract.”
Additionally, pro-XRP lawyer Fred Rispoli shared similar predictions concerning the appeal timeline, suggesting it could extend into early 2026. He detailed the sequence of filings and responses leading up to expected oral arguments scheduled between September and October 2025, with a final ruling from the Second Circuit Court of Appeals potentially not available until January 2026.
As of the latest update, XRP was trading at $0.5430.
