Stuart Alderoty, Ripple’s Chief Legal Officer, has provided an important update regarding the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In a recent conversation with Fox Business, Alderoty confirmed that the SEC is supposed to submit its pre-argument statement (Form C) today Thursday.
This filing is expected to clarify the agency’s plans for its appeal, a subject that has generated significant discussion within the cryptocurrency community.
SEC Appeal Process Begins with Form C Submission
The SEC submitted its notice of appeal earlier this month, which caused notable volatility in XRP’s market value, resulting in a sharp decline in its price. Ripple, in response to the SEC’s actions, has initiated a cross-appeal. Ripple’s filing of Form C is anticipated to follow seven days after the SEC’s submission.
Once both parties have filed their respective forms, they will need to agree on a briefing schedule for the next phase of the legal proceedings.
According to the procedure, the SEC will submit its first brief outlining the core legal arguments supporting its case within approximately three months of filing its Form C. Ripple, in turn, will then present its counter-arguments in a subsequent brief.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Ripple Remains Optimistic Despite SEC’s Aggressive Tactics
Alderoty once speculated that the SEC may focus its legal strategy on targeting Ripple’s XRP sales on various exchanges and other distribution channels. Despite the aggressive stance taken by the regulatory body, Ripple’s legal team remains optimistic.
They believe that the SEC’s case is weak and that the agency is likely to lose in court. Nevertheless, the SEC still has the chance to win, but it depends on how the legal proceedings unfold.
As reported by the Times Tabloid, Attorney Fred Rispoli recently commented on the case, stating that the outcome of the SEC’s appeal could largely hinge on the composition of the assigned judicial panel. Rispoli suggested that if the panel includes judges who are inclined to support the government’s arguments, Ripple’s chances of losing could dramatically increase.
Legal Battle Could Stretch Into 2026
The legal dispute between Ripple and the SEC, which centers on whether XRP should be classified as a security, has been ongoing for several years. The upcoming appeal could further extend the duration of the case, with the potential for it to drag on until 2026, as the briefing process and oral arguments are expected to take significant time.
Both parties will have the opportunity to present their positions in full, but the timeline suggests that the case may continue to create uncertainty for Ripple and its XRP token for an extended period.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
