The ongoing legal confrontation between Ripple and the United States Securities and Exchange Commission (SEC) is poised to advance into its next critical stage. This anticipated phase will officially commence once the SEC submits its pre-argument statement. The SEC has recently opted to challenge a 2023 federal court decision that rejected the classification of XRP tokens as securities, a ruling that favored Ripple. Stuart Alderoty, Ripple’s Chief Legal Officer, recently suggested that the SEC is likely to file its pre-argument statement (Form C) on Thursday. Here’s what you need to know about this evolving situation. Let’s explore!
What’s Ripple’s Appeal Plan?
Currently, there is no definitive indication of the SEC’s strategy in this legal confrontation. The pre-argument statement, anticipated to be filed on Thursday, is expected to shed light on the agency’s appeal approach. This step is crucial as it will outline the SEC’s intentions and their legal framework moving forward.
Does Ripple Have a Defense Strategy?
Ripple is undoubtedly gearing up for a robust response. The company’s legal team has confirmed plans to submit their Form C in reaction to the SEC’s appeal. According to recent reports, Ripple’s cross-appeal is set to be filed within seven days following the SEC’s submission. The proactive stance of Ripple’s legal team suggests they are confident about prevailing in this legal battle. Meanwhile, a narrative portraying Ripple’s legal struggle against the SEC as a valiant effort to protect the rights of the cryptocurrency community is gaining momentum. This perspective has garnered support from numerous crypto enthusiasts who are rallying behind Ripple.
Ripple Vs SEC: Briefing Schedule and What’s Next
Once both parties have filed their initial forms, the briefing session will officially begin. During this phase, each side will have the opportunity to present their arguments. Initially, the SEC will make their case, followed by Ripple’s chance to counter the SEC’s arguments. According to recent reports, the SEC’s first brief is expected to occur within the next three months.
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Who Will Win the Battle, Ripple or SEC?
While Ripple seems more assured than the SEC about emerging victorious, a recent statement by Fred Rispoli suggests that nothing can be taken for granted. Rispoli believes the outcome could heavily depend on the judges assigned to the case. He cautioned that if Ripple faces a judge panel with a governmental bias, their chances of losing could increase significantly.
In conclusion, it appears unlikely that the final outcome of this legal battle between Ripple and the US SEC will be reached before 2026. If the political climate in the US shifts during this time, the outcome could become even more unpredictable. Stay tuned to Coinpedia for more updates!
