Stuart Alderoty, Chief Legal Officer (CLO) at Ripple Labs, has provided his expected timeline for the appeal process in the case against the US Securities and Exchange Commission (SEC). His prediction provides information on the procedural steps that both parties will take and indicates that the information process could last until July 2025.
Ripple vs. SEC: possible appeal schedule
Eleanor Terrett, FOX Business Reporter shared details of her conversation with Alderoty on October 15 via The SEC’s last day to file Form C (which will provide some level of detail about what you plan to appeal) is tomorrow.” This implies that by today, October 16, the SEC must submit Form C, a document that will describe the specific aspects of the case that it intends to challenge on appeal.
Terrett continued, relaying Alderoty’s thoughts: “Seven days later, Ripple will file its own Form C, which will provide more details on its own cross-appeal. Both parties will then agree to a reporting schedule and the SEC will have up to 90 days to file its first brief. Alderoty says he hopes they take the full 90 days. That initial brief will be a complete recitation of all the legal arguments that the SEC will present. “Ripple will submit a response and then its own brief.” According to Alderoty, “the complete reporting process… will extend until July 2025.”
The SEC’s decision to appeal follows the final ruling on August 7, 2024. Judge Analisa Torres of the US District Court for the Southern District of New York granted a permanent injunction against Ripple Labs and its executives, while imposing a fine of $125 million for unregistered XRP sales. Already on July 13, 2023, Torres ruled that Ripple’s institutional sales of XRP violated federal securities laws, considering them unregistered securities offerings. However, it also concluded that Ripple’s programmatic sales of XRP to the general public, as well as distributions to employees and third parties, did not constitute securities transactions.
On October 2, the SEC formally announced his intention to appeal the ruling by filing a “notice of appeal” with the United States Court of Appeals for the Second Circuit. Notably, the SEC has not yet articulated the specific grounds for its appeal. The upcoming Form C is expected to provide more detailed information about the legal arguments the SEC plans to make.
In response to the SEC appeal, Ripple announced on October 10 that he would file a counter-appeal. Stuart Alderoty stated via X: “The SEC lost on all key points; That’s why he appealed. Today, Ripple filed a cross-appeal to ensure that nothing is left on the table, including the argument that there cannot be an ‘investment contract’ without there being essential rights and obligations in a contract.”
As Bitcoinist reported, pro-XRP lawyer Fred Rispoli also offered a prediction regarding the two-week appeal timeline, which aligns with Alderoty’s expectations but extends the possible conclusion of the case until early 2026. Rispoli described the sequence of presentations and responses leading up to oral arguments, scheduled for sometime between September and October 2025, and expects a final ruling from the Second Circuit Court of Appeals not until at least January 2026.
At press time, XRP was trading at $0.5430.
Featured image from YouTube/EUI TV, chart from TradingView.com
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