Ripple vs SEC: Latest Developments in the XRP Lawsuit
Ripple’s legal battle with the SEC takes a significant turn as the timeline for appeals has been established. Ripple’s Chief Legal Officer, Stuart Alderoty, announced that this high-stakes case could extend into mid-2025. The SEC continues its push to classify XRP as a security, which adds more pressure to Ripple’s defense strategy.
The SEC must submit Form C by October 16, 2024, detailing the core points it aims to challenge. Ripple will then follow with its Form C, indicating the areas it intends to address. Following these submissions, the SEC will have up to 90 days to complete its opening brief, allowing Ripple to formulate its response subsequently.
By filing a cross-appeal, Ripple aims to cover all legal grounds and eliminate any ambiguities. This approach underscores the argument that an ‘investment contract’ necessitates essential rights and obligations, a point emphasized by Alderoty. The ongoing legal process is anticipated to last until at least July 2025, maintaining tension within the cryptocurrency community.
As the legal proceedings unfold, the upcoming Ripple Swell conference may provide valuable updates on partnerships and developments related to Ripple’s projects.
