Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has outlined the next steps in the company’s legal battle with the U.S. Securities and Exchange Commission (SEC), which will now extend through mid-2025. This update comes after the firm filed a cross-appeal on October 10, in response to the SEC’s ongoing litigation over the classification of XRP as a security.
Ripple CLO Reflects on Appeal Timeline
According to a post by FOX journalist Eleanor Terrett, Alderoty provided insight into the anticipated appeal process. The SEC, which lost key aspects of the case earlier this year, has until October 16 to submit Form C, a document that will outline the specific points the regulatory agency intends to appeal.
Thereafter, the XRP firm will follow up with its own Form C fourteen days later, detailing the areas it seeks to address in its cross-appeal. Moreover, Alderoty explained that once both parties submit these forms, they will negotiate a timeline for further briefs.
🚨NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline.
📌The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.
📌Seven days later, Ripple will file its own Form…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
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The SEC will have up to 90 days to file its opening brief, where it is expected to lay out its comprehensive legal arguments. Ripple will then file a response, along with its own brief addressing the SEC’s claims and expanding on its own legal positions. “Alderoty said he expects the SEC to take the full 90 days,” according to Terrett’s post on X.
Insight on Cross-Appeal Decision
Ripple’s decision to file a cross-appeal is strategic, ensuring no unresolved legal questions remain in the case. At the time of cross-appeal, Alderoty emphasized the importance of addressing every argument. He wrote on X, “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 firm’s latest move follows the SEC’s filing of a Notice of Appeal on October 2, signaling its intent to challenge aspects of the court’s ruling. The full briefing process, according to Alderoty, is expected to stretch through July 2025, marking a lengthy and high-stakes phase in the ongoing legal struggle between the blockchain firm and the SEC.
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