Ripple’s legal showdown with the Securities and Exchange Commission (SEC) stays active. Ripple’s Chief Legal Officer, Stuart Alderoty, shared a detailed breakdown of the appeal timeline.
According to Fox Business journalist Elanor Terrett, he said this whole process will stretch into mid-2025, at least.
Tomorrow, the SEC is expected to file its Form C, which will show what it plans to challenge in the case. Two weeks after that, Ripple will submit its own Form C, laying out the details of its cross-appeal.
Then, both parties will work out a briefing schedule. But here’s the thing. The SEC has up to 90 days to file its first brief, and Alderoty fully expects them to use every single day of that time.
Legal battle drags on
The cross-appeal is aimed at a critical part of the court’s earlier ruling, specifically on institutional sales of XRP. Ripple’s team wants to challenge the decision that labeled these sales as unregistered securities offerings.
According to Alderoty, there’s no investment contract in place unless there are actual rights and obligations attached.
Ripple’s CEO, Brad Garlinghouse, called the SEC a “renegade” for trying to stretch its jurisdiction over XRP, even though the court has ruled against them in key areas.
Garlinghouse is also backing Bitnomial in their own battle with the SEC, which is tied to jurisdiction over XRP futures contracts.
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