A new notable development has shaken the crypto world, as the U.S. Securities and Exchange Commission (SEC) has filed a notice of appeal challenging the ruling in its recently concluded legal battle with Ripple.
This case, which began in December 2020, is set to extend further, and crypto attorney Fred Rispoli has shared a potential timeline for the appeal proceedings.
SEC Appeal Timeline Overview
SEC Brief Submission: The SEC’s initial brief is due on December 2, 2024. However, Rispoli anticipates that the SEC will request a 30-day extension, pushing the deadline to shortly after January 1, 2025.
Ripple’s Cross-Appeal: Ripple is expected to file a cross-appeal, with its opening brief due around the same time as the SEC’s brief.
Opposition Briefs: The opposition briefs from both parties will be due by February 2, 2025. Rispoli believes Ripple is likely to seek an extension, moving this deadline to March 2, 2025.
Reply Briefs: These briefs will be due by the end of March 2025, allowing both sides to address points raised in the opposition briefs.
Oral Arguments: Rispoli expects oral arguments to be scheduled between September and October 2025, where both parties will present their cases before a panel of judges.
Final Ruling: The final ruling from the Second Circuit Court is anticipated in January 2026 at the earliest, but more likely in March or April 2026.
The initial ruling in July 2023 by Judge Analisa Torres was a mixed bag for both parties. While the court ruled that XRP is not a security when sold on public exchanges, it also found that sales of XRP to institutional investors violated securities laws, resulting in a $125 million fine for Ripple. While the SEC has not revealed the parts of the lawsuit it is appealing, some former SEC lawyers believe it will challenge this ruling.
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XRP Market Reactions
The SEC’s appeal has triggered a significant market reaction. After the announcement, XRP’s price dropped by almost 10% and continued to fluctuate, reflecting investor concerns over the prolonged legal uncertainty. As of press time, XRP is trading at $0.5249, down 2% over the past 24 hours.
This legal battle has broad implications for crypto regulation in the U.S., and the outcome could set significant precedents. Ripple CEO Brad Garlinghouse called out the SEC, noting that the regulator “lost on everything that matters.” He also affirmed the company’s readiness to contest the SEC’s claims in appellate court.
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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