Ripple's Legal Drama With the SEC Gets a New Chapter: Battle Expected to Stretch into Mid-2025

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.

Ripple's Chief Legal Officer, Stuart Alderoty, has provided a clear roadmap for the company's legal battle with the SEC, revealing that the case could extend into mid-2025. This follows Ripple's cross-appeal on October 10, as the SEC continues its efforts to classify XRP as a security. Here's a closer look at the unfolding events.

In an X post shared by FOX journalist Eleanor Terrett, Alderoty outlined the next steps in the appeal process. The SEC has until October 16, 2024, to submit Form C, highlighting the specific points of the lower court's decision that it intends to challenge. Seven days later, Ripple will submit its Form C, detailing the aspects it seeks to address in its cross-appeal. Both parties will then negotiate a briefing schedule for the subsequent legal proceedings.

Upon submitting the forms, the SEC will have 90 days to prepare and file its opening brief, outlining its full legal arguments. Alderoty anticipates that the SEC will utilize the entire 90-day period. Following this, Ripple will file a response and its own brief, expanding on its legal stance and countering the SEC's claims.

This legal battle stems from the SEC's lawsuit against Ripple, alleging that the company's sale of XRP violated securities laws. The District Court ruled in Ripple's favor on several key points in September 2023, prompting both parties to file appeals.

As part of its strategy, Ripple filed a cross-appeal to ensure that all legal arguments are fully addressed. This move, as highlighted by Alderoty, aims to eliminate any unresolved legal questions. On X, he stated,

"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, indicating its intention to contest certain aspects of the earlier court ruling. According to Alderoty, the entire legal process is expected to continue until at least July 2025, with both sides engaged in this protracted legal battle.

As Ripple prepares for this extended legal battle, the upcoming Ripple Swell conference is also expected 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.

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