Introduction
The ongoing legal confrontation between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to capture attention across the crypto community. With significant implications for the price and regulatory future of XRP, this case is pivotal in determining the fate of cryptocurrency regulations. As both parties prepare for a protracted legal process, the outcome remains uncertain, yet critical for XRP stakeholders.
Key Developments in the Ripple-SEC Case
Fox Business journalist Eleanor Terrett recently highlighted insights shared by Ripple’s Chief Legal Officer, Stuart Alderoty. These insights shed light on the anticipated timeline and procedural steps of the case:
- SEC’s Appeal Timeline: The SEC is required to file Form C imminently, outlining its strategy and plan for the appeal. This step marks the beginning of a detailed legal process.
- Ripple’s Cross-Appeal: Following the SEC’s filing, Ripple will have a week to submit its own Form C. This document will provide a comprehensive overview of Ripple’s counterarguments.
- Briefing Schedule: Both parties will establish a briefing schedule. The SEC is anticipated to utilize the full 90 days permitted for its initial brief, which will lay out its legal arguments in detail. Ripple will subsequently respond with its counterarguments.
- Timeline for Completion: Stuart Alderoty suggests that the entire briefing process may extend until July 2025, indicating a lengthy legal journey ahead.
Expert Opinions on the Ripple-SEC Case
Renowned pro-XRP attorney Fred Rispoli shared his perspectives on the SEC’s potential appeal points. He anticipates that the SEC will contest Judge Torres’s rulings on several fronts, including:
- Programmatic Sales
- Other Distributions
- The denial of a disgorgement order
- The perceived inadequacy of the $125 million penalty
Furthermore, while the SEC might challenge the determination that XRP itself is not a security, Rispoli believes that the SEC is unlikely to succeed on this front.
Community Reactions and Insights
Following Fred Rispoli’s revelations, former SEC attorney Marc Fagel responded by saying, “Totally agree; but Crypto Twitter is abuzz as if there’s some big secret here. (I personally don’t think they argue XRP is itself a mystery; at most, the brief may argue that it’s not something that needs to be decided for liability to attach, which is surely accurate.)” This comment underscores the heightened interest and speculation surrounding the case within the crypto community.
