Following a chat with Ripple’s CLO Stuart Alderoty, FOX Business journalist Eleanor Terrett outlines the steps and timelines for the appeal process in the SEC v. Ripple lawsuit.
It is no longer news that the SEC and Ripple have declared their intentions to appeal Judge Analisa Torres’ verdict. The SEC was the first party to file its appeal notice on October 2, 2024. Ripple followed suit and counter-appealed the court verdict a week later.
Despite speculations, the timeline and steps for the appeal process remain unclear. Notably, Ripple’s CLO provided insights into these details during a “great chat” with FOX Business journalist Terrett.
Steps and Timeline for Ripple V SEC Appeal
After the conversation, Terrett took to X to outline the steps and timeline of the lawsuit’s appellate proceeding.
SEC and Ripple Form C Filing
According to Terrett, the next step of the appeal involves the filing of Form C. For context, this legal document helps shed light on the aspect of the case the SEC intends to appeal.
It is worth noting that the SEC only notified the court about its intention to appeal. However, it did not indicate which part of Judge Torres’ ruling it intends to challenge in the Second Circuit.
By filing Form C, the securities regulator would reveal the aspect of the ruling that requires an appellate review. Notably, the SEC is due to file Form C today, October 16, 2024.
Afterward, Ripple must file its Form C seven days later, providing details about its cross-appeal. Recall that Ripple said its cross-appeal would ensure nothing is left on the table, as it intends to challenge the judge’s decision on institutional sales, which the SEC won.
Briefing Schedule
Terrett said the parties will agree on a schedule for submitting their appellate briefs upon filing their respective Form C documents. The court will give the SEC 90 days to submit its legal brief detailing the agency’s comprehensive argument regarding why it believes Judge Torres erred in her decision.
Ripple’s CLO speculated that he expects the SEC to take the entire 90 days to file its opening appellate brief. After the filing, Ripple will submit its response to the SEC argument and subsequently file its opening cross-appeal brief.
Per Alderoty, the appellate proceeding’s briefing process could linger until July 2025, nine months from now.
Potential End Date of the Lawsuit
As reported earlier, some legal experts, like Fred Rispoli and Jeremy Hogan, believe the appellate court might issue its decision in early 2026. However, should the parties reach an agreement to end the legal dispute, the lawsuit might end sooner.
Several XRP proponents speculate that this would only happen when there is a change of government and a pro-crypto politician like Donald Trump wins the presidential election slated for early next month.
Whether the lawsuit will linger until 2026 or end sooner based on mutual agreement remains to be seen.
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