The U.S. Securities and Exchange Commission (SEC) has officially taken its next step in the ongoing legal battle with Ripple Labs, filing its anticipated Form C on October 18.
This marks the start of the SEC’s formal appeal in the XRP lawsuit, a move that has stirred concerns and debate within the cryptocurrency industry. Ripple’s Chief Legal Officer, Stuart Alderoty, has provided insight into the company’s reaction and forthcoming actions.
Ripple’s Response and Upcoming Filing
Stuart Alderoty addressed the SEC’s filing, making it clear that the submission was expected by Ripple. According to Alderoty, there is no shift in the court’s decision, stating that “XRP is not a security” under the current legal framework, as the SEC did not challenge this part of the ruling. This remains a key victory for Ripple, despite the ongoing legal process.
Ripple is preparing to respond to the SEC’s Form C with its filing, which Alderoty confirmed would be submitted sometime next week, though he did not provide an exact date. Legal experts have speculated on the next steps, suggesting that once both parties file their respective Form C documents, the formal briefing process will begin.
This phase, which will involve back-and-forth exchanges between Ripple and the SEC, would take around three months and could extend into early 2025. Based on this timeline, a final resolution to the appeal may not be reached for another year or longer.
SEC’s Appeal and Impact on XRP
The SEC’s appeal does not contest the ruling regarding XRP’s status as a non-security asset. This is a strong reassurance for XRP community members.
Initial fears that the SEC would challenge this aspect of the ruling were unfounded, and experts believe that this gives XRP a significant advantage as the appeals process proceeds.
The main lawsuit, which began in December 2020, has notably affected XRP’s market performance. The legal uncertainty surrounding the case caused fluctuations in XRP’s price, and the drawn-out proceedings added to the volatility.
However, now that XRP has maintained its non-security status, market analysts have suggested that XRP holders have less reason to worry moving forward, as the SEC’s current filing does not directly target XRP’s classification.
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Looking Ahead
With the appeal now in motion, the next few months will be critical in determining the future of Ripple and XRP. The legal battle, which has already spanned nearly four years, is far from over.
The appeals process itself could add another year to the timeline before a definitive ruling is made, which will have significant implications not only for Ripple but also for the broader cryptocurrency industry.
While the SEC’s filing marks the beginning of a new phase in the Ripple lawsuit, the fundamental question of whether XRP is a security remains settled for now.
Ripple’s response, expected next week, will kick off the next stage in what could be a lengthy appeals process, but for XRP holders and the company itself, the current ruling offers a sense of stability as they prepare for the months ahead.
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.
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